Worry-free payment security
A fixed-rate mortgage has an interest rate that remains the same for the entire term of the loan, as opposed to other mortgage loans that have an adjustable or floating interest rate. The biggest benefit of a fixed-rate mortgage is not worrying about varying loan payments that fluctuate with changing interest rates.
To speak to the Mortgage Department, call 210-945-3300, select option 3, then option 2.
Important Mortgage Application Information
Pay low closing costs with no origination fee
Don't let closing costs get between you and your new dream home. RBFCU removes some of the upfront costs on select products by eliminating the origination fee, helping you turn your dream into reality.
Let us walk you through the mortgage loan process
1. Get prepared
Buying a home is a big commitment and you'll want your finances to be in good condition before you start the process to ensure the best possible outcome. Gather your financial information, like recent tax returns, financial statements and pay stubs; your loan application will let you know what financial information is necessary. You should also review your credit score, take a look at your debt-to-income ratio and take other important steps to position yourself for receiving the best possible loan terms.
Click the button below to read our document on “Maintaining Your Financial Status and Credit Score” for tips to help guide you through the process.
2. Decide what you can afford
Before you begin shopping for a home, take a look at your budget and current expenses to determine what you can afford. You'll want to evaluate your monthly incoming and outgoing funds to see where a down payment, closing costs and your new mortgage payment might fit in.
3. Get pre-approved
Once you know how much home you can afford, complete the application for a pre-approval letter. The pre-approval will let sellers know that you are a qualified buyer who is prepared to make a home purchase.
4. Find your home
Now's the time to determine all the traits that make up your perfect home. Research areas and neighborhoods of interest. Also, connect with an RBFCU preferred real estate agent, who can help you search smarter.
5. Complete paperwork
You'll complete the application process you started with your pre-approval request by submitting your documents and continuing through the loan process. This may sound simple, but it can be a big undertaking, depending on your employment status, residency, etc.
6. Finalize your loan
Our mortgage team will help you through each step of the loan process and make sure you know everything you need to know to close your loan with confidence.
Ready to apply for a loan? Here's what you'll need to complete the application:
- The amount you would like to borrow
- The number of years you want to finance your loan (term length)
- Your current employment and income information
- Your phone number and email
- Information for joint borrowers you plan to include on the mortgage loan (including date of birth, address, income and employment, Social Security number and contact information; if applicable)
- An idea of the total amount you would like for your loan and monthly payments
For a list of all the documents often required to complete your purchase, download our Mortgage Application Checklist.
How much home can I afford?
How much should I put down for a new home?
How much will my mortgage payments be?
Which is better for me: A fixed-rate mortgage or an adjustable-rate mortgage?
What will my closing costs be?
How soon will someone from RBFCU contact me after I’ve submitted my mortgage application?
Once you submit your mortgage loan application for review, RBFCU will contact you within 24 hours, unless it’s a weekend application.
How long will it take to receive my preapproval?
A preapproval process will typically take within 24 to 72 hours based on the type of loan.
What is included in my mortgage loan closing costs?
Your closing costs may include a loan origination fee, a recording fee, flood determination, attorney fees, underwriting fees, an appraisal, a survey, escrow reserves, homeowners insurance, title fees, a credit report fee and a tax service fee.
Should I lock my interest rate on my mortgage?
As soon as your mortgage loan carries an associated address, the interest rate is locked with a one-time, float-down option, which gives you the opportunity to lower your locked rate once, should it drop.
What if I get a fixed-rate mortgage and then rates go down? Can I refinance with RBFCU?
If mortgage rates drop, you may consider refinancing your current mortgage. You may also be able to modify an existing RBFCU mortgage loan for a fee, without submitting a new loan application. To choose the best options, call RBFCU’s Mortgage Resource Center at 210-945-3300 to speak with a mortgage lending representative.
Still have mortgage questions?
Loans subject to credit approval. Rates and terms subject to change without notice. RBFCU mortgage loans are available only on property in Texas. Origination fee program not available for short term loans, FHA or VA loans. Loans requiring PMI or piggyback financing are subject to additional qualifications, are limited to your primary residence, and may require a larger down payment. Jumbo loans may require larger down payments and additional qualifications. NMLS #583215