FAQ: What's the Best Home Loan for Me?

Some homebuyers are fortunate enough to be able to buy homes with cash. For the rest of us, we must acquire home loans. There are many different types of home loans and there is not a one-size-fits-all approach to selecting one. Your needs and situation will dictate which loan will work best for you. 

Cori Drudge is a professional Mortgage Loan Officer with Ruoff Home Mortgage. He has over 16 years of experience in the mortgage industry. Cori’s specialty is helping his clients find the best loan program that fits their short-term and long-term goals. We asked him his advice on choosing the right home loan. Here’s what he has to say. 

Which loan would be best for me?

From FHA  to Conventional to No Money down, all mortgage loans options should be custom tailored to fit your needs and qualifications. Credit scores are key as they determine what options you have available. Choosing a great mortgage lender who will guide you and counsel you will save you short-term as well as long-term when choosing which loan is best for you. 

Which is best: 15-year mortgage or a 30-year mortgage?

How long you plan to be in the homes and your budget should dictate which option you choose. Can you afford the higher 15-year monthly payment? A good rule of thumb is that a 15-year mortgage payment will be 25% MORE per month compared to a 30-year payment. 

Remember, you can always choose a 30-year and pay it at a 15-year pace. My personal preference is to always go with a 30-year mortgage and take any money that you plan to pay extra and invest it!  Why pay it on a mortgage loan to only save 4% when you can choose to add it towards your 401K at work, or buy a CD from your local bank.  The interest paid/earned is much more than what you’d save on a long term home loan.

What’s your best overall advice for homebuyers? 

When considering buying a new home, whether you’re a first time homebuyer or a savvy investor, work with a mortgage lender who will coach, guide and counsel you. Your first step is reaching out to a lender to find out what options you have. Even if they are limited, a great lender will guide you on the steps that you can take TODAY to get pointed in the right direction so you are READY when the time comes.


Remember, choosing a home loan is not a one-size-fits-all approach. Work with a qualified mortgage lender like Cori Drudge to help you choose the right home loan for your needs and circumstance. 

What's the Best Home Loan for Me?