What Fort Wayne Homebuyers Should Know About Getting a Mortgage
Buying a Home · From Moving Fort Wayne
What Fort Wayne Homebuyers Should Know About Getting a Mortgage
For many buyers, the mortgage is the most intimidating part of buying a home. On this episode of Moving Fort Wayne, Brad Noll sits down with Nick Boucher, senior loan officer with Ruoff Mortgage, the show's main sponsor, to take some of the mystery out of the process.
Nick came to Fort Wayne in an unusual way. He was traded here in the fall of 2007 and played six seasons in goal for the Fort Wayne Komets, a team with one of the most loyal followings in the city. Before that, he played junior hockey in Canada and went on to Dartmouth, where he majored in psychology and minored in economics. Today he has called Fort Wayne home for about 18 years and lives here with his wife and young daughter.
That mix of psychology and economics shows up in how he works. The psychology side helps him relate to the anxiety buyers feel during a transaction, he says, and the economics side helps him explain how the broader markets show up in a consumer's mortgage.
Real Estate Is a Team Sport
Nick says one of the biggest lessons from playing on a team is knowing how to rely on other people. "Everyone plays their role," he says. In a home purchase, that includes real estate agents, inspectors, insurance agents, title companies, and on his side, a processor and an assistant who help guide clients to the closing table.
Brad relates. As a brand new agent, he was proud to tell clients they would get him and only him, around the clock. Looking back, he calls that selfish, and says there is no way an individual can provide the same level of service a team can. With about 26 people involved in an average real estate transaction, he says, every part of the team has to be on top of it.
“We don't want to put anybody in a bad spot where in a year's time they're going to have trouble or difficulty making a house payment.”
Nick Boucher
What Lenders Look For
Nick keeps the qualifying factors simple. First is credit history and credit scores, which he calls the gate opener. If credit looks okay, the lender looks at capacity, or the ability to carry the new payment and debt. Last is capital, meaning the savings and assets needed to actually close.
He also explains the three terms buyers hear most. A pre-qualification is a quick conversation, maybe with a credit report pulled, but nothing verified. A pre-approval goes further, gathering pay stubs and bank statements and verifying income and employment. Beyond that, some lenders can do a full pre-underwrite.
The difference matters most with variable income. Nick gives the example of someone who made $60,000 last year, with $20,000 of it from overtime, after only a year on the job. Overtime, bonuses, tips, and commissions typically need a two-year history so a lender can average the peaks and valleys. In some cases, a strong 12-month average can work if the employer verifies in writing that it is expected to continue. Without digging into those details, a lender who issues a letter based only on a conversation can put everyone in a pickle.
How Rates and Debt Shape What You Can Afford
Interest rates dominate the headlines, so Brad asks Nick to break down the real impact. At the time of recording, Nick says average mortgage rates had dropped about 1% since early 2025. He cites a national figure showing that drop improved buying power by about $33,000 for the same borrower with the same income. As rates come down, a buyer can either afford more house or pay less for the same house.
Then there is debt to income ratio, which compares gross monthly income to debt payments, including car loans, credit cards, student loans, personal loans, child support or alimony, and the proposed house payment. Nick's example: a buyer grossing $5,000 a month is usually capped at about 50%, or $2,500, to cover all existing obligations plus the new payment. Some loan programs go a little higher or lower.
This is why two coworkers with the same job can qualify for very different homes. Brad jokes about the coworker with the expensive car payment. One person's debt load, or a spouse's income, can change everything.
Nick adds that qualifying for a number and being comfortable with it are two different things. Some borrowers want to go right up to the ragged edge. He would rather start with the payment they are comfortable with. "We don't want to put anybody in a bad spot where in a year's time they're going to have trouble or difficulty making a house payment," he says.
Advice for Buyers Who Feel Not Quite Ready
Nick hears it often: first-time buyers think they need 20% down and perfect credit. His encouragement is to talk to a mortgage professional anyway. Ruoff can do a soft pull that does not hurt your credit, and a good loan officer will either tell you what you qualify for or put you on a plan to improve your credit or pay down debt.
Nick also describes the scenario every lender dreads: a Sunday night call at eight o'clock from an agent whose buyers found a house and want to write an offer, but have never been pre-approved. Everyone goes into panic mode, and it adds stress that does not need to be there. In Nick's words, "the sooner that you can talk to a mortgage professional, the better."
Brad suggests six months as a great runway, and three to six months at minimum, so buyers can get their bank accounts, income documents, and tax returns in order. Here is what he and Nick suggest:
- Talk to a lender early, even if you think you are a year away.
- Ask what payment you are comfortable with, not just the maximum you qualify for.
- Keep records of variable income such as overtime, bonuses, tips, and commissions.
- Know your debts, since they count as much as your income.
- Get a verified pre-approval before you start touring homes.
What Great Teamwork Looks Like
Nick says a strong realtor and lender relationship starts with a good handoff, usually an introduction from the agent, and continues with open communication at every step: application received, documents gathered, pre-approved, and what the buyer can afford. Some clients are pre-approved in hours, while others need six to 12 months or more to get ready.
Poor communication costs money. Nick has seen online lenders miss a closing date by 30 days, which can mean rate lock extensions. "It's not the lender that's paying those. Those are coming from the borrower," he says. Brad borrows a line often credited to Wayne Gretzky about skating to where the puck is going, and Nick agrees that anticipation is what good teams do.
What Are the Biggest Mortgage Myths?
Nick names two. The first is that you need 20% down. Some loan products allow as little as 0% down, 3% is a minimal down payment, and with 5% down a buyer usually has many options. The second is that you need perfect credit. Nick has done loans with a 580 score. There is more friction at those levels, he says, but it is not impossible with a lender who knows the guidelines.
Nick also shares a little Ruoff history. The company was started in 1984 by its namesake, a local loan officer in Fort Wayne who believed there was a better way. For many years it had just 12 employees before growth took off around 2012, and it is still locally family owned. For buyers wondering whether homeownership is within reach, Nick's advice is the same as Brad's: have the conversation early.
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Moving Fort Wayne with Nick Boucher from Ruoff, on Moving Fort Wayne.
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