Blog

Taking the Confusion Out of Buying a Condo

Condos are confusing, aren’t they?! Luckily our lenders here at RMN are some of the best around for dealing with condos! In fact, there has even been the nickname “Condo Queen” given to one of our lenders, Jessica Greving, which honestly just motivates us all to live up to the title!  When Jessica began lending…

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How do I get a mortgage?

Step One: Pre-Approval The first step towards homeownership is to talk to a lender for a Pre-Approval. RMN offers many options to best work with you and your schedule: in-person appointment with a lender, online, or via phone/email. A lender will help you determine which loan program will best suit you and your situation. In…

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We are a Banker NOT a Broker – So, What’s the Difference?

Residential Mortgage Network is a mortgage banker, not a broker. There are very distinct “operational” differences which impact the time it takes to obtain a loan approval, making it an important consideration to our customers and business partners. Bankers vs. Brokers A mortgage banking company “makes the loan decision” and is burdened with the risk. A mortgage broker…

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Closing: How Does RMN Get It Done in Less Than 4 Weeks?

Residential Mortgage Network, Inc. is a locally owned mortgage bank. What separates us from other lenders is our ability to close your loan in just 4 weeks. How do we do it? We are able to meet quick financing deadlines because we control the process! From pre-approval to loan application to processing to underwriting to closing – it’s…

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Adjustable Rate Mortgage – A Trick or a Treat?

It’s no secret that all of us at RMN are passionate about offering fixed rate financing for our borrowers. However, it’s important for you to understand exactly WHY we are such proponents of fixed rates. After all, “What’s the harm if I get an adjustable rate mortgage (ARM) from my local bank? It has the lowest…

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How to Choose a Loan Program

Which Loan Program Should I Choose? Does the idea of deciding on a home loan make your head spin? You may have questions like these: Why would someone choose a Rural Development loan (USDA) over a Conventional Loan? Why did my other lender tell me the VA loan isn’t the best option for me? What…

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What FICO version are you using, anyway?

The credit scoring industry is a billion (at least!) dollar industry. Soft pull credit information is what you get when accessing credit score data from Credit Karma, Equifax, Experian, TransUnion, My FICO, the score your credit card or bank gives you, etc. A hard pull is when a lender is actually pulling a credit score…

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RD Loans are Perfect for First Time Home Buyers in Iowa

According to a recent article by FreddieMac, housing preferences have “shifted towards larger homes that are more conducive to remote work and virtual learning. As a result, more and more people are moving to suburbs and rural towns.” However, data suggests that this shift began long before the COVID-19 pandemic. The shift to rural home…

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Don’t Settle for an ARM, Get Fixed Rate Condo Financing!

Financing for a condo is different than financing for a single family home or a zero lot line. For example, some lenders will only offer an adjustable rate mortgage (ARM) if you’re purchasing a condominium – which could cost you more in the long run! Discover why RMN believes in offering fixed rate mortgage for…

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VA Loan vs Conventional Loan

There’s some confusing information out there about the VA loan program. If I’m an eligible veteran, should I finance my home purchase with a VA loan? Is a conventional mortgage a better deal for me? Does a VA loan have higher costs? Spoiler alert: the VA loan program is virtually always the best option for…

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