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RYAN LARUSSA
Producing Sales Manager
NMLS #96565,
Synergy One Lending
Ryan Larussa is a Team Lead with 21+ years in the mortgage industry, known for his proactive, client focused approach. He helps streamline the homebuying process, saving clients time and money. Servicing all of Louisiana, Ryan is also licensed in AL, MS, TN, and TX. He holds a Finance degree from Southeastern Louisiana University and volunteers with HP Serve and Trafficking Hope.
HOW CAN I CALCULATE AN ACCURATE MORTGAGE PAYMENT?
To calculate an accurate mortgage payment, it’s crucial to understand its components. Your payment will include principal and interest, property taxes, and homeowner’s insurance specific to the property of interest. Many generic online calculators may not provide the right loan program or accurately factor in private mortgage insurance (PMI), leading to unrealistic expectations about your total monthly payment. Starting with a thorough mortgage consultation with a seasoned loan officer is key to ensuring a positive experience.
WHICH CREDIT SCORE SHOULD I LOOK FOR WHEN BUYING A HOME?
When looking to buy a home, mortgage companies consider scores from all three major credit bureaus: TransUnion, Experian, and Equifax. They typically use the middle score, disregarding the highest and lowest. For example, if your scores are 690, 740, and 795, the lender will use 740. While 850 is typically the highest possible score, many lenders can work with applicants down to the low 500s but may require some additional documentation to help build a better credit profile.
DO I NEED TO PUT DOWN 20% TO PURCHASE A HOME?
The belief that you must put down 20% to purchase a home is a common myth. There are programs that offer 100% financing of the purchase price or offer conventional loans requiring only 3% down and FHA loans at 3.5% down. For our Veterans, 100% financing is common. Additionally, depending on the area, credit scores, and debt-to-income ratios, some loans may qualify for down payment assistance. In fact, during my conversations, I often find that clients are surprised to learn they can buy a home with a much smaller down payment than they expected.
WHERE DO I NEED TO START IN THE PRE-APPROVAL PROCESS?
The pre-approval process begins with your mortgage advisor by gathering necessary financial documents and understanding your budget. It’s essential to consult with a lender who can review your financial situation and guide you through the steps. This initial phase sets the foundation for a smooth home-buying experience. The preapproval process is the most important first step!
IS GETTING THE LOWEST INTEREST RATE THE BEST DEAL FOR YOU?
While securing the lowest interest rate is important, it’s not the only factor to consider for the best deal for your mortgage. You should also evaluate the overall loan terms, fees, and whether the loan features align with your financial goals. Some loans with slightly higher rates may offer better flexibility, lower closing costs, or additional benefits that fit your needs. IT’s essential to look at the complete picture, including how long you plan to stay in the home, do you have a savings or backup plan for future expenses? These are just a few factors to consider if the lowest rate is truly the best deal for you.
Synergy One Lending, Inc. | NMLS 1907235 | www.nmlsconsumeraccess.org | 610 W. Ash Street, Suite 1505, San Diego, CA 92101 | (888) 995-1256 | State required licensing information: AL Residential Mortgage Licensee #70829, LA, MS, TN, TX. Not affiliated with any government agency. All Loans are subject to underwriting approval. Terms and Conditions apply. Subject to change without notice.
