2024 Year In Review

Throughout 2024, our blog has explored a wide range of helpful topics and insights. To make things easier, we’ve rounded up some of the most valuable tips, advice, and highlights from the past year—all in one place! These timeless takeaways are just as relevant as we step into the new year. Here are some key reminders to carry with you!

Consider this your RMN Blog–Wrapped! 

January: Don’t Focus on Overall Interest Rate, Focus on the Payment 

This blog from January was about focusing on the overall payment, rather than the interest rate. The takeaway message being: If you can afford the payment comfortably, don’t focus too much on the interest rate or let it be a reason to stop you from purchasing a home.

Waiting for the “perfect” interest rate might delay your dream of homeownership. By focusing on what you can afford in terms of your overall house payment, you’re taking control of your financial journey. 

If you are able to comfortably manage the payment now, why wait? Seize the opportunity and hop on the path to homeownership. The new mantra to use instead of “Date The Rate, Marry the House” is “How Much is the Payment?” You’re just losing equity build up by not starting now!

February: VA Loan Reminders
A few VA loan reminders from this blog that are always applicable! 

There are many  benefits to the VA loan:

• Lower interest rate than conventional financing
• No monthly mortgage insurance (ever!)
• No down payment required
• Program is less sensitive to credit score differences
  

An additional reminder, online lenders and some local banks do not participate with the Iowa Finance Authority. IFA programs add additional benefits to the VA loan, such as the $5,000 Military HomeOwnership Assistance grant, and RMN is a proud preferred lender with IFA! 

If you have any more questions regarding VA loans, please ask us!We’ve been doing VA loans since 1987, so we know the ins and the outs! It’s truly one of our favorite loans to do because we are passionate about getting veterans and service members the benefits they have earned by serving our country. 

March: It’s NOT an FHA Problem
This blog called out all the misinformation we’ve seen about the FHA loan, as a reminder to customers and Realtors that the FHA loan is actually a really GREAT program. 

A few reminders: 

• The lender you work with matters. Not all lenders are going to be as speedy to close and knowledgeable about the FHA loan as RMN is. 
• Sometimes, the FHA loan is better (more cost effective) than a Conventional loan! 
• The Iowa Finance Authority (IFA) has a Down Payment Assistance Program that allows us to get borrowers up to 5% of the purchase price. Since the minimum down payment required for an FHA is 3.5% that means this program can cover the entire required down payment—and most of the closing costs and prepaid expenses! 

April: How Do You Get a Mortgage?
This blog provided valuable insights, tips, and resources to help you successfully navigate the journey of buying a house and securing a mortgage. 

We went through the different phases: 

• Talk to a Lender
• Pre-Approval
  • Your lender will require:
    • paycheck stubs
    • 2 years W2s
    • federal tax returns
    • bank statements
    • photo ID
    • divorce decree/stipulations (if applicable)
    • DD214 (if Veteran) and child care expenses (if Veteran)
• House-Hunting 
• Submitting an Offer
• Loan Processing 
• Underwriting 
• Loan Approval
• Closing Day! 

If you are unsure about what the next step  is, don’t worry! We’ll be here to guide you throughout the entire home-buying process. 

May: How Accurate are FICO Credit Scores?
This blog delves into key topics like the concerns surrounding credit checks, the accuracy of FICO credit scores compared to online scores, and the distinction between hard and soft credit pulls.

Main Takeaways: Credit history is influenced by factors such as payment history, credit utilization, length of time credit accounts have been open, and recent credit inquiries. 

Using one of the free credit score checkers is considered a soft pull, and is safe to do without hurting your credit score. However, it is important to note that because the factors that make up your score are constantly fluctuating, these scores are not point-for-point accurate. 

If you have any questions about your credit score or more advice for how to raise your score, reach out to us, we love to help!

June: Working with RMN is a Breath of Fresh Air
This was a refresher blog about all of the ways RMN stands out from other lenders, based on the super kind review we got that said we were a breath of fresh air to work with! 

As a reminder, RMN:

• Is an Independent Mortgage Bank, not a Broker. We originate and underwrite loans in the office and close them in our name! 
• Provides thorough pre-approvals. 
• Offers all fixed-rate loan options.
• Can always close in 4 weeks or less!
• And your best interest at heart-ALWAYS!

July: Hurdles to Home Ownership
In July, we paid homage to the ongoing Olympics in Paris by writing about common hurdles people face when it comes to home ownership! 

We also provided advice on how to “overcome the hurdle.”

The most common hurdles we see are: 

• Credit Score 
• Other Debts
• The Down Payment 
• Interest Rates
• Home Prices and Inventory 

If you are up against any of these perceived hurdles, check out this blog to see how you can overcome it, OR reach out to us to chat! We love helping people realize their dreams of home-ownership. 

August: The NAR Law

August was the month the NAR Law officially went into effect, so we covered the ins and outs of the new requirements, MLS changes, and what it means for buyers, sellers, and Realtors! 

The Takeaway: The changes to the MLS mean that the commission to the cooperating broker (CCB) field is no longer visible. This may reduce transparency regarding agent compensation, but sellers should still consider offering CCB as a way to attract more buyers and facilitate a smooth transaction. A knowledgeable real estate agent can guide both buyers and sellers through these changes, ensuring that all parties are informed and prepared. 

September: The Importance of Choosing the Right Lender
In September, we discussed the difference working with the right lender can make! 

If you’ve talked to a lender and they can’t seem to answer questions about local programs, make promises before looking at the whole picture, or try to dissuade you from different loan options, that might be your sign to get a second opinion! 

Bottom Line: working with a red flag lender can make you miss out on great programs, benefits, and money. 

We are upfront, and won’t make any promises without looking at all the facts! 

November: Thankful to be RMN 
Most recently, we wrote about all the processes, systems, and people that make us so grateful to do what we do! 

These include: 

• In House Underwriting 
• On Site Staff
• Ability to Provide Local Outlook and Answers
• Iowa Finance Authority programs (and IFA in general, including everyone who works with us from IFA!)
• Years of Experience 
• Past Customers
• Realtor Partners 
• Business Partners
• And YOU!!! 

Thank you to everyone who has read and followed along with our journey over the past year. We can’t wait to provide more insights in 2025!