Residential Mortgage Services offers people tons of options when looking for a home purchase loan or refinance. With a wide array of residential mortgage products and customized lending experiences, borrowers will be going through every step of the process with ease.
They also give you the option to work directly with a loan officer or by yourself with their efficiently-ultramodern online lending platform. Considering that RMS closed on over 17,000 loans with an aggregate value in excess of $3.8 billion, this evidence alone puts perspective on the capabilities of RMS as a mortgage lender.
Editor’s Note: Open to residents of Connecticut, Delaware, District of Columbia, Florida, Georgia, Maine, Maryland, Massachusetts, Michigan, North Carolina, New Hampshire, New Jersey, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, or West Virginia.
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Residential Mortgage Services In-Depth:
I must admit, one of the things I really do like about this lender is their state-of-the-art modern online lending platform. Navigation around pages are exceptionally easy. Getting Started, speaking to a loan officer, or their tools and resources are right there in front of you as soon as you’re directed to their site.
Moving onto their tools and resources, you can see educational resources layed out on every other inch of the website, it seems. This may come across as a nuisance from the sound of it, however, how they aesthetically integrated these helpful materials is phenomenal. They also have a mortgage checklist assessment, mortgage calculator, mortgage process road maps and everything to get you on point with your goals of owning a house suitable for you. Now, they really do boast the $3.8 billion in closed homes within 2016 and their 93% customer satisfaction, and I mean it in a good way.
Residential Mortgage Services Mortgage Summary:
- Apply Now
- Account Type: Mortgage Loan
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
- Closing Loan: Standard lock period is within 30 days
Residential Mortgage Services Mortgage Features:
- Conventional Mortgage
- FHA Mortgage
- USDA-RD Mortgage
- VA Mortgage
- State Housing Program
- Jumbo Mortgage
- ARMs, Fixed, & Interest Only Mortgages
- 1st & 2nd Mortgages
- 2nd Homes & Investment Properties
- Renovation Mortgages
Residential Mortgage Services Mortgage Basic Requirements:
Below are examples of supporting documents which may be included in a loan file:
Income Documents:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
Asset Documents:
- Two most recent months’ bank statements. All of the pages.
Other Documents:
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
Conclusion:
I give Residential Mortgage Services points for having a variety of loan types, a modernized online lending platform, as well as flexible options, however the mortgage lender doesn’t provide their services nationwide. Now, rates aren’t necessarily as competitive as other mortgage lenders out there, so I recommend roaming for other mortgage options at other lenders as well. If you’re still looking into RMS, be sure that you have all the necessary documentation ready and I really do recommend their educational resources for that smoother loan process. Also, be sure to check out our Best Mortgage Rates for you new or current home owners looking to purchase or refinance!
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