Find the Best Mortgage Rates and Loan Options in Connecticut

Choosing the right mortgage plan can feel overwhelming, but Melissa Cohn at William Raveis Mortgage is here to guide you through the process to find a mortgage plan that meets your unique needs in Connecticut.

• Assess Your Financial Situation: Melissa will help you begin by reviewing your financial situation, including your income, credit score, savings, and debt-to-income ratio. This assessment is essential for determining which mortgage options are available and which will offer the best terms. A higher credit score may qualify you for more favorable rates, while a lower score might limit your options.
• Understand Your Homeownership Goals: Melissa works closely with you to identify your homeownership goals. Whether you’re buying your first home, upgrading, or investing, your goals will determine which mortgage plan is right for you. For long-term stability, a fixed-rate mortgage may be the best choice, while an adjustable-rate mortgage (ARM) offers lower initial payments for short-term homeowners.
• Compare Loan Products: William Raveis Mortgage offers various loan products, including conventional loans, FHA loans, VA loans, and jumbo loans. FHA loans are ideal for first-time buyers with lower down payments, while jumbo loans are designed for higher-value properties. Melissa will guide you through the pros and cons of each loan type, helping you find the best fit for your needs.
• Choose the Right Loan Term: The length of your loan—typically 15 or 30 years—affects your monthly payments and total interest costs. A 15-year loan will reduce your interest payments but result in higher monthly payments, while a 30-year loan offers lower monthly payments but costs more in interest over time. Melissa will help you select the loan term that best aligns with your financial goals.
• Account for Additional Costs: It’s important to consider additional costs like property taxes, homeowner’s insurance, and private mortgage insurance (PMI), which is required if your down payment is less than 20%. Melissa will help you understand these costs to ensure you’re financially prepared.

To receive expert advice and find the best mortgage plan for your needs in Connecticut, contact Melissa Cohn at 917.838.7300.

Improving your credit score is crucial to securing the best mortgage rates and terms. Melissa Cohn at William Raveis Mortgage can provide personalized advice to help you enhance your credit score before applying for a mortgage.

1. Review Your Credit Report
   Start by reviewing your credit report from all three major credit bureaus—Equifax, Experian, and TransUnion. Melissa will help you check for errors such as outdated information or incorrect balances that could negatively affect your score.
2. Dispute Credit Report Errors
   If you find any errors on your credit report, disputing them with the credit bureaus is essential. Melissa can guide you through the dispute process to ensure your report accurately reflects your credit history, which can lead to an improvement in your score.
3. Pay Down Existing Debt
   One of the most effective ways to boost your credit score is to reduce your credit card balances. Your credit utilization ratio—the amount of available credit you’re using—should be below 30% to maintain a healthy score. Melissa can help you develop a debt reduction strategy that will enhance your score before applying for a mortgage.
4. Avoid New Credit Applications
   Opening new credit accounts before applying for a mortgage can lower your credit score. Each new inquiry affects your score slightly and increases your debt-to-income ratio. Melissa advises against applying for new credit at least six months before applying for a mortgage.
5. Make On-Time Payments
   Your payment history is a critical factor in determining your credit score. Ensure that all of your bills, including credit cards, loans, and utilities, are paid on time. Melissa recommends setting up automatic payments or reminders to avoid missed payments that could hurt your score.
6. Resolve Negative Items on Your Report
   If there are negative items on your credit report, such as late payments or collections, resolving these issues is crucial before applying for a mortgage. Melissa will help you develop a plan to settle these accounts, which could result in the removal of negative marks and an increase in your score.

By following these steps, you can improve your credit score and qualify for better mortgage terms. For tailored advice on enhancing your credit, contact Melissa Cohn at 917.838.7300.

Whether you’re refinancing your current mortgage or purchasing a new home, Melissa Cohn at William Raveis Mortgage is here to assist you through the process with expert guidance and personalized solutions.

Home Purchase with Melissa Cohn at William Raveis Mortgage

• Pre-Qualification and Pre-Approval: The first step in purchasing a home is obtaining pre-qualification or pre-approval for a mortgage. Pre-qualification gives you an estimate of how much you can borrow, while pre-approval involves a more detailed review of your financials, giving you a competitive edge when making an offer. Melissa will guide you through both processes.
• Select the Right Loan Product: Melissa offers a variety of loan products, including FHA loans, VA loans, conventional loans, and jumbo loans. Depending on your financial situation and homeownership goals, she will help you choose the best mortgage product for your needs.
• Locking in Competitive Interest Rates: Interest rates significantly impact your mortgage payments. Melissa will help you monitor the market and lock in the best possible rate, saving you money over the life of your loan.
• Personalized Support: From application to closing, Melissa provides step-by-step guidance to ensure the process is seamless and stress-free. Her personalized support guarantees that your homebuying journey is tailored to your needs and goals.

Refinancing with Melissa Cohn at William Raveis Mortgage

• Lower Your Interest Rate: Refinancing is an excellent option for homeowners who want to lower their interest rate and reduce monthly payments. Melissa will assess your current loan terms and determine if refinancing is the right choice for your financial goals.
• Cash-Out Refinancing: For homeowners who have built up equity, cash-out refinancing allows you to borrow against that equity for significant expenses like home renovations or debt consolidation. Melissa will guide you through this process to determine if it’s the best financial solution for your needs.
• Shorten Your Loan Term: Refinancing can also allow you to shorten the term of your mortgage. While this increases monthly payments, it reduces the total interest paid over the life of the loan. Melissa will help you assess whether this option is suitable for your financial goals.

To explore your refinancing or home purchase options, contact Melissa Cohn at 917.838.7300.

Starting your mortgage application with Melissa Cohn at William Raveis Mortgage requires gathering several key documents. These documents ensure a smooth process and help expedite your loan approval. Here’s what you’ll need:

General Documents Required for Mortgage Applications

• Proof of Income:
  • W-2 Forms: Provide W-2 forms from the last two years to verify your income and employment history.
  • Pay Stubs: Submit your most recent pay stubs, typically covering at least 30 days, to confirm your current earnings.
  • Tax Returns: If you’re self-employed or have additional income sources, you’ll need to provide federal tax returns for the past two years to verify your income.
• Proof of Identity:
  • Government-Issued ID: A valid photo ID, such as a driver’s license or passport, is required to verify your identity.
  • Social Security Number: This will be used to pull your credit report and confirm your identity.
• Credit History:
  • Credit Report: Melissa will review your credit report to assess your eligibility for a mortgage.
  • Debt Information: Provide documentation of any outstanding debts, such as credit cards, student loans, or car loans, to calculate your debt-to-income ratio.
• Proof of Assets:
  • Bank Statements: You’ll need to provide the last two months of bank statements to verify your available funds for a down payment and closing costs.
  • Retirement or Investment Account Statements: If you plan to use funds from a 401(k) or other investment accounts, you’ll need to provide statements showing the available balances.
• Proof of Employment:
  • Verification of Employment: Melissa may contact your employer to verify your employment status. If you’re self-employed, you’ll need to provide additional documentation, such as business licenses or profit and loss statements.

Loan Program-Specific Documents

Depending on the loan program you’re applying for, additional documents may be required:

• Conventional Loans: Typically require more detailed documentation of income and assets.
• FHA Loans: Designed for borrowers with lower credit scores, FHA loans may require additional documentation to prove eligibility.
• VA Loans: Veterans applying for VA loans will need a Certificate of Eligibility (COE) and, in some cases, military discharge papers.
• USDA Loans: For rural homebuyers, USDA loans require documentation proving that the property meets USDA guidelines.

By gathering these documents early, you’ll ensure a smooth mortgage application process with Melissa Cohn at William Raveis Mortgage. For more information or to begin your application, contact Melissa at 917.838.7300 today.