Residential Mortgage Network Interest Rate and Cost Review

Is Residential Mortgage Network a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Residential Mortgage Network to those of other lenders for a comparable set of borrowers. Here is our review of Residential Mortgage Network nationally:

Review ItemResidential Mortgage Network
Interest Ratesimilar to other lenders (-0.04%)
Loan Related Closing Costssimilar to other lenders (-$76)
National Rate and Closing Cost Star Rating(3.5)

On average, Residential Mortgage Network’s interest rates were similar to those of other lenders (-0.04%). Its loan related closing costs were also similar to those of other lenders, with a difference of -$76. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Residential Mortgage Network, check out its website at:

Residential Mortgage Network’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Residential Mortgage Network was most active in:

  1. Cedar Rapids, IA
  2. Newton, IA
  3. Ottumwa, IA
  4. Des Moines, IA
  5. Burlington, IA

In addition, Residential Mortgage Network is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

Residential Mortgage Network’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Residential Mortgage Network originated Conforming, FHA, USDA and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

New Purchase MortgagesConformingFHAUSDAVA
Interest Rate Difference+0.05%-0.16%-0.03%-0.06%
Loan Related Closing Cost Difference+$74-$287-$127+$4
Cost Adjusted Rate Difference+0.05%-0.19%-0.04%-0.06%
National Star Rating(3)(4.5)(3.5)(4)
Refinance MortgagesConformingFHAUSDAVA
Interest Rate Difference-0.00%-0.02%-0.01%-0.11%
Loan Related Closing Cost Difference-$10+$28-$33-$243
Cost Adjusted Rate Difference-0.01%-0.02%-0.01%-0.12%
Average Star Rating(3.5)(3.5)(3.5)(4)

As a summary, Residential Mortgage Network is cheap for FHA and VA purchase mortgages. It is similar to other lenders for USDA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages. For refinancing, Residential Mortgage Network is cheap for VA mortgage refinance. It is similar to other lenders for Conforming, FHA and USDA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Residential Mortgage Network:

Registered name: Residential Mortgage Network, Inc
Registered city and state: Coralville, IA, 52241
Regulator: United States Department of Housing and Urban Development (HUD)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Residential Mortgage Network’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.