Five reasons to refinance your mortgage

Not all of our customers are first-time homebuyers. The Fusaro Group also helps with mortgage refinancing. Refinancing means replacing an existing mortgage with another mortgage under different terms. There are certainly a variety of benefits to refinancing. However, you should always take the time to weigh the pros and cons of your personal situation before signing any paperwork! Here are five reasons a different loan could turn out to be the best thing for your family and your budget.   Shorten your loan’s term. Just because you signed onto a 30-year loan doesn’t mean you have to suffer with all of its restrictions for so many years. It is possible to refinance down to a 20- or a 15-year loan. Your monthly payments will rise slightly, but the amount of interest saved over the shorter life of the loan is significant.   Lower your interest rate. Across Northern Virginia and the rest of the nation, interest rates are at historic lows. This trend could change at any time, so even a reduction of 1-2% of your mortgage’s interest rate is worth the effort to refinance. Your budget will be thankful for a lower monthly bill.   Convert from an adjustable-rate loan to a fixed-rate loan. The low interest rates are great for homebuyers now, but there is no guarantee they’ll stay that way. If you have an adjustable-rate mortgage (ARM), refinancing into a fixed-rate mortgage will protect you from higher interest rates in the future. A fixed payment is also easier to plan for in your monthly budget.   Consolidate debt. It is possible to consolidate your various loans...

5 things to consider when choosing a mortgage lender

Finding the perfect mortgage lender can seem impossible. Lenders are widely available, and more seem to pop up every day. With a decision as significant as buying a home, it’s important to do as much preemptive research as possible. Familiarizing yourself with information now can prevent a number of headaches later. Here are five things to keep in mind when selecting a mortgage lender who is right for you.   1. Beware of fancy titles. Most bank and credit union employees are not required to be licensed to become a mortgage loan officer. It’s customary to promote a teller to a mortgage loan officer position. Mark Greene, a veteran of the mortgage industry and contributor to Forbes.com, wrote about the beginning of his career in New Jersey. After working with the company for two years, he asked his sales manager about the requirements for becoming a senior loan officer. The manager smiled and said, “Congratulations! You’re now a senior loan officer!” Mark had new business cards within a week without any additional training. 2. Investigate the track record. Information is empowering, especially when making such an important decision. Before signing any paperwork, check your lender’s rating with the Better Business Bureau. Ask family and friends who recently purchased a home about their experience. Reputable real estate agents can also give valuable recommendations. 3. Choose someone with experience, not luck. An average of 1,860 mortgage brokerages opened each year during the refinance boom. These businesses rode the boom from 2003-2005 with some success despite their lack of experience. Don’t choose a lender simply because they show off a flashy portfolio....

Military? We get it.

You enlisted. You served. Now it’s time to find a place to call home. VA Loan solutions are designed to help those of us who have served in the military. Andrew Fusaro, founder of the Fusaro Group, served as a Marine before venturing into the world of real estate, and we are proud of the valuable experience we bring in helping you navigate your options as a future homeowner. Home loans are not available directly through the U.S. Veterans Administration, but the VA does provide a guarantee on a portion of a loan brokered through a private lender like us. This benefits you in a variety of ways: No down payment. Lenders traditionally use down payments as a safety net in case homeowners default on a loan. Because VA loans are backed by the guaranty of a federal safety net, they are available for no money down for qualified borrowers. No penalty. Pay off your VA home loan ahead of schedule without worrying about being penalized for your ambition. Limited closing costs. You worked hard for your money. Don’t spend it on closing costs. We’re sure you can think of ways extra cash would be helpful as you personalize your new home. The VA limits how much you can be charged at closing, and in some cases, closing costs may even be paid by the seller or your lender. Already own a home? Don’t worry! The benefits of a VA Home Loan travel wherever you do. You don’t have to be a first-time homebuyer to apply for this program. So whether you’re just settling into Virginia or simply switching...

Exposing your financial situation doesn’t need to be scary.

There is no judgment here – we have seen it all. People have complicated life circumstances. They change jobs, work three jobs, get divorced and become single parents, find themselves barely able to make ends meet or are totally over-extended financially. All we want to do is help you make it work, and it is likely that we can.You may be surprised to know that some of us have personally known what it’s like to have major financial challenges and get through to the other side. If you’re willing be open about your financial state, we will enjoy helping you get where you need to be in order to afford the home you want. Contact us to speak to a mortgage consultant with the Fusaro...

We will meet or beat another mortgage company’s offer.

Understand that no matter what mortgage program has enticed you, you will have to pay somehow. Don’t be fooled with a mortgage promotion that only talks about one factor, like “no closing costs” or “low monthly payments.” If you’re going to have a mortgage, we’ll help you learn enough to sift through the noise and make a wise decision.When you work with the Fusaro Group, you’re in control. Whatever your financial needs, we’ll make sure you understand your options so that we can create a mortgage plan that suits you...

“How much can I afford?”

It happens all the time – people reach out to ask how much of a home they can afford. We’re glad they do! We love to lend the right amount of money to people who are borrowing. Some loan programs allow buyers to qualify for high payments, even with low salaries. This gets people into trouble. One major car repair, a job loss, or even a minor setback later, and all of a sudden a mortgage that once seemed so affordable now looms like a dark cloud. We don’t want that. We have the ability to stretch your buying power, but we also educate you on your overall financial picture to ensure that you are comfortable and confident in agreeing to a monthly payment. Affordability is subjective – it’s all in how you want to live. Chances are, whatever your goal is, we can find a mortgage that...

Why Refi?

There are several reasons why people decide to re-finance.  You may want to: Lower your interest rates and monthly payments Consolidate your debt Shorten the life of your loan Get cash from your home for events you have not planned for Whether you’re getting divorced, need to get out of an adjustable rate situation or just want a better mortgage program, all you have to do is call us to learn what your options are. We’re people too, and we know unexpected things can happen to change life dramatically. We also know exactly how and when you should take advantage of low interest rates. Contact us to learn...

What do you need to buy a house? Approval.

If you’ve already found the home that you want to buy – congratulations! Call us now to get fully approved.If you’ve just started thinking about searching for your dream home, you could benefit hugely by starting the mortgage financing process early. Buyers who do this are in a better position than people who wait until they’ve found the home they want to buy. Why? Here are just a few reasons. 1. Sellers want proof that you’re serious. Before a seller accepts your offer, he or she wants to know you’ll make it to settlement without financial hiccups. The more documentation you’ve completed prior to putting in an offer on a home, the stronger your offer can be presented. That’s where we come in.We write you a compelling letter demonstrating to sellers that you have both buying power and a mortgage company behind you. We help you prove that your offer is a promise backed by our ability to lend you the funds required to complete your home purchase. 2. Sellers often have a timeframe. When sellers look at an offer, they’re considering more than the proposed sales price. They’re also evaluating whether or not you can complete the purchase within their required timeframe. You may beat out a competing buyer if you can get to settlement within a shorter time period.We have helped customers complete a home-buying transaction in as little as 14 days. If you complete your mortgage application with us and provide your recent paycheck stubs, W2s from the past two years, bank statements from the past 60 days and a few other pieces of documentation, you’ll...