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Brooklyn Real Estate Agent

Presented by Charles D'Alessandro of Fillmore Real Estate

By Charles D'Alessandro | Agent in 11210
  • How to Get Pre-Approved For a Brooklyn Home Loan

    Posted Under: Home Buying in Brooklyn, Financing in Brooklyn, Credit Score in Brooklyn  |  July 8, 2012 9:48 AM  |  4,905 views  |  No comments

    Before you start shopping for your new Brooklyn home, take the steps required to get pre-approved for a home loan. Being pre-approved gives you a few advantages when you are shopping for a home:

    ·        You know how much you can afford to pay for a home. This saves you time and reduces your frustration because you can look at only those homes that are within your price range.

    ·        It makes you a more attractive buyer to sellers because they know you can get a loan to purchase their Brooklyn home.

     In order to get pre-approved for a loan, you need to:

    ·        Find a lender. Shop around because terms and rates vary. Getting pre-approved does not obligate you to that particular lender.

    ·        Provide your financial information. Be prepared to supply your annual gross income, current expenses and debts. Give the lender copies of your last two income tax returns, W2 or 1099 statements for the last two years, bank statements (checking and savings accounts) for the last few months, two most recent paycheck stubs or proof of income and any retirement savings account statements.

    ·        Fill in your employer information. You’ll need to give your employer’s name, address and how long you have worked at your current job. If you’ve been at your current job for less than two years, be prepared to provide information about past employers.

    ·        Allow the lender to run your credit report.

     Be very precise when disclosing income and debt levels. The lender will verify each item to make sure it is accurate. Misrepresenting information on the pre-approval form will only hurt you in the end.

     A pre-approval for a loan is more important than a pre-qualification. A pre-qualification only says you look like you qualify for the loan without any financial information being investigated.

     If you would like more information about getting pre-approved for a  Brooklyn home loan, or would like a referral to a lender, feel free to call me at (718) 253-9600 ext 206 or email me at charles@fillmoresbest.com.


  • Importance of Credit Score When Purchasing a Brooklyn Home

    Posted Under: Home Buying in Brooklyn, Property Q&A in Brooklyn, Credit Score in Brooklyn  |  March 27, 2012 1:47 PM  |  910 views  |  No comments

    You’ve found the perfect Brooklyn home that you know should be well within your budget. Now all you need to do is secure the loan — but you’re turned down by bank after bank. In today’s economy, many buyers are facing this exact issue. They have the means to meet their potential mortgage payment. Unfortunately, an issue in the past damaged their credit score and it’s preventing them from getting a loan.

     If you’re contemplating purchasing a Brooklyn home, especially if you’re a first-time buyer, you need to do everything you can to boost your credit score. This will make it more likely that you’ll qualify for a loan and will help you secure a lower interest rate. Below are a few steps to get you started:

     ·         Get a free credit report. You can do this at https://www.annualcreditreport.com once a year. This site is maintained by the FTC and is the only site that provides a truly 100% free credit score. There are other sites with similar names, but they are not to be trusted because they are not maintained by the FTC. If you prefer not to use the web, you can also get your free credit report by calling 1-877-322-8228.

    ·         Check your credit score. A score of 780 is excellent; however, you should be able to secure a loan with a score of around 720. If your score is low, you might want to consider renting for another year while you work to improve it.

    ·         Ensure there are no errors. If a credit card company has you defaulting on bills for a card you never opened, you could be a victim of identity theft. Start working to have any errors removed immediately — they’ll be more difficult to fix the longer you wait.

    ·         Pay down debt quickly and on time. Paying off your debt as quickly as possible and on time will help to steadily increase your credit score.

     Working to maintain and improve your credit score will make purchasing a new home, or refinancing your existing one, much easier on your pocketbook and your sanity. Also, shop around and check with multiple loan agencies, such as a national bank, a local bank and a credit union because they might yield very different interest rates based on your credit score.

     If you’re ready to purchase a Brooklyn home, I can help.  Please give  call Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at charles@brooklynrealestatesales.com


  • Are You In The Market For Your First Brooklyn Home ? Why Pay Rent ?

    Posted Under: Home Buying in Brooklyn, Financing in Brooklyn, Credit Score in Brooklyn  |  June 28, 2011 2:44 PM  |  1,560 views  |  1 comment
  • Charles D'Alessandro of Fillmore Real Estate,Answers to your Mortgage Questions

    Posted Under: Home Buying in Brooklyn, Financing in Brooklyn, Credit Score in Brooklyn  |  March 24, 2011 10:26 AM  |  1,369 views  |  No comments

  • Will Your Credit Stop You from Getting a Brooklyn Real Estate Loan?

    Posted Under: Credit Score in New York  |  April 26, 2010 4:48 AM  |  978 views  |  No comments

    Good credit is more important than ever, if you want to get a Brooklyn real estate loan.   Knowing what’s on your credit report and how lenders view various aspects of your report is crucial.

    First Things First

    Get a copy of your credit report from all three of the credit reporting companies: Equifax, Experian, and TransUnion. You are entitled to one free report every year from each of the three credit reporting companies.  Whether you’re considering getting a loan or not, you should always take advantage of that opportunity to make sure your credit reports are accurate.


    FICO® scores range from 365 to 840. While the standards for what lenders consider a “good” FICO® score changes constantly and varies by lender, here’s a general breakdown of today’s standards:

    • Over 750 is excellent and should get you the best terms and rates.
    • Under 600 might get you a Brooklyn real estate loan, but you’ll want to shop for the lender who’ll give you the best rates and terms.
    • Under 500, you need to brace yourself for waiting until you get your credit in better condition.

    What Determines Your Score

    There are many things that can affect your score.  Magically (or not), each of the three companies tend to view things just a little differently, which means your score will not be the exact same for all three. That’s why it’s so important to get copies of your report from all of them. However, the two main things that all companies consider in rating your credit score are delinquencies and debt-to-income ratio.

    What You Can Do To Immediately Improve Your Score

    • Check the entries: Make sure any debts or delinquencies listed are true. Report any errors.
    • Pay off debts: But do not close accounts. Having available credit is good as long as it doesn’t look like you’re over-extended by having your credit maxed out. The lender may worry that you’re living off your credit and can’t afford your bills.

    If you would like more tips on how to improve your chances of getting a Brooklyn real estate loan, I can help. Call me today at (718)253-9600 ext206 or email me at charles@brooklynrealestatesales.com for more information.

    Charles D’Alessandro

    tel 718 253-9600
    fax 718 253-9573
  • Is Your Credit Score as High as You Think?

    Posted Under: Credit Score in Brooklyn  |  February 8, 2010 12:44 PM  |  977 views  |  2 comments

    Written by Rick Salmeron
    for Realty Times

    It is common to assume that paying bills on time automatically means having a high credit score. Unfortunately, that's not always the case. There are many misperceptions about how scores are calculated -- and yours could be lower than you might expect.

    Credit scores are used by financial institutions to determine whether they should lend money to a potential borrower and, if so, what interest rate should be charged. A higher score means an applicant is statistically less likely to default on the loan so they get a lower interest rate.

    Ignoring your credit score could be a costly mistake. As an example, let's say you bought a $400,000 house with a 30-year fixed-rate mortgage at a 6-percent interest rate. Over the term of the loan, you would pay interest charges of $463,354. If, however, you had a lower score and your bank bumped your interest rate up to 8 percent, you would pay interest charges of $656,619. That's a hefty difference of $193,265.

    There are many credit scoring systems available to lenders, but FICO scores are by far the most commonly used. The system was developed by the Fair Isaac Corporation back in the 1960s. Technically, you have three different FICO scores -- one for each of the three major credit reporting agencies.

    Knowing how FICO scores are calculated can help you make better decisions about your credit. At a minimum, you should be aware of some of the most common misperceptions:

    I always pay my bills on time so I must have a high credit score.

    Paying your bills on time is clearly a critical factor, but it only accounts for 35 percent of your overall FICO score. It also looks at four other components: the amount of debt you owe (30 percent), the length of your credit history (15 percent), the number of credit accounts you've recently opened (10 percent), and the types of credit you use (10 percent).

    Consolidating multiple credit cards will increase my score.

    Consolidating credit cards could make it easier to pay down debt, but your FICO score could actually decrease if you consolidate to fewer accounts with balances that are closer to the maximum available credit. FICO considers you a lower risk if you have multiple credit accounts, keep the payments up-to-date, and maintain balances between 25 percent and 35 percent of the available credit.

    I don't have any credit cards or other major debt so I can't have a low score.

    Your FICO score doesn't take into account your net worth or your income level -- it only looks at your past borrowing history. Your FICO score will be lower if you haven't established a long-term borrowing history with multiple creditors.

    Closing a credit card is better for my score than keeping it open.

    Closing a credit card will not necessarily hurt your score in the short term, but you will eventually lose the positive effects of the long-term credit history that you've established with that lender.

    I shouldn't shop around for a mortgage or other large loan because credit inquiries hurt my score.

    A large number of credit inquiries will lower your score, but FICO is smart enough to know when you are rate shopping. Inquiries for similar types of credit are bundled if they're made within the same 14-day period.

    I shouldn't check my credit report more than once a year because credit inquiries hurt my score.

    Checking your own credit report does not affect your score, so feel free to check it as many times as you'd like.

    If you want to learn more about how FICO scores are calculated, visit Fair Isaac's web site at www.myfico.com. They offer a host of informational materials and credit score tips. And while you're at it, you can also order your three scores for a small fee.

    Becoming more knowledgeable about FICO scores could help you to keep those pesky interest rates at a minimum. With just a small investment of time, you will be able to make smarter credit decisions and take proactive steps to increase your score.

    Charles D'Alessandro

    tel 718 253-9600
    fax 718 253-9573

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