Inspections: Why They’re a Good Idea and How They Differ From Appraisals
Your Realtor might encourage you to do a home inspection, and we do, too! What is a home inspection, though? Doesn’t the lender already require an appraisal? Yes, the lender does require an appraisal, but an appraisal is not the same thing as a home inspection. An appraisal is ordered to protect the lender by confirming…Read More
The Truth Behind Interest Rates
Many borrowers choose to select their lender based solely on the interest rate that is advertised or offered to them. However, it is critical for any borrower to understand there are more factors to consider than the rate that is presented. Avoid being misled by dishonest lenders by knowing which information to keep in mind…Read More
Why Use a Realtor: A Breakdown of What They Do For You
Customers often ask us, why should I use a Realtor? Don’t I save money by going FSBO (for sale by owner)? Not necessarily. Realtors are important! They are licensed to represent you in this contract negotiation. If you don’t have a Realtor involved, then you need to hire a lawyer. Most sellers find lawyers are not typically as…Read More
Realtors Want to Know: Why Should Your Buyer Choose RMN for VA Financing?
Realtors keep asking, so we will tell you: Why your buyer should consider RMN for VA financing even if they are already pre-approved with a different VA lender. Unfortunately, many buyers, sellers and Realtors alike don’t understand the importance of working with an experienced VA lender until things go South. That’s when we get the call to pick…Read More
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. A mortgage banking company “makes the loan decision” and is burdened with the risk. A mortgage broker assigns the loan…Read More
Santa Brings Coal to Lenders Who Don’t Underwrite In-House
Why is it such an advantage to work with a lender that underwrites VA, Rural Development and FHA home loans at their office? Simply put, RMN’s in-house underwriting allows us to close loans quicker and more smoothly than our competition. RMN’s entire lending staff is highly trained on the specific requirements of the VA, RD, and FHA loan programs.…Read More
Why We Encourage VA Loans (And Why Other Lenders Discourage Them)
Some lenders discourage the VA loan program. They often claim the fees are too high, there is extra paperwork, or that a VA loan can take over a month to close. The truth is that these lenders simply don’t fully understand the program and its loan processing requirements. In reality, a VA loan will virtually always be the best loan…Read More
What’s an Appraisal, Anyway?
A home appraisal is a report completed by a third-party licensed appraiser that provides an opinion of value for a property. The purpose of the appraisal is to determine that the price you agreed to pay for the home is supported and to make sure the home is habitable in its current state. The appraisal is…Read More
Closing: How Does RMN Get It Done in Only 2 Weeks?
Residential Mortgage Network, Inc. is a locally owned mortgage banking company. What separates us from other lenders is our ability to close your loan in just 2 weeks. How do we do it? All of our staff are on-site to process, underwrite, approve and close your home loan. We train our staff to keep things moving – we are efficient…Read More
VA Loan 101: Why VA Loans Are the Best for Our Veterans
A VA loan allows a Veteran (and his/her spouse) to purchase a home with no money down and obtain a fixed rate. Even with down payment, a VA loan is often chosen by a Veteran over any other loan because the interest rate is typically lower than a regular conventional loan. Be careful, not all lenders will tell…Read More