Nima Rezvan First Time Home Buyer Expert CT FHA Loans - FHA 203k - CT Mortgage

Nima Presents:

Frequently Asked Questions
About the First-Time Home Buyer Tax Credit Law

(Forward this email to all of your Current Clients, Past Clients, First Time Home Buyers & Anyone that can use this information)

The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

1. Who is eligible to claim the $7,500 tax credit?
First time home buyers purchasing any kind of home-new or resale-are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after April 9, 2008 and before July 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs.

2. What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

3. How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. No other applications or forms are required. No pre-approval is necessary; however, prospective home buyers will want to be sure they qualify for the credit under the income limits and first-time home buyer tests.

4. What types of homes will qualify for the tax credit?
Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.

5. Instead of buying a new home from a home builder, I have hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after April 9, 2008 and before July 1, 2009.

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

6. What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.

7. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $7,500 are available for some taxpayers whose MAGI exceeds the phase-out limits. The credit becomes totally unavailable for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with an AGI of more than $170,000.

8. Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phase-out to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $7,500 by 0.5. The result is $3,750.

Here's another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $7,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,625.

Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

9. Does the credit amount differ based on tax filing status?
No. The credit is in general equal to $7,500 for a qualified home purchase, whether the home buyer files taxes as a single or married taxpayer. However, if a household files their taxes as "married filing separately" (in effect, filing two returns), then the credit of $7,500 is claimed as a $3,750 credit on each of the two returns.

10. Are there any circumstances for which buyers whose incomes are at or below the $75,000 limit for singles or the $150,000 limit for married taxpayers might not be able to claim the full $7,500 tax credit?
In general, the tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $7,500. For most first-time home buyers, this means the credit will equal $7,500. For home buyers purchasing a home priced less than $75,000, the credit will equal 10% of the purchase price.

11. I heard that the tax credit is refundable. What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that taxpayer qualified for the $7,500 home buyer tax credit. As a result, the taxpayer would receive a check for $6,500 ($7,500 minus the $1,000 owed).

12. What is the difference between a tax credit and a tax deduction?
A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7,500 in income taxes and who receives a $7,500 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $7,500 in income taxes. If the taxpayer receives a $7,500 deduction, the taxpayer's tax liability would be reduced by $1,125 (15 percent of $7,500), or lowered from $7,500 to $6,375.

13. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
No. The tax credit cannot be combined with the MRB home buyer program.

14. I live in the District of Columbia. Can I claim both the DC first-time home buyer credit and this new credit?
No. You can claim only one.

15. I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

16. Does the credit have to be paid back to the government? If so, what are the payback provisions?
Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.

17. Why must the money be repaid?
Congress's intent was to provide as large a financial resource as possible for home buyers in the year that they purchase a home. In addition to helping first-time home buyers, this will maximize the stimulus for the housing market and the economy, will help stabilize home prices, and will increase home sales. The repayment requirement reduces the effect on the Federal Treasury and assumes that home buyers will benefit from stabilized and, eventually, increasing future housing prices.

18. Because the money must be repaid, isn't the first-time home buyer program really a zero-interest loan rather than a traditional tax credit?
Yes. Because the tax credit must be repaid, it operates like a zero-interest loan. Assuming an interest rate of 7%, that means the home owner saves up to $4,200 in interest payments over the 15-year repayment period. Compared to $7,500 financed through a 30-year mortgage with a 7% interest rate, the home buyer tax credit saves home buyers over $8,100 in interest payments. The program is called a tax credit because it operates through the tax code and is administered by the IRS. Also like a tax credit, it provides a reduction in tax liability in the year it is claimed.

19. If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

20. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phase-out would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

21. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2008 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the future home buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

*** Please feel free to share this with your family, friends, colleagues, realtors, brokers, builders, business partners, past clients, current clients and whoever else that can make good usage of this information. I'm here if you have any questions so please feel free to contact me regarding all of your Real Estate Financing needs.

Nima Rezvan

Loan Officer

LADD Financial

5 Sylvan Road South

Westport, CT 06880

Cell: 203.913.6016

FAX: 203.454.5237

Email: NRezvan@LADDFinancial.com

The highest compliment my clients/business partners can give me is the referral of their friends, family and associates.

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Nima's Client & Business Partner Testimonials:

"If you want a level headed, honest, capable loan officer, then Nima is your person! His attention to detail and follow-up is excellent, and that's just what is needed in this volatile market. I recommend Nima for your financial needs!"
-Jane Walters, Realtor

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"Nima Rezvan is shining example of a dedicated and detail oriented professional that will provide you with outstanding service all the way. As a business associate he is a dream come true and I am delighted to recommend him anytime!"
-Sonja Babic, Realtor

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"Nima was a pleasure to deal with. His rapid response, out of the box thinking, and commitment to customer service will make Nima my first stop for my real estate loan needs."
-Jeff D., Homebuyer

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"Nima came through for my client with only a two week window for a mortgage commitment. He was on top of the situation from start to end. I highly recommend Nima for any mortgage needs."
-Andrea Toth, Realtor

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"Nima always treated his customers with the professionalism and attentiveness needed in order to make sure the deal got done and all parties involved were satisfied. His above and beyond type attitude made him easy to work with and made my job a lot easier. You always knew where you stood with him, his honesty and knowledge of the products and programs was refreshing."
-J. George, Sr. Loan Coordinator

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"Nima is the type of financial advisor who will not stop until he can make the numbers work for you. He's not just interested in getting loans and saying "next", Nima feels a sense of satisfaction when everything works for his clients. As a colleague he is one of the first people I would call in a bind. On a personal note, Nima is a true gentleman."
-Luke Constantino, Realtor

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"I have known Nima Rezvan for approximately 6 plus years. I first met Nima at one of my Real Estate Public Open Houses. I took a liking to him due to the fact that he was very well dressed in a business suit. Was a true professional and new what he was talking about when it came to the financing of loans. I then asked him to work with me on some open houses and we worked well together. I always recommend him to everyone. I have never had a bad experience with him or his work. I strongly recommend Nima to people/clients who are out there looking for a loan. When Nima gets a referral he is sure to stay on top of it and call the client until he gets results. Nima is definitely at the top of my list."
-Maria Miller, Realtor

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When I was discussing refinance options with my mother, I referred her to Nima. I knew he was energetic and dedicated to his job. I knew he could get her what she needed at an outstanding rate! Nima was always available to help. I will refer other friends and family to Nima Rezvan in the future!

-Becky H.
(Fairfield, CT)
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Dear Nima,

We'd like to thank you for all your help throughout our refinancing process. We enjoyed working with you because of your admirable working ethics and charm. Thanks again!

- The Dioses Family

(Norwalk, CT)

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"I refinanced my mortgage with Countrywide Home Loans and I want to Thank You again for all of your help! You made, what I thought was going to be a very difficult process go so smoothly. You were very fast and efficient in helping me daily with the documents that I needed. You kept me smiling and composed from the very first day that I called you until the closing about two weeks later. I hope that you stay in the business forever and with Countrywide Home Loans so that I never have to seek out another Home Loan Consultant again. It's a comforting feeling knowing that if I need to make any changes at all, you are just a phone call away! Thanks Again Nima!"
- Michelle Olson

(Fairfield, Connecticut)

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"Nima was great to do business with. I bought my first home and he was there from the start to finish, answering any questions I had. I'm planning to buy another house in the future and will definitely call Nima when the time comes. I would recommend him to all first time home buyers and my friends."

- Jasmine F.

(Bronx, New York)

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"I have had the pleasure of working with Nima for the past 15 months where he helped me to achieve the purchase of my first home. Nima is incredibly personable and made me feel comfortable asking any and all questions, which he answered extremely quickly and in great detail. I was so pleased with his service that I am currently returning to refinance, and will continue to return to Nima for all of my future lending needs, and will also continue to recommend him to friends and family."

- Melanie K.

(Southbury, Connecticut)

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"Let's face it, when it comes to something as big and as important as purchasing a home, going through the financial process can be one of the most traumatic experiences there is. It was fortunate, then, that my wife and I happened upon Nima Rezvan of Countrywide Home Loans. From start to finish, Mr. Nima Rezvan worked tirelessly to meet our needs, even going so far as to connect us with those people who could help us clear up erroneous errors on our Credit Report. Never have I met anyone who answered so many questions without complaint and with a rapid turnaround. Being first time homebuyers, besides answering the myriad of questions asked, sometimes it was just the needed reassurances that the process was moving forward, or that things were being done that meant a great deal to us. In short, Mr. Nima Rezvan was always available. Thank you, Nima. You helped make the dream of owning a home come true for us."

- Ray and Andera LeCara, Jr.

(Bristol, Connecticut)

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"I would be very happy to refer new customers to you. You were always efficient and thorough in answering my questions. Still have a few boxes to unpack but am very happy in my new home. Thanks for all of your help!"

- Karen F.

(Stamford, Connecticut)

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"Nima found the perfect mortgage to meet our needs. He answered every question, found us a great interest rate, explained all the paperwork, and referred us to an excellent Real Estate Attorney"

- Tina Panik

(Farmington, Connecticut)

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"I used Nima when I purchased my first home. I was nervous with the entire process. Nima put me at ease with obtaining the mortgage, and even helped with a lot of advice for getting the home I wanted. I would definitely recommend Nima to anyone purchasing a home."

- Marc H.

(Milford, Connecticut)

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"Nima Rezvan has been a pleasure to deal with. It is not often you're able to deal with someone as professional, as organized, and as thorough as Nima. Nima knows the real estate financing business and how to find the right mortgage product for any customer's situation."

- Jeffrey D.

(Bridgeport, Connecticut)

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"I can't say enough about Nima!! He handled a refinance for me. He was professional, honest and took good care of me. He did whatever it took to get me exactly what I needed. No wonder he was awarded the 2005 Rookie Of The Year Award, I will (and do) recommend him to everyone. I love the Mortgage Man!!!"

- Carla R.

(Naugatuck, Connecticut)

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"He got me my first loan and did it quick! I'd use him again for a mortgage. My realtor was so impressed that he now recommends him for mortgages from Florida. Nima is definitely Mr. Mortgage Man!"

- John Nicholas

(Delray Beach, Florida)

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"Nima is a rare find. In my business, I meet with professional people everyday. However, I have yet to deal with someone as dedicated to his work as Nima. I would recommend Nima to my clients and family alike."

- Daniel Loft

(Fairfield, Connecticut)

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"Nima was referred to me by my best friend. I was very nervous about the whole home buying process because I was a first time home buyer but Nima made it simple for me. I bought my condo in Florida with ease. My realtor was impressed with him and he is referring his Florida clients to Nima. I would recommend Nima to my friends."

- Tassos R.

(Fairfield, Connecticut & Tampa, Florida)

Nima Rezvan

Loan Officer

LADD Financial

5 Sylvan Road South

Westport, CT 06880

Cell: 203.913.6016

FAX: 203.454.5237

Email: NRezvan@LADDFinancial.com

The highest compliment my clients/business partners can give me is the referral of their friends, family and associates.

Dear Reader,

I just wanted to say hello to all of my friends, past clients, business partners and blog subscribers. I wanted to share with you about how I was the guest speaker at All Star Realty's office meeting last night in Stamford, Connecticut. It was an honor to attend this meeting and speak with all of the agents of the office about where we are today as far as the mortgage industry is concerned.

I attended the meeting with the following in my hands:

1.) Business Cards, plenty of them.

2.) Company information about the mortgage company that I work for and have been working for since January of 2005.

3.) Co-Marketing flyers where I can do some marketing with each of the agents in the All Star Realty office.

4.) Open House Mortgage flyers to show as examples for all of the office listings.

5.) List of my mortgage company REO's in all of Connecticut so that they can share with their buyers, investors, family and friends.

6.) Giveaways like pens and candies.

While at the meeting we discussed the following topics:

1.) Current status of the mortgage company that I work for.

2.) What my mortgage company can do for them.

3.) What I can do for the agents of the office.

4.) What All Star Realty of Stamford, CT can do for me.

5.) Mortgage products that fit some of their Jumbo mortgage clients and even first time home buyers.

6.) Marketing tactics so that they can increase their business in which it will increase my referrals from them.

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Today I received a Thank You letter from the Broker/Owner Violet Tehrani:

Dear Nima:

On behalf of every one at ALL STAR REALTY, I'd like to thank you for coming to our office meeting, and providing such wonderful education about the mortgage industry (these days) . We enjoyed having you here. Thanks for the pens & the candies too. We look forward to doing business with you. We would make a perfect team, who would cater to different clients' needs (accordingly). Once again thank you for your time, knowledge and expertise.

Regards,

VIOLET TEHRANI

ALL STAR REALTY, INC.

STAMFORD, Connecticut

(203)358-0100

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The meeting was a big success as I already received a home buyer CT mortgage preapproval from one of the agents and an All Star Realty of Stamford, CT agent who wants to refinance their existing Stamford, CT Mortgage.

I also mentioned that even if your buyer as a preapproval, I am still willing to work closely with them and get them a better mortgage rate or better closing costs so that they look like a hero in front of their clients.

I have not been actively blogging because I have had a full plate on a daily basis. It was very important for me to be there for my new clients, past clients and business partners.

Thanks for reading my blog today and I look forward to hearing from you.

Your Connecticut Home Loan Specialist,

Nima Rezvan

Cell: 203.913.6016

Website: http://www.mynima.com/

Available to you 7 days a week until 10pm for your convenience!

Dear Reader,

The facts are in so please take a look at the top 10 mortgage originators of quarter 2 of 2007. You be the judge here. Who is at the top of the list? Who is growing market share? Who is almost more than 2x better than the #2 mortgage lender on the list? You be the judge. Just simply sharing the facts here.

Top Originators in Q2 2007

(Dollars in Millions)

RANK COMPANY Origination Volume Q2 2007 Q2 2006

1 Countrywide Financial $130,163 $118,509

2 Wells Fargo Home Mtg. $79,957 $110,040

3 CitiMortgage, Inc. $61,252 $48,330

4 Chase Home Finance $59,561 $45,743

5 Bank of America $51,918 $44,702

6 Washington Mutual $42,514 $52,592

7 Wachovia $28,440 $31,003

8 IndyMac Bancorp, Inc. $22,505 $20,060

9 GMAC ResCap $22,263 $28,266

10 SunTrust Mortgage, Inc. $18,261 $15,331

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The above data was found on http://www.nationalmortgagenews.com/

You may use this data in your blogs and newsletters. You can also copy and print this blog and share with all of your friends and colleagues.

Your Active Rain Mortgage Professional,

Nima Rezvan

Home Loan Consultant

203.913.6016

http://www.mynima.com/

Available 7 days a week until 10pm for all of your home financing needs!

Dear Reader,

This is an actual blog filled with recent everyday facts only for your viewing pleasure. I am sitting here in the office and it is almost 8pm and I thought to myself why not share my recent experiences with you all here on Active Rain and the public who visits my blog on a daily basis. Some of these may be funny but at the same time can be tearful. It is August 20th and we are in a new market folks, a new market!!!

Top 10 Signs That Our Real Estate/Mortgage Market Has Changed:

1.) REALTOR CALLING ME EVERY SINGLE DAY! So I have this purchase closing at the end of September here in Connecticut and the realtor representing the buyer (also my borrower/client) keeps calling me every single morning at 9am sharp and even once over the weekend requesting the commitment letter. The funny thing is that the realtor called me and asked for the commitment letter more than a week ago when I didn't even have a credit card from the borrower and I didn't even start anything on the loan because the borrower had not commited to me just yet. I rarely see this happen so this is a very good reason the market is changing. It is obvious that the realtor wants to be sure that there is a solid deal here and I don't blame her in this new market that we are in. I'm always available to my clients and business partners at the following cell phone number: 203.913.6016 or you may visit my website: http://www.mynimacom/

2.) 128+ MORTGAGE COMPANIES HAVE GONE OUT OF BUSINESS! So yeah, did you know over 128 mortgage lenders have gone down under already? Isn't that just out of this world? Check out my blog from a few days ago that is tracking the lenders as they go under. Click here to view the blog which I am updating on a weekly basis: (VERY INTERESTING) "Imploded" Mortgage Lenders & Ailing/Watch List Mortgage Lenders Did we discuss any mortgage companies going out of business 5 years ago or 4 or 3 or last year? I don't remember much of it but now it is the new hype in this market. Who is next to go? Wow, very scary but its actual life folks, we are in a new market.

3.) FORECLOSURES AT ALL TIME HIGHS FOR THE PAST 5 YEARS! Yes, people who could barely afford homes 2-3 years ago are starting to see their mortgages adjust since they received adjustable mortgages with low interest rates and they can't afford to make their monthly mortgage payments. A lot of people are going into foreclosure. The real estate market is so bad that most of these foreclosures are not selling in auctions. Yes, we are in a new market folks!

4.) REO's AT ALL TIME HIGHS! So if you read #3 then you know what happens to the foreclosures that don't sell in public auctions, the banks/lenders purchase them and are not considered REO's (Real Estate Owned) for the bank. Now they will be heavily discounted and offered to the public like regular listings. Did you know in the first 5 years in the business I did probably 2-3 reo's and in the last 3 months I have done 7 purchase transactions on REO's!!! Holy cow is right, we are in a new market. If you would like a list of the REO's in your state, please contact me by clicking here: Contact Nima now!

5.) BOMBARDED WITH EMAILS, CALLS AND MORE ABOUT MY COMPANY! My company has been in the news in the past 3 weeks and it is causing my current clients, past clients, business partners, family and friends to call me or email me and ask about how my company is doing or how I am doing. This is a negative and a positive in one because if people are calling me because they heard something on the radio or if they heard something on TV or if they read something on the Internet then they also remember what I do for a living and who I work for so that means I did a great job of notifying the people around me as to what I do and who I work for. I work for the largest lender in the country and I personally am happy with my company and what my company has done for my clients/business partners most importantly and lastly what they have done for me. I always put my business partners/clients before me and that is why I am still in the business in a market like this. To view my recent blog on how my company is doing please click here to view my blog: Countrywide Home Loans: The Real Story (Informative Blog)

6.) RATE SHOPPING SPREE! So I have this other purchase closing and my own friend shopped me with 7 other banks. Yes, you just read right, 7 other banks! Okay, so he may not be a best friend and or a good friend but he is a friend that I met through another friend but still, 7 banks? Does he trust me, of course he trusts me and he even purchases his first condo with me 2 years ago. He is in the financial business in Manhattan and he knows better as to the real estate market is down and the mortgage industry is weak so he is taking full advantage of trying to get the best deal. Guess who he is going with for his Purchase? That's right, you guessed correctly, ME! I am with the best lender and I provide the best service so he is going with me. He couldn't find a super slam dunk deal so he is going with me. I remember a while ago, you either went with someone you knew and did not shop for rates but if you did, it was at most cases 3 lenders, not 7. Yes, yes, yes, we are in a new market!

7.) SOLICITING THE MORTGAG BRANCHES! What? Are you kidding me? I don't even remember people dropping by our offices to ask for our business. I am talking about the homeowners insurance agents, title companies and attorney's! We are getting visitors almost on a daily basis asking for our business. Is it that bad out there? These folks come in and they don't even know how to communicate with us because they have never probably left their offices in the past so and so years in the business. See, when the real estate market is bad and the mortgage industry is bad it doesn't just effect the mortgage professionals and the real estate professionals but it effects a whole wide range of real estate professionals!!! Just ask around or look around, you will see what I am talking about.

8.) LEAVING THE BUSINESS! I know of dozens and dozens of real estate professionals who have left the business. When I say real estate professionals I am including a lot of different professions. So you do what you love and you do it well, all of a sudden you leave the whole industry? Definitely means we are in a new market and the new market is not so nice. I know realtors that are going to do this part time while picking up new day jobs or weekend jobs. I know mortgage professionals who are speaking with recruiters on new office jobs and then doing mortgages part time on the side.

9.) SAY GOODBYE TO SUB-PRIME! The sub-prime market has been going away slowly and slowly in the past 7-8 months. The whole market is almost gone. I can totally remember being recruited by sub-prime lenders and hearing even from people here on Active Rain that being in the sub-prime world is better because I will make more money. Hmmm, more money? How, by charging people who didn't have any other choice extra so that I can become richer off of their bad credit? Hmmmm, that sure did contribute to this whole mess we are in now and will be in for a while to come. I am not in this business to become rich but I'm honestly in this business because I love what I do and I enjoy helping people out with the biggest purchase decision of their lifetime. Take a look at #2 and click on the blog to see how many sub-prime mortgage companies have already closed their doors.

10.) MORTGAGE GUIDELINES ARE GETTING TIGHTER AND THE INVENTORY IS GETTING LARGER!!! So just in case you did not know, the mortgage guidelines are getting tighter at all the banks that are left doing business. All of the risky loans like the sub-prime loans or all of the Alt-A loans are hard to come by now. The guidelines are changing and it is getting harder and harder for consumers to get approved for mortgages. I am not speaking about the people with bad credit but the people with good credit as well. Times are changing fast and it is up to a mortgage professional like me to get you pre-approved and get you a home loan that fits your financial situation. For a no-obligation free mortgage preapproval please click here: FREE Home Mortgage Pre-Approval

Honestly, I could have kept going and going, but this is good enough for now! So do you agree? Remember, all markets are different but the general real estate professional might agree with me here. I am not a person who likes to discuss anything negative but this blog had to be shared with you tonight.

Thanks for dropping by and I look forward to reading your comments and I'm also ready to service all of your Real Estate Financing Needs!

Your Friendly Mortgage Man,

Nima Rezvan

203.913.6016

http://www.mynima.com/

Sincerely,

Nima Rezvan

Home Loan Consultant

Countrywide Home Loans

48 Westport Avenue

Norwalk, CT 06851

203.913.6016 (direct)

203.845.2363 (fax)

Nima_Rezvan@countrywide.com (email)

http://www.MyNima.com (website)

Countrywide, America's #1 Home Loan Lender

The highest compliment my clients can give me is the referral of their friends, family and business partners.