Norwalk, CT

Dear Reader,

This is a great blog for new first time home buyers across the country not just Connecticut. The following list of items has been compiled for your convenience. You will need to bring this information to your mortgage application in order to expedite the processing of your mortgage loan.

All questions welcome! Visit my Countrywide Home Loans Website by clicking here: Countrywide Home Loans

• A check for your credit report and appraisal
• Your residence addresses for the past two years
• Names, addresses and phone number of your landlords for the past two years
• Present value of all real estate owned
• Names, addresses, phone numbers and contact person for all employers for the last two years
• W-2 Forms for all employers for the last two years
• Pay stubs covering the most recent 30 day period (all current jobs)
• Addresses, account numbers and current balances for all checking, savings and other deposit accounts
• Three most recent months' bank statements (all accounts, all pages)
• Name, account numbers, balances and monthly payments for all consumer debt accounts including auto loans, personal loans, student loans, credit union loans and mortgages
• Name, account numbers, balances and monthly payments for all credit cards used in the last several months
• Evidence of alimony or child support, a copy of the court order and ages of child(ren)
• Copy of divorce decree and separation agreement
• Social security and other benefit award letters if being used toward qualifying income
• Stock information including names of stocks, share owned, current price per share and last three month's stock statements (or most recent quarterly statement)
• Make, year and estimated value of all automobiles. Also include copy of title if auto is less than four years old and owned free and clear.
• Documentation relating to any special issues such as bankruptcy, credit problems and recently established accounts for deposits or loans
• Copy of deed, most recent tax bill and most recent homeowner's insurance bill (for refinance only)

FOR VA LOANS:

• DD214 of Certificate of Eligibility (original)

IF YOU ARE SELF EMPLOYED:

• Two years personal tax returns
• Two years partnership/corporate tax returns (if applicable)
• Year to date profit and loss statement, signed by accountant

IF YOU ARE APPLYING FOR A NO-DOC LOAN:

• Three months' original bank statement or other proof of source of funds for closing

REAL ESTATE AGENTS, PLEASE PROVIDE:

• Copy of listing card
• Complete ratified contract of sale (all pages)
• Your personal business card
• Name, address and phone number of condominium management company (if applicable)

(D.C chfa)

Also for a similar informative First Time Home Buyer blog, view: 10 Things Borrowers Should Avoid When Applying For A Mortgage

Also for a similar informative First Time Home Buyer Blog, view: Countrywide Home Loans Launches New Online Home Ownership Mortgage Education (H.O.M.E.) Program for Consumers (First Time Home Buyers or Homeowners)

Contact me today with any mortgage/loan questions that you might have by clicking here: Contact Nima now!

If you would like to get started now for a NO-OBLIGATION FREE MORTGAGE PREAPPROVAL then please click on this link: FREE Home Mortgage Pre-Approval

Thanks for visiting my blog today and please come back again real soon.

Your CT Mortgage Professional,

Nima Rezvan

Home Loan Consultant

Norwalk, CT 06851

203.913.6016

http://www.mynima.com/

I work nights and weekends until 10:00pm for your convenience.

Dear Reader,

Today I want to take time to educate the borrower (applicant) on things not to do when getting ready to apply for a home loan. With recent sub-prime mortgage meltdown, mortgage guidelines tightening and interest rates on the rise in the past 3 weeks in a row, I believe all consumers should be more cautious before applying for a purchase loan or a refinance loan with a lender of your choice. An educated applicant is essential in this market and it is my duty to try to educate you so that you get approved for a mortgage product of your choice with a great interest rate.

*Note: Real Estate Professionals, feel free to add this to your own blogs and even in your email blasts to your current clients. You have my permission to use this blog to share with your family, friends and colleagues.

10 Things Borrowers Should Avoid When Applying For A Mortgage:

1.) Avoid being late on your bill payments! Lenders look carefully at your recent credit history as it is a major variable when it comes down to approving you for a mortgage and determining an approval with a great interest rate. I tell all of my family, friends and clients to just make the minimum payments even if you can't afford to pay the whole debt off when you receive the bill. The three major credit bureaus look for a solid payment history in order to rate you and give you a high Fico score which is one of the major variables when applying for a home loan, a car or any big purchase.

2.) Avoid purchase or lease of a new car! Lenders look at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a mortgage. Ask yourself, which is more important to you, a car or a home? One of the biggest purchases and investments of your lifetime is more important than a car so don't chance this by adding more debt to your current debt/liabilities. Wait until you close on your transaction/mortgage and then go ahead and purchase a new automobile or lease a new car.

3.) Avoid changing jobs! A new job may include bonuses which you can't count towards your new income because in your previous job you did not have bonuses. A new job in a different field might cause problem when applying for a loan. Remember that lenders look for 2 years of employment history which should usually be in the same line of work. If you are fresh out of college then you do have a college/university excuse and it is okay if you have not worked yet for 2 straight years after college.

4.) Avoid buying new furniture or major appliances for your new home! If the new purchases increase the amount of debt you are responsible for on a monthly basis, there is the possibility this may disqualify you from getting the loan, or cut down on the available funds you need to meet closing costs.

5.) Avoid moving assets from one bank account to another! These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if you need to.

6.) Avoid searching for a lender on-line! Not many have heard positive stories about people using on-line companies for their home financing needs. I am implying about companies like Ameriquest, DiTech and xyz mortgage companies. I highly recommend speaking with someone that you know and trust. If you do not know anyone in the business then ask a family member or a close friend to refer you to someone. I am looking for your best interest, your family and friends are as well. Always going with the top lender in the country like the #1 home loan lender that I currently work for Countrywide Home Loans is your best bet. Would you rather do business with someone who you can see face to face or someone that is hundreds or thousands of miles away from you in another state who you know nothing about?

7.) Avoid requesting your credit report by yourself! When you request your own credit report this will show as an inquiry on your lenders credit report. Credit inquiries must be explained to the lender by you writing an explanation letter. In your explanation letter you should also include that you have not recently applied for new credit cards or any other debt that the lender can't see. Lenders and I are looking for your best interest so don't apply for new credit cards and increase your debt because it could be detrimental to you getting approved for your mortgage product of interest.

8.) Avoid losing needed documents for the loan application! Important paperwork such as W-2 forms, divorce decrees, tax returns, pay-stub and asset statements should always be filed away in a safe place where you can access them when needed. Requesting new copies of these items could take a long time and could effect the closing of your mortgage.

9.) Avoid seeking advice from persons who are not certified professionals in the mortgage business! There have been a number of times where I've had clients tell me that their colleague or friend told them differently regarding something during the loan process. I want the best for you and I would not dare say anything which is not true or anything that will keep you away from getting approved for a mortgage. Speak with a mortgage professional about anything that has to do with your home loan and don't ask anyone else. Do you ask your landscaper about investment decisions? Do you ask your dentist about your cholesterol levels? The point here is to always seek advice about mortgage from a mortgage professional.

10.) Avoid consolidating your bills before speaking with your mortgage professional! Speak with your lender first and then they can guide you on if it is needed to be done or not. Sometimes the liquid assets that you have in your checking/savings/asset accounts could be needed in order to get approved for the home loan. It is great to have less debt/liabilities but it is also important to have money saved/stored away in the bank because lenders like to see reserves. They want to see that you have assets in emergency cases like if you lost your job that you can still make your monthly mortgage payments while you search for a new job. Again, the lender or your mortgage professional is looking for your best interest. They are not going to lend you hundreds and thousands of dollars if you have no money in the bank because you never know when any emergency can arise.

Thanks for reading my top 10 things to avoid when close to applying for a mortgage. If you have any further questions or need any mortgage advice, then please feel free to contact me by visiting my website: http://www.mynima.com/

Want to set up a FREE NO-OBLIGATION MORTGAGE CONSULTATION for a refinance or a purchase of a home then click here to get started: https://countrywide.dorado.com/nimarezvan/GetStarted

or you may contact me on my mobile at 203.913.6016 or email me at: Nima_Rezvan@countrywide.com

Your Nationwide Mortgage Professional,

Nima Rezvan

Home Loan Consultant

Countrywide Home Loans

48 Westport Avenue

Norwalk, Connecticut 06851

I work nights & weekends for your convenience! I can do loans in all 50 states.

Dear Reader,

I just got out of my hot tub and figured now that I have relaxed a bit, why not blog about "Judgement Day" or otherwise known as May 7, 2007. Today the interest rates went up significantly and effectively. Was this a positive effect or a negative effect? In most cases, it was a negative effect. I want to blog about who gets effected and how they get effected with some examples. I started out my day by going in the heated pool and once I was out drying off before I went to the office I realized on CNBC that the 10 year yield was on fire even though it was pre-market. I got a little tingly feeling inside of me and wondered what was going on. I tuned in even closer to the television set and realized that the announcers really had no answers either. I proceeded to get ready for work and I left for work. As soon as I got to work I turned on my television set in my office and noticed the 10 year yield which the interest rates are closely tied to were rising even more! At 11:00am, we received notice that the rates went up for the day and it really bummed out a lot of our sales staff in our office. We received a mid-day rate change for the worse again after 1:30pm. The rates went up and up and up today! The faces on the loan officers in the office were in major shock. The announcers said that the rates would rise even more in the coming days. The 30 year fixed rate mortgage rates reached the 6.75-6.875% levels which I haven't seen in months.

Who does this rise in interest rates effect? If you ask me, let me just give you one answer first and that is EVERYONE! The whole country, the whole real estate industry and anything closely tied to it.

1.) Rising inventory of homes listed for sale: Rise in interest rates will cause even more homes to stay actively listed for sale. The interest rates rising will make it even more difficult for some to purchase homes which will adversely effect the current inventory levels of homes for sale in most markets.

2.) Rate cuts by the Fed: After watching and reading as much as I could today on CNBC or even on Yahoo finance, I learned that the chances of the Feds cutting the prime rate dwindled down to almost zero. They will most likely not decrease the prime rate across the board for the whole country which will effect all homeowners nationwide.

3.) Decrease in home sales will even grow larger: The rates going up will make it even more difficult to sell homes. Some that were just barely getting qualified will now be rejected for a mortgage. The lender guidelines tightening up and the interest rates rising will make it extremely harder for borrowers to get approved for the mortgage that they would have been approved for 4-5 months ago.

4.) Commission cuts and more closign costs: If you were a loan officer/mortgage broker who had an existing active purchase or refinance loan where you didn't lock in your borrowers interest rate, well you could kiss most of your commission goodbye. There are some lenders who will actually pass along the whole cost of the mortgage to the borrower instead of absorbing it himself. Most lenders will probably split the rise in cost of the mortgage. I saw a lot of the guys/gals in my office today with sad faces and frusterated faces. Luckily, I keep up to date with the market and I am on top of my game and I already had locked in my loans for this month and even my loans for next month. For example, I locked in one of my purchases for next month yesterday before the so-called judgement day for 60 days because I always try to protect my clients from possible disasters that can happen in this business.

5.) Decrease in Refinance transactions countrywide: The last 3 weeks in a row, the interest rates have risen and it will effect most refinance transactions that are current and ones that were going to happen. If you were taking your sweet time to refinance and you didn't pull the trigger and call your loan officer, then you're out of luck. The interest rates have been steadily rising and it doesn't look like they are coming back down anytime soon. I had 2 walk-ins today at the office who inquired about refinancing. Both of the borrowers had interest rates in the 6.75% range which is similar to what the rates are right now. I was very honest and up-front with them and advised them about how to refinance if they must but at the same time I told them that it doesn't make financially sense to refinance now. They were very happy with my refinance consulting and thanked me. I handed my business card to them and asked them to refer me to anyone that is in the market to refinance or even purchase a home. I also gave them an extra card to keep for their own. I told them that they can call on me whenever they need any real estate financial services. About 3 weeks ago, the 30 year fixed rate conforming mortgage rates were about 6 to 6.125% or even 6.25% range but now they are in the 6.75% to 6.875% range. As you can see, the rates have gone up significantly and it is going to show in the number of refinance applications across the country. Hopefully some of the borrowers who have very high interest rates will still have an opportunity to refinance but that pool of borrowers dwindled down even more today.

I can keep going on and on about what Judgement Day meant to the industry and everyone involved with the real estate industry but I think it's enough for now. Do you agree with what I wrote in this blog? Comment on this blog and tell me what you felt today as a realtor, as a loan officer and as a borrower. Were you glued to the internet or CNBC and wondering what was going on?

Thanks for taking the time to read my blog and hope to see you back here soon.

For more mortgage/real estate information or if you have any questions/concerns, click here to ask me: Contact Nima now!

For a complimentary FREE Mortgage Pre-Approval, click here: FREE Home Mortgage Pre-Approval

First Time Home Buyer Guide: First Time Homebuyers Guide

Your Connecticut Mortgage Professional,

Nima Rezvan

Home Loan Consultant

203.913.6016

http://www.mynima.com/

Member of the Fairfield, Connecticut Chamber of Commerce:

http://www.fairfieldctchamber.com/online/directory/display.asp?business=Countrywide+Home+Loans

Member of the Stamford, Connecticut Chamber of Commerce:

http://www.stamfordchamber.com/membinfo.asp?id=5996

Member of the Norwalk, Connecticut Chamber of Commerce:

Countrywide Home Loans

As a home mortgage professional here in Fairfield County, Connecticut, I work closely with all potential borrowers in Fairfield County, Connecticut and all 50 states. I closely work with the following buyers in Greenwich, CT, Stamford, CT, New Canaan, CT, Darien, CT, Norwalk, CT, Westport, CT, Southport, CT, Fairfield, CT, Bridgeport, CT, Stratford, CT and Milford, CT.

Dear Reader,

Happy Memorial Day America! I would like to say a special thanks to all of the me and women that serve our country and served our country. Today is a special day to remember who fought for this land, freedom and our way of life. We all have to be appreciative of the people who have lost their lives and gotten injured fighting for our beautiful country. People outside of this country dream of living here in the United States of America. A special thanks to all of the military men and women for all that they do day in and day out. I would like to take this time now to say thank you and salute my personal friends who have served and are serving in the military now:

Kevin C: Air Force (Afghanistan)

Jeff H: Army (Connecticut)

Trevor B: Army (Connecticut, just got back from Afghanistan 2 weeks ago)

Michael P: Marines (Connecticut)

Ned N: Army (New York)

Cousin Farzin R: Army (Maryland)

Greg O: Army (California)

James R: Army (New York)

Don M: Marines (Connecticut)

Bill G: Marines (Connecticut)

James H: Army (Missouri)

Jameson C: Marines (Connecticut)

Kris L: Army (Connecticut)

Dan A: Army (Connecticut)

Billy S: Army (Connecticut)

If you see a soldier today in uniform, go up to them and shake their hand and thank them for their services.

Happy Memorial Day!

Regards,

Nima Rezvan

Home Loan Consultant

Countrywide Home Loans

48 Westport Avenue

Norwalk, CT 06851

http://www.mynima.com/

For all of your CT Mortgage needs, contact me today! Work nights/weekends for your convenience!

Dear Reader,

To visit Countrywide Home Loans website now, please click here: Countrywide Home Loans

As a regular blogger and a home loan consultant with Countrywide Home Loans, I would like to blog and inform you about the (H.O.M.E) program. Countrywide's new Home Ownership Mortgage Education(H.O.M.E.) program officially launched on March 28, 2007. The interactive H.O.M.E. program is a robust on-line curriculum that provides financial and home-buyer education, helping consumers to make informed financial decisions as they pursue and maintain the dream of home ownership.

The H.O.M.E. curriculum comprises a five-step learning path, beginning with basic skills and concepts, such as saving, budgeting and opening a bank account. Steps two and three provide information about establishing a good credit history and helps consumers prepare for home ownership; step four includes the key aspects of buying a home; step five provides information about life as a homeowner. The H.O.M.E. Program is free and available to any consumer, regardless whether they are a current or prospective Countrywide customer. The curriculum will also be soon be available in Spanish.

You are invited to take a few moments to visit the H.O.M.E. Web Site, http://www.homebycountrywide.com/ and experience the curriculum and tools contained within the site.

***Note: Realtors, please send your potential clients to this website for an incredible program that will make them thank you. Also, don't forget that I can do loans in all 50 states!

If you are a First Time Home Buyer and need a little bit of guidance, then check out my Countrywide Home Loans website for a complimentary First Time Home Buyer Guide, click here now: First Time Homebuyers Guide

If you are ready to pursue a Home Mortgage Preaapproval before you search for a home with a Realtor then click here for a FREE/Complimentary Pre-approval now: FREE Home Mortgage Pre-Approval

If you are an existing Countrywide Home Loans customer and would like to inquire about current mortgage interest rates and to see if it makes sense to Refinance then click here now: FREE Interest Rate Quotes

I hope this blog helps current homeowners and future homeowners out since it is full of great information. I highly recommend this new Home Ownership Mortgage Education program (H.O.M.E)

It is my duty as one of the top loan officers/mortgage bankers here in Fairfield County, Connecticut to educate you and assist you with all of your home financing/mortgage needs.

Thanks again for reading my blog today and I look forward to working with you very soon! I am available to you 7 days a week until 10pm. Yes, I work nights/weekends for your convenience.

Your Connecticut Mortgage Professional,

Nima Rezvan

Home Loan Consultant

Countrywide Home Loans

48 Westport Avenue

Norwalk, CT 06851

203.913.6016

http://www.mynima.com/