The credit score required to buy a home differs based on the type of loan you’re applying for. But in general, the higher your score is, the easier it will be to get a great mortgage loan and a better interest rate.

PMI is insurance for the lender if you put less than 20% down on a home. It can be removed once you build enough equity.

With Ruoff Mortgage, the average time from application to clear to close is just 15 days.* That means from the moment you apply to the moment you're ready to close, the process can move quickly and efficiently. 

Yes, you can buy a home while paying off student loans, even with significant debt, as long as you meet credit, income, and debt-to-income (DTI) requirements. Ruoff Mortgage assesses your total monthly payments, not just the total loan balance, to determine affordability. 

You will generally need to provide proof of income (pay stubs, W-2s), two months of bank statements, tax returns (if self-employed), and a photo ID. These documents verify your financial standing for pre-approval.

Using the equity you have in your home, cash-out refinancing allows you to take out a new mortgage for more than you owe and receive the difference in cash to use for expenses like home improvements or paying off debt.

To determine how much mortgage you can afford, use the Ruoff Mortgage Affordability Calculator, which estimates your maximum home price based on income, debt, and down payment. Generally, lenders recommend keeping your total monthly housing payment (principal, interest, taxes, insurance) between 25% and 36% of your income.

Your monthly mortgage payment typically consists of PITI: Principal, Interest, Taxes, and Insurance. This combined payment often includes an escrow account to manage property taxes and homeowner's insurance, along with potential mortgage insurance, ensuring your payments are simplified and covered.