“I’m shopping around… What’s your rate?” “We’re running a special – 11.5%! Would you like me to go ahead and lock you in?” That usually gets a good laugh, breaks the ice, and allows us to start asking some thought-provoking questions. The answers to those questions will determine whether going forward with a refinance makes financial [...]
Have you heard that banks have a minimum credit score needed to be considered for a loan? Well, that’s true. Overall, lenders have a set number that they have to work with and, if your credit score is below that, you’re likely not eligible for a mortgage. Did you know that you may not be [...]
FORT WAYNE, IN (April 9, 2012) – Fort Wayne-based residential mortgage lender Ruoff Home Mortgage announced the addition of Lori Hiscock to their South Bend, Indiana branch. As Senior Loan Officer, Lori will serve St. Joseph County and all surrounding Counties from its 1710 E. Edison Rd. branch located in South Bend, Indiana. Ms. Hiscock [...]
FORT WAYNE, IN (April 9, 2012) – Fort Wayne-based residential mortgage lender Ruoff Home Mortgage announced the addition of Dyttha Gallagher to their South Bend, Indiana branch. As Senior Loan Officer, Dyttha will serve St. Joseph County and all surrounding Counties from its 1710 E. Edison Rd. branch located in South Bend, Indiana. Ms. Gallagher [...]
“We’re running a special – 11.5%! Would you like me to go ahead and lock you in?” That usually gets a good laugh, breaks the ice, and allows us to start asking some thought-provoking questions. The answers to those questions will determine whether going forward with a refinance makes financial sense.
There are at least 3 major questions we need to answer before giving excellent advice on refinancing.
Some examples of refinancing goals might be to:
The reason for this question SEEMS obvious, but it cannot be taken lightly. Just because someone does not intend to own their home for decades doesn’t mean that they should automatically not refinance! What it DOES mean is that we need to do a cost/benefit analysis to determine how many months will be required to recuperate the cost of refinancing.
Here’s where you need to watch the video, because the answer to this question is not as simple as it seems. Some refinances cost the buyer NOTHING. Some costs thousands and thousands. Any company that is just giving you ONE option of rates and closing costs is not giving you good options. Watch the video and you’ll see why.
As you can see, there’s a lot more to giving really top-notch financial advice than just quoting interest rates!
When you’re ready to talk to one of our mortgage professionals about your refinance in IN, MI, or IL, head on over to our list of locations and pick your loan pro! We’ll be happy to give you some solid advice on whether refinancing makes sense in your particular situation.
As always, your mortgage matters! Call us at 1-800-627-8633.
Chris Sanderson is Ruoff Home Mortgage’s people-encouraging, idea-sharing, public-speaking, nutritarian-eating, Dale Carnegie-teaching, Director of Training and Social Media Marketing. You can connect with Chris on LinkedIn.
Have you heard that banks have a minimum credit score needed to be considered for a loan? Well, that’s true. Overall, lenders have a set number that they have to work with and, if your credit score is below that, you’re likely not eligible for a mortgage.
Did you know that you may not be eligible even if your score is ABOVE that magic number, though? That’s (unfortunately) true too. There are things that can be on your credit report that can rule you out even if your credit score is in the acceptable range. Let’s review the “Deadly Five” here:
Now, like everything in life, there are exceptions. If you have a 3 month payment history on the collections, for example, you could still be eligible.
Still confused? Does it seem like too much to keep straight? Want more help understanding your credit? No worries, that’s what we’re here for! We know the in’s and out’s. We will be glad to review your credit history and work out a plan to get you into your next home. Just contact your local Ruoff Home Mortgage professional.
As always, your mortgage matters!
Lori Hiscock is a Sr. Loan Officer at Ruoff Home Mortgage’s South Bend office. She started her lending career in 1995 after obtaining her bachelor’s degree in Finance from Western Michigan University. Lori has become one of the top mortgage lenders in Michiana. You can connect with Lori Hiscock or apply online here.
FORT WAYNE, IN (April 9, 2012) – Fort Wayne-based residential mortgage lender Ruoff Home Mortgage announced the addition of Lori Hiscock to their South Bend, Indiana branch. As Senior Loan Officer, Lori will serve St. Joseph County and all surrounding Counties from its 1710 E. Edison Rd. branch located in South Bend, Indiana.
Ms. Hiscock brings with her more than eighteen years of lending experience. Lori began her career with Comerica as a credit analyst. A few years later, she joined J.P. Morgan Chase where she was quickly recognized nationally as the Rookie of the Year award recipient in 2002 based on her first year production volume. Just two short years later achievements with Chase landed her a Division Manager position for Indiana, which brought Lori to South Bend.
As a Division Manager, Lori increased the division sales volume by 78%, but because it kept her from spending more time with her clients, she decided to return to full time origination and joined Wells Fargo in 2005. While at Wells Fargo, Ms. Hiscock earned her Certified Residential Mortgage Professional certification and was also honored in 2010 and 2011 with the Leaders Club designation.
Ms. Hiscock’s accomplished background in mortgage lending and banking should serve her well in her new position as Senior Loan officer in the Ruoff Home Mortgage South Bend branch. President and CEO said of Lori, “She has an infectious passion for everything she does and a competitive spirit to match. We are fortunate to have a professional with her skill set anchoring our South Bend branch.”
About Ruoff Home Mortgage
Ruoff Home Mortgage is a Fort Wayne-based residential mortgage lender with six branches in Indiana and 95 employees. Offering fixed, adjustable rate, FHA, VA, Reverse and refinance loans, Ruoff Home Mortgage is licensed to originate in the States of Indiana, Illinois and Michigan.
FORT WAYNE, IN (April 9, 2012) – Fort Wayne-based residential mortgage lender Ruoff Home Mortgage announced the addition of Dyttha Gallagher to their South Bend, Indiana branch. As Senior Loan Officer, Dyttha will serve St. Joseph County and all surrounding Counties from its 1710 E. Edison Rd. branch located in South Bend, Indiana.
Ms. Gallagher brings with her more than eight years experience, all with her former employer, 1st Source Bank. As a mortgage loan officer in her previous employment at 1st Source Bank Corporation, Dyttha primarily served families in need of affordable housing. She was named as Community Reinvestment originator (CRA). Coordinating workshops for first-time homebuyers became a standard part of her position. Her passion and mission for recognizing the housing needs of families came to identify her. Her knowledge of available resources through city and state programs has aided clients in being able to own homes.
Within the South Bend community, Gallagher has solidly established herself through her efforts to help educate low- and moderate-income people, minorities and youths about banking and homeownership. This led to her being awarded the Human Rights Award from the St. Joseph County Human Rights Commission and the Ernestine Raclin Community Service Award.
As an immigrant to the United States, Dyttha has felt the importance of expressing gratitude. This gratitude found its expression in Habitat for Humanity. She became involved through establishing World Build home build. Her persistent and dedicated efforts led to her being named in 2009, Habitat for Humanity International’s Clarence Jordan Volunteer of the Year and in 2010, Indiana Habitat’s Volunteer of the Year. She presently serves on the board of Habitat for Humanity of St. Joseph County.
Ruoff President, Mark Music said, “It is truly a rare opportunity for Ruoff Home Mortgage to have the opportunity to work with such an inspiring individual. Dyttha’s addition to our South Bend branch will serve to enhance the overall professionalism so emblematic of the Ruoff brand. he acquisition of Tyson to our Warsaw team is consistent with the company’s growth plans in that market. The benefit from her contributions in the branch as well as in the community will benefit our branch and our organization in so many ways.”
Regarding Dyttha Gallagher, Don Reber, Vice President and Regional Manager with Ruoff Home Mortgage had this to say, “Dyttha brings to Ruoff the kind of knowledge, experience and professionalism that we look for in a Loan Officer. She will make a great addition to our team.”
Gallagher is licensed as a Mortgage Loan Originator with the State of Indiana’s Department of Financial Institutions. Ruoff looks forward to a long and mutually rewarding relationship.
About Ruoff Home Mortgage
Ruoff Home Mortgage is a Fort Wayne-based residential mortgage lender with six branches in Indiana and 95 employees. Offering fixed, adjustable rate, FHA, VA, Reverse and refinance loans, Ruoff Home Mortgage is licensed to originate in the States of Indiana, Illinois and Michigan.
FORT WAYNE, IN (January 25, 2011) – Fort Wayne-based residential mortgage lender Ruoff Home Mortgage is pleased to announce the addition of Rene Tyson to their Warsaw, Indiana branch. As Senior Loan Officer, Tyson will serve Kosciusko and all surrounding counties from Ruoff’s 310 Enterprise Dr. branch located in Warsaw, Indiana.
Mr. Tyson brings with him more than 25 years in the mortgage industry. His past lending experience at the retail level with the likes of MetLife Home Loans and First Horizon should serve him well at his new post. Tyson will provide lending solutions for all types of residential home loan needs.
Ruoff President, Mark Music said, “The acquisition of Tyson to our Warsaw team is consistent with the company’s growth plans in that market. Tyson brings with him the professionalism and experience emblematic of the Ruoff brand. His well established reputation in the industry will well serve our organization.”
Tyson is licensed as a Mortgage Loan Originator with the State of Indiana’s Department of Financial Institutions. Ruoff looks forward to a long and mutually rewarding relationship.
About Ruoff Home Mortgage
Ruoff Home Mortgage is a Fort Wayne-based residential mortgage lender with five branches in Indiana and 85 employees. Offering fixed, adjustable rate, FHA, VA, Reverse and refinance loans, Ruoff Home Mortgage is licensed to originate in the states of Indiana, Illinois and Michigan.
FORT WAYNE, IN (January 3, 2011) – Fort Wayne-based residential mortgage lender Ruoff Home Mortgage announced the addition of Sheryl Colquitt to their Warsaw, Indiana branch. As Senior Loan Officer, Sheryl Colquitt will serve both Whitley and Kosciusko Counties from its 310 Enterprise Dr. branch located in Warsaw, Indiana.
Ms. Colquitt brings with her more than 20 years in the mortgage industry. Her past lending experience at the retail level with the likes of First Republic and People’s Mortgage should serve her well at her new post. Colquitt will provide lending solutions for all types of residential home loan needs.
Ruoff President, Mark Music said, “The acquisition of Colquitt to our Warsaw team continues to improve our position in that market. Colquitt brings with her the professionalism and experience emblematic of the Ruoff brand. Her well established reputation in the industry will well serve our organization.”
Colquitt is licensed as a Mortgage Loan Originator with the State of Indiana’s Department of Financial Institutions. She was the Affiliate Member of the Year for the Kosciusko County Board of Realtors for 2011.
About Ruoff Home Mortgage
Ruoff Home Mortgage is a Fort Wayne-based residential mortgage lender with five branches in Indiana and 85 employees. Offering fixed, adjustable rate, FHA, VA, Reverse and refinance loans, Ruoff Home Mortgage is licensed to originate in the States of Indiana, Illinois and Michigan.
FORT WAYNE, IN (January 3, 2011) – Fort Wayne-based residential mortgage lender Ruoff Home Mortgage announced the addition of Don Reber to their Northern Indiana/Southern Michigan Region. Don Reber will assume the role of Regional Vice President/Business Development and will conduct business from its 1710 E. Edison Rd. branch located in South Bend, Indiana.
Mr. Reber brings with him 30 years of mortgage lending experience. His past management experience at the retail level with the likes of Wells Fargo should serve him well at his new post. Reber will provide oversight of business development for the entire region including branches in South Bend and Elkhart. In addition, he will be originating home loans on a limited basis.
Ruoff President, Mark Music said, “Mr. Reber brings with him the professionalism and experience emblematic of the Ruoff brand. His leadership will greatly strengthen our organization in the region.”
Reber has a certified residential mortgage professional designation through the Indiana Mortgage Bankers Association and is a past president of the Indiana Mortgage Bankers Association and past affiliate of the year for the Elkhart County Board of Realtors. He presently serves on the entertainment and education committee for the Elkhart County Board of Realtors and the entertainment committee for the Greater South Bend-Mishawaka Association of Realtors. Reber currently serves on the board of directors of the Kiwanis, Mishawaka.
About Ruoff Home Mortgage
Ruoff Home Mortgage is a Fort Wayne-based residential mortgage lender with five branches in Indiana and 85 employees. Offering fixed, adjustable rate, FHA, VA, Reverse and refinance loans, Ruoff Home Mortgage is licensed to originate in the states of Indiana, Illinois and Michigan.
In a mortgage world that now seems rife with red tape, getting to the closing table quickly can be a daunting task. Unfortunately, sometimes circumstances surrounding a purchase transaction does not allow for a full month or more to get the deal closed. To address these unique situations, Ruoff Home Mortgage proudly introduces the Ruoff Express Program.
The Ruoff Express Program allows purchasers to get to the closing table in only 15 business days. To take advantage of Ruoff Express, jump on the Ruoff Express high-speed train. A Ruoff Home Loan Advisor will contact you to coordinate the Express service.
While almost every Ruoff Home Mortgage loan product is available, the following products are excluded from the program: VA, FHA 203(k) rehabilitation, Fannie Mae HomePath and HomePath Renovation loan products are not eligible.
To learn more about this exciting new service, go to www.ruoff.com today.
Ruoff Home Mortgage is pleased to announce the recent appointment of Nate Delagrange to the position of Loan Officer at their North branch in Fort Wayne.
Nate has helped a wide variety of people buy and refinance their homes over the last decade. He enjoys educating his clients and letting them decide which one of the myriad of options makes the most sense for them.
Ruoff Home Mortgage opened in 1984 in Fort Wayne and now has five branches in Northeast Indiana and is licensed to serve Indiana, Michigan and Illinois mortgage customers.
It seems that we can’t turn on the television these days without seeing TV ads by freecreditreport.com. These ads feature a young male character whose life has been ruined because of credit report problems. In one commercial, he gets married to his dream girl who failed to share with him that her credit was bad. The result–instead of a respectable home in the suburbs, they have to live the basement of her parents home. In another ad, he is dressed up in a pirate suit working as a server in a seafood restaurant. All because a hacker stole his identity. The subsequent damage now prevents him from getting a decent job because some employers now pull credit reports as part of their due diligence when hiring.
Ben Stein is now the pitchman for freescore.com featuring a squirrel, Filbert, as his side kick. Mr. Stein informs you that “life costs you more without Free Score”.
While a poor credit score may not have you living in your in-laws basement, a less than stellar score will cost you more and in ways you may not realize. Your credit score now determines the rate of interest you will pay on your credit cards and car loans. Even if a landlord is willing to look past your less than stellar score and lease you an apartment, you may be asked to pledge a larger security deposit. Insurance companies now factor your credit into your premiums. If your middle credit score is less than 740, you will most likely pay more when you apply for a mortgage. These surcharges, known as loan level price adjustments, are more severe the lower your score. According to financeglobe.com, the best interest deals for credit cards like the Capital One Venture Rewards Visa Card, a score of 800 is necessary.
Most people understand the importance of maintaining a positive credit history. However, not so many understand the metrics used by the credit reporting agencies when they determine your score. Fair Issac Corporation, creator of the FICO score, provides the following insight of what goes into their formula:
1. Your payment history – about 35% of a FICO score
Have you paid your credit accounts on time? Late payments, bankruptcies, and other negative items can hurt your credit score. But a solid record of on-time payments helps your score.
2. How much you owe – about 30% of a FICO score
FICO scores look at the amounts you owe on all your accounts, the number of accounts with balances, and how much of your available credit you are using. The more you owe compared to your credit limit, the lower your score will be.
3. Length of your credit history – about 15% of a FICO score
A longer credit history will increase your score. However, you can get a high score with a short credit history if the rest of your credit report shows responsible credit management.
4. New credit – about 10% of a FICO score
If you have recently applied for or opened new credit accounts, your credit score will weigh this fact against the rest of your credit history. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. If you need a loan, do your rate shopping within a focused period of time, such as 30 days, to avoid lowering your FICO score.
5. Other factors – about 10% of a FICO score
Several minor factors also can influence your score. For example, having a mix of credit types on your credit report – credit cards, installment loans such as a mortgage or auto loans, and personal lines of credit – is normal for people with longer credit histories and can add slightly to their scores.
While it is important to manage the behaviors that affect your credit score, it may also be wise to utilize the alert services offered by the reporting agencies. This is a fairly affordable service that is a vigilant safeguard against identity theft. Any time there is a third-party inquiry, also known as a “hard pull”, you are immediately notified. If you are applying for credit, then the alert would be expected. If you have not recently authorized a company or individual to access your credit file, then you have can take immediate action.
If you know you will be in the market to purchase a car or home in the near future, it is wise to check out your credit report and score, before you make application with a lender. You can do this for free. If there are inaccuracies, it is better to address them prior to applying for a loan as getting these erroneous items removed can take up to 60 days. You can request a free credit report from the Federal Trade Commission website by clicking here . Your credit score doesn’t just affect whether or not you get a loan; it also affects how much that loan is going to cost you. As your credit score increases, your credit risk decreases. This means your interest rate decreases.
You can learn more about how you can improve your credit score by visiting www.ruoff.com where you can get in touch with a home loan advisor. Our staff will be glad to help you utilize helpful tools like credit score analyzers to make sure you are getting the lowest possible rate on your next home loan.
