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 all under one roof. You don’t have to worry about meeting financing and closing dates that are in the purchase agreement, we have the knowledge and experience to handle it for you!
We train our staff to keep things moving – we are efficient and we have the control. We aren’t waiting on an underwriter in another office location, another city or another state. It’s all right here. We see each other every day and communicate about what takes priority. This enables us to typically handle rush requests with ease.
Our level of review on pre-approvals is incredibly thorough. Our loan officers and supporting staff take the time to analyze all details of each file. Our expertise and attention to detail enable us to catch and resolve issues upfront before our borrowers have an accepted offer rather than waiting for the problem to be discovered during underwriting after the appraisal has been completed.
Our loan officers also offer flexible communication options to fit your busy schedule and complete your pre-approval swiftly. We can either meet with you face-to-face and discuss your options, complete a consultation over the phone, or we can email/text. RMN also offers self-service for your convenience. You can visit our website and complete an online application as well as upload your documentation to our secure web portal!
Loan Application & Processing
At RMN, we have many fixed rate loan program options:
- Rural Development (USDA)
- First Time Home Buyer options
- VA and IFA grants
It doesn’t matter to us financially or procedurally which loan program you choose. We truly have your best interest at heart. We don’t have any reason to guide you towards one program over another, except that we really believe it’s the best option for you. Unlike most lenders, we have the required authority to underwrite and approve all loan types on our own.
While other lenders may tell you that certain loan programs take longer than others, that is not the case at our office. We can close a VA or USDA Rural Development loan in 4 weeks just like we can for a Conventional or FHA loan. The lender you are working with needs to understand the rules of each program and the documentation required to meet underwriting guidelines the first time. Did another lender tell you that you do not qualify for a USDA loan because of income? Or a VA Loan because of fees? They might just not want to do the program. Ask RMN for a second opinion!
Residential Mortgage Network’s Owner/President, Rick House, has a phrase that our entire company operates by: “He who knows the rules, wins the game.” This is what has made RMN so successful during 30+ years in the business.
Underwriting & Closing
After the thorough pre-approval and loan application process, having in-house underwriting is key. They know the programs; they know our customers and they know our Realtors. It’s not just another file for them. Our goal is to approve the home loan, not find a way to deny or switch them to an ARM – we keep them with a fixed rate so they don’t have to worry about a future refinance.
Our trusted loan officers are here to guide you through your closing and explain all of your paperwork along with what happens next. We are here for our customers and we don’t want any of them to feel left in the dark about the home loan process. Our office offers support and assistance even beyond closing with any questions you may have after you move in to your new home!
With our expertise and knowledge, we have streamlined the refinance process as well. Many loan programs such as FHA and RD have refinance options that don’t even require an appraisal! This makes the process easy, fast and inexpensive with very little documentation required. Do you have a VA loan? This program has one of the simplest options to refinance! It’s called a Streamlined Refinance – no income or asset verification is required – no appraisal is required – you simply pay basic closing costs (added to your loan) and you drop your interest rate and your payment!
We’ve heard horror stories from customers who attempted to work with their current servicing company and they were put on the back burner or hadn’t heard from the company in over a month, not to mention their higher rate and fees! At RMN, we treat every refinance the same as a purchase loan. You do not have to work with your current servicing company to refinance, it is possible to work with RMN again!
Another type of purchase that other lenders say take longer to close are those purchasing a condo. You can finance with a fixed rate mortgage for a condominium with a VA loan a Rural Development loan, or a Conventional loan if the condo project meets program requirements. The majority of condo projects in our market meet the requirements and are eligible for approval. The lender you’re talking to needs to understand how you can get those condo projects approved, and they have to have the authority to submit them for approval.
If you find a condo that you love, reach out to us first to find out if the project is already approved! If it is not, we will need some additional paperwork from the Homeowner’s Association. RMN has gotten hundreds, if not thousands, of condos approved all over the state of Iowa including Iowa City, Cedar Rapids and surrounding areas. We understand how to approve the condos and how to fit the process into our timeline so that we do not miss any deadlines.
Work with RMN today!
Trust our process from the start. Don’t wait to switch from an inexperienced RD/VA/FHA lender. Let us get it done efficiently from the beginning. We are truly passionate about these programs and our customers and we will prove it to you during the process.
If you’re ready to move forward with a home loan through RMN, contact us today!