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…Read More
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…Read More
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…Read More
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…Read More
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…Read More
Get Fixed Rate Financing for Your Condo
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 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 condo…Read More
Financing a Condo with RMN
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 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 condo purchases. Fixed…Read More
Showers Bring May Flowers AND Spring Home Buying Fever – Are You Pre-Approved Yet?
Why is a pre-approval so important? In this market, homes are selling almost as fast as they are going on the market. If you don’t have a pre-approval when you look at a property, it might be too late by the time you make an offer. Having a pre-approval letter to present with the offer from a reputable…Read More
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