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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…

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…

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…

FAQs about the USDA Rural Development Program

The USDA Rural Development (RD) Program is one of our most asked-about loan programs. With eligible towns in all 99 counties in Iowa, it’s not hard to see why!  What is an RD Loan? USDA Rural Development loans are available to buyers looking to purchase a home in a community with a population of 20,000 or less.…

Why Choose RMN When the Market is Hot

Why choose RMN when the market is hot?! Plain and simple: You don’t have to do our job! We are efficient, organized, experienced and we care about deadlines. From pre-approval to closing and beyond, we are here for our clients and business partners!  Pre-approvals We issue pre-approvals that are solid! We require documentation up front…

Closing Costs in Cedar Rapids

Are you thinking of buying or refinancing in Cedar Rapids? Curious about closing costs? We can answer that question! Closing costs are, in general, the costs to get a loan file from application to closing. Down payment is separate from closing costs and is your investment in the property while closing costs are fees to…

Iowa First-Time Home Buyer Programs

Buying your first home in Iowa can be very expensive and frightening if you have no idea of the available funding you can take advantage of. The entire process would likely include financial conversations and situations you may have never encountered before. Fortunately, the Iowa Finance Authority has created programs for first-time homebuyers. Iowa Finance…

The Average Cost to Buy a Home in Cedar Rapids

Are you moving to the Cedar Rapids area and entering the market to find your dream home? Here at Residential Mortgage Network, we have been offering residents of Cedar Rapids home loans since 1987, and are ready to lend some guidance! A Little Background on Cedar Rapids Living Cedar Rapids is the second-largest community in…

Closing Cost Assistance For Veterans: Understanding the $5000 Iowa Military Homeownership Assistance Program

Every November, we take time to honor the many servicemen and women who’ve worn the uniform of our armed forces. As veterans, they’ve earned our gratitude and respect. Their service has also earned them access to various veterans’ benefits, which include home loan guarantees from the Department of Veterans Affairs (VA). This $5,000 grant for…

Refinancing Your Home: The Pros and Cons

Interest rates are at a historic low and buyers are taking advantage. It’s also the perfect time to refinance! Can’t decide whether or not you should refinance? Take a look at the pros and cons: Pros: Lower Monthly Payment or Loan Term Those who are refinancing now are cutting their monthly mortgage payments by hundreds…