Category: The Mortgage Process

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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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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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…

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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…

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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…

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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…

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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…

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