About lender
Ruoff Mortgage is a company that offers its customers a home loan to buy a house or loan servicing to refinance an existing mortgage.
The company was founded by David Ruoff in 1984 in Fort Wayne, Indiana. At that time, he had 25 years of experience in the mortgage industry and wanted to make obtaining a mortgage easier and faster. This has become the main goal of Ruoff Mortgage Company, Inc. The company's main office is located in Fort Wayne, Indiana. The company has 76 more branches located in the states of Indiana, Ohio, Michigan, Kentucky, and Florida. Ruoff Mortgage also operates online, and you can use any service of the company through the website.
Pros and cons
Pros
A wide range of mortgage services
For some loans, the requirements are lower than for other lenders
Fast online application submission
Some loans do not require a down payment
No prepayment fees
Consultation with a personal loan officer about the mortgage process.
Cons
For large loans, the requirements are high
It is possible to avoid paying for insurance
Getting funds is longer than other lenders.
Conclusion
Services of Ruoff Mortgage Company, Inc. are suitable for those willing to make a large down payment to avoid paying for mortgage insurance. If you need a home loan for a small amount and you do not have an ideal credit history, then you can be qualified for some types of company loans due to low requirements. However, the company's financial services will not suit you if you urgently need financing since the operational time of the lender is longer than that of other similar companies.
Terms and conditions
You can consult with your personal loan officer about the mortgage process and loan servicing available to you. Loan pre-approval does not affect your credit history.
Purchase
FHA loan is suitable for the first home purchase, as it is designed for buyers of homes with low-to-moderate income. The minimum down payment for a mortgage is 3.5% of the loan amount. If you make a down payment of 10% or less, you need mortgage insurance.
The USDA loan allows individuals and families to buy homes in specific territories. There is no minimum down payment for this type of loan. You may not make any down payment, but if you do, you will reduce your monthly payments. Private mortgage insurance (PMI) is the lowest for this loan. There is no maximum loan amount here. The main condition for obtaining a mortgage is that the house must be located in a rural area.
A conventional loan is not a loan that is issued by the federal government. When you take out a mortgage with a conventional loan, you take money from private lenders. The minimum down payment for this loan is 3%. However, if you make a down payment of 20%, then you will not have mortgage insurance. APR can be adjustable, or you can take out a fixed-rate mortgage.
VA loan is guaranteed by the U.S. Department of Veteran Affairs. This mortgage is suitable for service members, veterans, and eligible surviving spouses. The maximum loan amount is over $500,000, depending on the state in which you purchase a house. You don't have to pay the down payment.
A doctor loan is suitable for doctors or graduates of medical schools. You can get 100% financing for this mortgage, meaning you do not need to make any minimum first installment. Moreover, you will not need to pay PMI.
A jumbo loan is suitable for you if you need a large amount to buy a house. The maximum mortgage amount in 2019 was $484,350. The minimum initial payment is 10%. You need to pay PMI until you pay 20% of the loan amount.
Refinance
Rate/Term Refinance loan allows you to reduce the interest rate or the term of your mortgage. This way, you can refinance both conventional and FHA loans. You can add a term for your mortgage to reduce monthly repayments or reduce the loan term and get a more profitable interest rate. You can refinance your mortgage after six months from the date of purchase of the house.
A Cash-Out Refinance loan allows you to receive cash from your home using home equity. You can use the money you receive to improve your home, finance a wedding or college for children, or to make big purchases. Both conventional and FHA loans can be refinanced this way. With this refinancing, you can improve your credit score.
A Renovation Refinance loan allows you to combine spending on refinancing and home repairs in one loan. Immediately after the completion of the renovation of the house, you can apply for home equity. You can get a Fannie Mae Homestyle, FHA 203(k), or VA loan for this mortgage.
FHA Streamline Refinance loan allows you to reduce your interest rate for your FHA loan. To get such a refinancing, you do not need to go through a credit history check again and do paperwork again. This type of refinancing allows you to reduce your monthly mortgage payments. To get a refinance, you must make at least six monthly payments on the FHA mortgage made on time.
IRRRL helps you reduce your interest rate on a VA mortgage or switch from an adjustable-rate mortgage to a fixed-rate mortgage. You do not need to additionally pass a credit history and solvency check and do paperwork again.
Funding a loan
You will receive funds from the bank account from which you will make mortgage payments. This can be either a checking or a savings account of any bank. Unlike some other lenders, the time to receive money from the company is long. You will receive money for the purchase or repair of a house an average of 17 days after the approval of the application.
