Frequently Asked Questions

Your questions, answered

We’ve collected some of the most frequently asked questions about our products and services, and grouped them by topic to make it easier for you to access the information you need to make informed financial decisions.

 

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HOME LOANS & REALTY

FAQ FAQs

  • Am I eligible to skip my mortgage loan payment?

    Mortgage loan payments are not subject to RBFCU's skip-a-payment program. However, should you need to speak with someone about extending your loan payment for 30 days, please call RBFCU's Collections team at 1-800-580-3300.

  • Are RBFCU’s loan decisions made locally?

    RBFCU loans are reviewed in-house at both our Austin and San Antonio headquarters.

  • Are there any conditions associated with getting an RBFCU Realty discount?

    To be eligible for a commission rebate, you must be an RBFCU member, use an RBFCU preferred real estate agent (RBFCU Realty or Kuper Sotheby’s International Realty) and at least one preferred provider (RB Mortgage, Preserve Title or RBFCU mortgage). Inform your RBFCU preferred real estate agent of your interest in the program prior to your closing date and execution of contract.

  • Are there any special deals for first-time homebuyers through RBFCU?

    No. However, if you qualify as a first-time homebuyer, you could put down as little as 3 percent based on your credit score. A general rule of thumb is the better the credit score, the less money you may need to put down.

  • Are there any stipulations on when I have to build on land purchased with an RBFCU land loan?
    RBFCU does not place building stipulations on land purchased with our land loans. However, you will be subject to any guidelines put in place by the subdivision or property owners' association where your land is located. 
  • Are there closing costs associated with my land loan?

    On average, closing costs for a land loan are around $2,000 but can vary greatly depending on whether you need a survey and appraisal, and which title company you use to close and its associated fees.

  • Can I build a pool with my home improvement loan?
    Yes, our home improvement loans can be used to build pools as well as to do other outdoor projects like landscaping. 
  • Can I change my mortgage loan payment due date?

    No, you cannot. All mortgage loan payments are due on the first of each month. If you're having trouble making your mortgage payments, please call RBFCU's collections team at 1-800-580-3300.

  • Can I close my mortgage online?

    No. While you can do some initial paperwork electronically, the final paperwork requires the buyer’s signature, the seller’s signature and a notary seal.

  • Can I complete a mortgage application online?
  • Can I do a cash-out refinance on my mortgage?

    The cash-out option is available on primary home (e.g., a home equity loan) loans, investment property loans or second home loans. To find out which option is best for you, contact RBFCU's Mortgage Resource Center at 1-800-580-3300. A mortgage lending representative will help discuss your available options.

  • Can I get a home equity loan on my vacation or investment property?

    Texas has unique requirements for taking equity out of your primary residence homestead. The term “home equity” loans refers to lending on primary residences only. However, we may be able to assist you with a different product such as a cash-out refinance using your vacation or investment home as security for the loan. Contact one of our loan officers for additional information.

  • Can I pay off my loan online?

    Yes, you are able to pay off most loans online. Log in to your online banking account and go to your loan account summary. There you can get a current payoff, a 10-day payoff or a 15-day payoff. Once you determine the payoff amount, transfer those funds from your account to the loan to pay it off.

  • Can I refinance an FHA loan to a conventional loan?

    Yes, our mortgage lending specialists can help you determine whether a move to a conventional loan might be advantageous to you.

  • Can I refinance my land loan from another institution?

    Yes, you can refinance a land loan through RBFCU from another institution. Please indicate your interest in refinancing when you complete your loan application and our lending specialists can provide you with details regarding your loan and requirements.

  • Can I refinance my mortgage even if I owe more than my home is currently worth?

    Yes, but you would need to pay the difference between what is owed on your mortgage and your home's current value at closing.

  • Can I set up automatic payments for my home equity loan?

    Yes, automatic payments can be set up on a home equity loan.

  • Can I use a home improvement loan to finance an addition to my home?

    Yes, a home improvement loan can be used to finance a home addition.

  • Can I use a home improvement loan to pay off additional debts or consolidate debts?

    No, a home improvement loan can only be secure for the improvement contract price. However, a home equity loan or personal loan might fit your needs for debt or debt consolidation.

  • Can I use my VA benefits to purchase a home more than once?

    Yes, you may be eligible to use your VA benefits to purchase a home more than once. Contact an RB Mortgage representative to see if you qualify.

  • Can RBFCU help me with my purchase contract for a home?

    A purchase or earnest money contract is between a buyer and a seller. Because RBFCU is not licensed for buyer/seller transactions, we recommend you contact a real estate agent for assistance.

    TIP: RBFCU Services LLC offers homebuying and selling services along with home closings, home appraisals, home and auto insurance coverage and FHA and VA loans through its various affiliates. RBFCU Realty LLC, RBFCU Appraisal LLC and RBFCU Insurance Agency LLC are wholly-owned subsidiaries of RBFCU Services LLC. RB Mortgage LLC is principally owned by RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU).

  • Can you recommend a real estate agent?

    We will be happy to refer you to an RBFCU preferred real estate agent to serve your homebuying and selling needs. Please call 210-880-2476, or you can also submit a form requesting a preferred real estate agent to contact you directly.

  • Could new credit affect mortgage loan approval?
    While you are in the process of buying or refinancing a home, it is best to refrain from adding new credit, as they can jeopardize your loan approval. It is possible for your lender to pull a new credit report at its discretion to verify whether new credit has been acquired.
  • Do I have to get a jumbo loan if I need more than $453,100?

    Yes, any loan amount greater than $453,100 is considered a jumbo loan.

  • Do I have to own my own land to get a construction loan?

    Yes, RBFCU construction loans are for new construction on property you own, not for construction being completed by a builder (in a new subdivision, etc.). If you are seeking to finance a loan of that type, you may want to consider a traditional mortgage loan. If you are seeking to make improvements to a property you already own, you may want to consider a home improvement loan or home equity loan.

  • Do I have to refinance to the same term of my current mortgage?
    No, you can shorten the term, keep it the same or extend it.
  • Do I pay for mortgage insurance on my FHA loan up front or monthly?

    You have the option to pay your mortgage insurance up front or monthly, depending on your preference.

  • Do you charge an application fee or any other loan-related fees?
    RBFCU does not charge application fees, but we do collect the taxes required by each state.
  • Does it typically take longer to close a jumbo loan?

    Typically it does not take any longer to close on a jumbo loan.

  • Does my builder need to be approved if I want a construction loan?

    Yes, RBFCU must approve the builder for a construction loan.

  • Does RBFCU offer adjustable-rate mortgage (ARM) jumbo loans?
  • Does RBFCU offer other options besides a 5/5 adjustable-rate mortgage (ARM) loan?
    No, not at this time.
  • Does RBFCU's adjustable-rate mortgage (ARM) loan have a payment cap?
    No, not at this time.
  • Does RBFCU's adjustable-rate mortgage (ARM) loan have a rate cap?
    Yes. The rate cap is 2 percent.
  • Does the appraiser need to enter my home or rental property?

    Most appraisals will require interior access. However, there are some instances where the lender only requires an exterior observation.

  • During the loan application process, will my credit report be pulled multiple times?

    Your credit report is pulled at the time your application is received and is valid for 90 days. If your mortgage loan does not close within that time frame, a second credit report is pulled for another 90-day cycle.

  • How can I become a preferred real estate agent with RBFCU?

    RBFCU is continually looking for talented real estate agents. If you are interested in learning more about the benefits and how you can become an agent with us, please contact us at 210-880-2476.

  • How can I check the balance of my HELOC?

    The balance of your home equity line of credit (HELOC) can be obtained by logging in to your online account or by contacting our Mortgage Servicing Team.

  • How can I estimate my closing costs?

    Closing costs on average are 3 to 6 percent of the loan amount. To estimate your closing costs, visit our Calculators page to use the “What will my closing costs be?” calculator.

  • How can I estimate my property taxes?

    If you multiply the value of your property by 2.5 percent, this will give you an estimate of how much you may pay in property taxes each year.

  • How can I figure out if I qualify for a mortgage loan?

    Qualifying for a mortgage is based on your debt-to-income ratio: the amount of money owed vs. the amount of money you make. The top number is determined by the new mortgage payment (including principal, interest, taxes and insurance) divided by your gross monthly income. The bottom number is determined by your new mortgage payment, car payment(s), credit card payments, student loans, child support, etc., (if applicable) divided by your gross monthly income. The ideal number should be between 28 and 36 percent, but should not be more than 43 percent for an individual. Debt-to-income ratios can go higher than mentioned. As a first-time homebuyer, you could put down as little as 3 percent, based on your credit score. A general rule of thumb is the better the credit score, the less money you may need.

  • How do I check my loan status?

    For consumer loans, you can check your loan status by logging in to your online account, then selecting “Application Status” from the next menu. You can also call our Consumer Lending Center at 1-800-580-3300, press option 3 twice or visit your nearest branch.

    For a mortgage or business loan, please communicate with your loan officer regarding your loan status.

  • How do I choose an appraiser?

    As the buyer of a property, you do not have to address any appraisal questions. RBFCU will order a property appraisal to assess the true value of your selected property and to protect your interests.

  • How do I finalize my consumer loan?

    Your lending specialist will let you know when your loan is ready to be finalized and what final steps are required. Depending on the type of loan, you may be able to complete all finalization with an electronic signature or at the dealership for auto loans.

  • How do I finalize my mortgage loan?

    To finalize your mortgage, a closing will be scheduled for you to sign all the documents at either a title company or any RBFCU branch. If cash is required for your down payment or closing costs, you must either have the funds wire transferred to RBFCU or in the form of a certified cashier's check in the amount needed, made payable to RBFCU.

  • How do I find out my home's value?

    The estimated value of your home can be found through your county’s tax office through their online website. Upon review of your application, we will determine if an appraisal will be required. If an appraisal is required, we will order this for you.

  • How do I know if my home equity loan is tax deductible?

    In some instances, interest on a home equity loan may be tax deductible. Check with your tax advisor for more information.

  • How do I obtain a Certificate of Eligibility (COE) to apply for a VA loan?

    Fill out VA Form 26-1880 (you can get the form here or from a RB Mortgage representative), contact the VA or one of our representatives can get the form for you.

  • How do I pay off my home equity loan if I sell my home?

    Upon the sale of your home, the proceeds or portion of the proceeds from the sale will be used to pay off the home equity loan.

  • How do I request a payoff amount for my mortgage loan?
    Your mortgage loan processor will typically request a payoff before the closing is set. However, if RBFCU has issues receiving the payoff information, we will contact you.
  • How do I request title service?

    To request the services of RBFCU’s preferred title company, you may fax or email us your order, which is usually initiated with the receipt of your earnest money contract or closing instructions from your lender. Our fax number is 210-945-3356 and our email address is titleinsurance@rbfcu.org.

  • How does RBFCU determine its interest rate?
    Interest rates are based on an applicant's credit history, credit score and loan value. Product rates, which are subject to change, are determined by the RBFCU Volunteer Board of Directors.
  • How does RBFCU use my credit report?
    RBFCU will use your credit report to review your existing payment history and determine the mortgage loan amount based on your outstanding debt. Some mortgage products also use your credit report to determine what your rate will be.
  • How does RBFCU verify my income if I’m self-employed?

    For self-employed individuals, RBFCU will require your complete tax returns for the past two years. Also, we will need to know if any IRS extensions were requested and granted. In most cases, only “net” income will be considered when self-employed.

  • How does the rebate program work?

    To be eligible for a commission rebate, you must be an RBFCU member, use an RBFCU preferred real estate agent (RBFCU Realty or Kuper Sotheby’s International Realty) and at least one preferred provider (RB Mortgage, RBFCU’s preferred title company or RBFCU mortgage). Inform your RBFCU preferred real estate agent of your interest in the program prior to your closing date and execution of contract.

    Buying a home

    If you are buying a home through one of our agents, you will earn a partial rebate on the closing disclosure, based on the commissions that are paid to us by the seller. If the RBFCU preferred real estate agent that represents the buyer in a transaction receives a commission of 3 percent of the purchase price, you will receive a rebate up to 20 percent of the RBFCU preferred real estate agent’s commission.

    Here’s an example: If the purchase price of your new home is $300,000 and the 3-percent commission received by the RBFCU preferred real estate agent would be $9,000. You would receive up to 20 percent of that, which is $1,800.

    Selling a home

    If you are selling a home through one of our agents and you are an RBFCU member, an RBFCU preferred real estate agent will charge a discounted commission of 5.4 percent to sell your home. If you are not an RBFCU member, a 6-percent commission will be charged to sell your home.

    RBFCU member rebate program is subject to change without notice. RBFCU Realty LLC is a wholly-owned subsidiary of RBFCU Services LLC. Kuper Sotheby’s International Realty is a subsidiary of RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU).

  • How long do I have to accept my mortgage loan offer before the application expires?

    Each application will be valid for 90 days from the date approved. After 90 days, you must reapply for your loan.

  • How long does it take to find out if I am approved for a jumbo loan with RBFCU?

    Upon receiving a completed loan application and any other requested documentation (income/asset verification, etc.), generally, you will have a decision on the loan request within two to three business days.

  • How long does it take to refinance a mortgage loan?

    A refinance on a mortgage loan can take about 45 days to process.

  • How long does it typically take to close on an FHA or VA loan?

    The typical turnaround time to close on an FHA or VA loan is 30 to 45 days, and depends on your specific lending situation.

  • How long does it typically take to get a home equity loan?

    It normally takes 45 days to close on a home equity loan or home equity line of credit (HELOC). RBFCU will do everything we can to close the loan as soon as possible.

  • How long does the appraiser need access to the property?

    Typically 45 minutes. The appraisal time depends on the complexity of the property.

  • How long will it take for an appraisal to come back so I can move forward with the mortgage process?
    A property appraisal can be completed within two to three weeks from the date ordered. However, the more unique the property — for example, if it includes acres of land — the longer it may take. Please know that your RBFCU loan officer is here to help you through the lending process and can answer your questions.
  • How long will it take to complete a mortgage loan?

    Depending on the type of mortgage you have, it can be funded within approximately 35 days for purchases, and around 45 days for refinancing.

  • How long will it take to get an approval on my mortgage loan application?

    Upon receiving a completed loan application, you generally will have a decision on the loan request within 24 to 72 hours based on the type of loan.

  • 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.

  • How long will my appraisal process take?
    The total process takes approximately two to three weeks to complete. This depends on the time of year, the type and complexity of the appraisal, where the property is located, and whether any revisions to the report are needed.
  • How long will my mortgage loan offer and interest rate be honored?

    Your mortgage loan is preapproved for a period of 90 days. Your rate is locked in when RBFCU receives either your earnest money contract or an address to the property.

  • How many years do I have to pay off an adjustable-rate mortgage (ARM) loan?
    It depends on the type of ARM you get. Currently, RBFCU offers a 5/5 ARM loan, where your interest rate and payment are locked in for the first five years of your term, then adjust every five years after that.
  • How much are closing costs on an RBFCU mortgage refinance?
    Your closing costs vary based on your loan amount, the term of your loan and your loan type.
  • How much can the seller pay toward my closing costs?

    For a Federal Housing Administration (FHA) loan, a seller can pay up to 6 percent of the loan amount. For a conventional mortgage, a seller can pay from 3 to 9 percent, depending on the amount of your down payment.

  • How much flood insurance do I need?
    If you live in a designated flood zone or you are looking to purchase a home located in a designated flood zone, you will need enough flood insurance to cover all loans against your property.
  • How much homeowners insurance do I need?
    You will need enough homeowners insurance to cover all loans held against your property.
  • How much money can I borrow for my mortgage?

    Qualifying for a mortgage loan is based on your debt-to-income ratio: the amount of money owed vs. the amount of money you make. Your loan amount will depend on your income, the amount of the new payments and current expenses. An individual's overall debt-to-income ratio should not be more than 43 percent. As a first-time homebuyer, you could put down as little as 3 percent based on your credit score. A general rule of thumb is the better the credit score, the less money you may need.

  • How much money do I need for a down payment?
    The amount needed for a down payment depends on the mortgage loan product you select. A down payment can range from as little as 3 percent — offered to first-time homebuyers, based on their credit scores — to as much as 20 percent. A general rule of thumb is the better the credit score, the less money you may need.
  • How often do interest rates change?
    The RBFCU Volunteer Board of Directors evaluates credit union product rates monthly. While product rates don’t often change, economic factors do change, which can have a direct effect on the product rates set by the credit union board.
  • How soon will someone 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 will I be notified if my mortgage loan application is approved?
    When your application is approved, RBFCU will contact you by phone and leave a voicemail, if available. We will also follow up with an email to your address on file. If we do not have a valid email address for you, RBFCU will mail the required paperwork to your mailing address on file.
  • I am a disabled veteran. What documentation is needed to be exempt from VA funding fees?

    You will need to provide a Certificate of Eligibility (COE) from the Veteran Affairs Department, which will indicate if you are exempt from VA funding fees.

    To obtain a COE, fill out VA Form 26-1880, which you can get online here or from a RB Mortgage representative. If you need assistance, please contact the VA or one of our RB Mortgage representatives.

  • I am in the process of divorcing my spouse and would like to buy a home. What are the requirements?

    Before you can begin the mortgage loan process, you must wait until your divorce is finalized, plus an additional 31 days after a judge has signed your final divorce decree. Then, your lender will require a review of the final decree.

  • I found online listings that appraise my house at a higher cost. Why is there a difference?

    Many times the borrower is aware of what other homes are listed for in the neighborhood, but not the actual final selling price.

  • I’m working with another financial institution. Can RBFCU Appraisal handle my appraisal?

    No. RBFCU will need to order their own appraisal from a list of approved appraisers.

  • I’ve already started work on my home. Is it too late to apply for a home improvement loan?
    Another loan option may better suit your needs. In order to qualify for the home improvement loan, work could be required to cease for up to 30 days. If you are already in process, you may wish to consider a personal loan or home equity loan. 
  • I’ve heard that adjustable-rate mortgage (ARM) loans are risky. Is that true?

    ARM loans offer the opportunity to get into the house of your dreams sooner than you think. At the same time, it is best to understand how an ARM loan works and to ensure it meets your overall financial plans. Call our Mortgage Resource Center at 1-800-580-3300 and speak with a mortgage loan representative.

  • Is there a cost to list my home?

    There are no costs associated with listing your home through an RBFCU preferred real estate agent. You'll receive the benefits of working with an RBFCU preferred real estate agent and will only pay for their services once your property’s sale is completed. Contact an RBFCU preferred real estate agent today to get the process started.

  • Is there a difference in the appraisal process for an FHA/VA loan?

    Yes. For Veterans Affairs (VA) loans, we have to go through the VA portal which then assigns your property to an appraiser. For Federal Housing Administration (FHA) loans, we use a third-party appraisal management company who orders the FHA appraisals for us.

  • Is there a limit on how big my home equity loan can be?

    The maximum amount for a home equity loan will depend on the value of your home and the balance of any other mortgages. The maximum loan to value is 80 percent.

  • Is there a refinance application fee?
    No, RBFCU does not charge an application fee for any loan, but we would collect closing costs based on the type of loan issued.
  • Is there anything I can do to help the appraiser?

    Have a list of improvements and enhancements you have made to the property, including the dates completed.

  • My primary home is not in Texas. Does RBFCU offer mortgage financing for property outside of the state of Texas?

    No, RBFCU only offers mortgage financing for property within the state of Texas at this time.

  • On a 5/5 adjustable-rate mortgage (ARM) loan, how frequently can my interest rate and payment increase?
    An adjustable-rate mortgage (ARM) loan is designed to lock in both your interest rate and payment for a designated term. After the initial term has lapsed, your interest rate and payment change. For example, in a 3/1 ARM loan, your interest rate and payment are locked in for the first three years of your loan, then both will adjust every year following your initial term. On an RBFCU 5/5 ARM loan, your interest rate and payment are locked in for the first five years of your term, then adjust every five years after that.
  • Should I apply for a loan online or in a branch?

    You may apply for a consumer loan or a mortgage loan wherever is most convenient for you. Applying online may be easier because you can ensure you have all the necessary information (paychecks, loan amounts, etc.) to process your loan request, rather than not having all the required materials while applying at the branch. To get started, visit our Loans page or Home Loans page.

    For business loans (excluding business credit cards), call 1-800-580-3300, ext. 53800 to schedule an appointment with a business loan officer to begin the process.

  • Should I buy a preowned home or a new home?

    The choice to buy a preowned home or new home is based on your preferences. Some homebuyers like the idea of moving into a preowned home because many household related things are done or can be changed over a period of time. Others, however, like the idea of selecting their wall color, cabinet style, counter tops, flooring and adding upgrades (like adding a covered porch, etc.) right away.

  • Should I get preapproved before talking to an RBFCU preferred real estate agent?

    Getting preapproved for a mortgage loan before you begin the shopping process can be a great idea. Knowing how much you’re able to spend on your home will help your preferred real estate agent work with you to find the perfect home and perfect area for your purchase. If you’re ready to get preapproved, apply here.

  • 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.

  • Should I refinance my mortgage?

    If you're trying to determine whether you should refinance your mortgage, use our mortgage calculators to determine what your monthly savings might be at different rate points. A typical rule of thumb is that if you can reduce your current interest rate by 0.75-1% or higher, then it might make sense to consider refinancing move. If you have questions about whether refinancing your mortgage may benefit you, our loan officers can assist you in reviewing the benefits of refinancing.

  • The property I am interested in purchasing with my land loan is within a flood zone. What does this mean?

    Flood insurance is not required by RBFCU if you are purchasing land only. However, additional insurance coverage could be required by your lender when you choose to build on the property.

  • What are discount points and should I pay for them?
    Discount points are used to "buy down" the standard rate offered. By reducing your rate, you could qualify for a higher loan amount. However, this will only benefit you if you plan to remain in your home for at least 10 years. If you plan to move in the next 10 years, paying for points may not be in your best interest. To find out more, contact RBFCU's Mortgage Resource Center at 1-800-580-3300 to speak with a mortgage lending representative.
  • What are the benefits of refinancing a mortgage?

    Generally, you can refinance a mortgage to obtain a lower rate, which will decrease the amount of finance charges for the remainder of your loan. You can also shorten the original loan term and build home equity much quicker. To see if refinancing is your best option, call RBFCU’s Mortgage Resource Center at 1-800-580-3300 to speak with a mortgage lending representative.

  • What are the benefits of title insurance?
    For lenders, a mortgagee title insurance policy protects the lender from a loss incurred, up to the loan amount, in financing a piece of real estate resulting from an invalid or inferior lien position. A mortgagee title insurance policy allows the lender to originate real estate loans without having to have a real estate attorney review each loan. For the homeowner, an owner's title insurance policy protects the owner from a loss, up to the policy limit, resulting from a future claim against their ownership of the property.
  • What are the costs associated with a VA appraisal vs. an FHA?

    VA appraisal costs are set by the Veterans Affairs Department (VA). Federal Housing Administration (FHA) appraisal costs are set by the market where the home is located. There could be additional charges depending on the type of loan, etc.

  • What are the different types of mortgage loans?

    The most common mortgage loans are conventional, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans.

    Conventional loans are available to all borrowers and are ideal to those with good or excellent credit. This type of loan typically follows conservative guidelines for credit scores, minimum down payments and debt-to-income ratios.

    FHA loans are available to all borrowers but allow for a down payment as low as 3.5 percent of the purchase price. Monthly mortgage insurance is required for all loans with a down payment that is less than 20 percent of the purchase price.

    VA loans are available to military service members, veterans and surviving spouses. Borrowers can receive 100-percent financing and a down payment is not required.

  • What are the requirements to build if I get a land loan?
    RBFCU does not have building requirements associated with our land loans, other than those defined by the subdivision or property owners association where your land is located. 
  • What benefits do I receive by closing my transaction through RBFCU's preferred title company?

    When you use RBFCU’s preferred title company for your closing transaction, you can save both time and money. We offer fast turn-around times for Atascosa, Bexar, Comal, Guadalupe, Hays, Kendall, Medina, Nueces, Travis and Williamson counties. A low settlement/escrow fee, which does not vary based on loan amount or type. No fee for delivery/courier service. No fee for photocopies of legal documents or deed restrictions. No courtesy closing charge when your transaction is closed at any RBFCU branch.

  • What changes the amount of my mortgage closing costs?
    The loan amount, the down payment and whether or not you are escrowing the loan all affect the amount of your closing costs.
  • What do I need to bring to closing?

    Please bring a valid ID and the funds for your down payment to your loan closing. You may provide the down payment funds as a cashier’s check or as a wire transfer from your RBFCU account or from a different financial institution. Your loan closer can tell you how to wire transfer funds for your closing.

  • What documents will I need to apply for a mortgage?

    You may need paystubs for the past 30 days, W2s for the past two years, tax returns for the past two years and financial statements for the past two months. However, the type of mortgage you apply for will determine which documents your loan officer will need.

  • What does a construction loan include?

    RBFCU offers a one-time, construction-to-permanent financing program for primary residences. The construction loan period is generally limited to 12 months and upon property completion, modifies into the permanent loan terms. Construction draws are coordinated with the member and builder based on a predetermined draw schedule for work performed prior to closing the loan. Loans are made directly to the member, not the builder.

  • What does RBFCU take into consideration when determining whether to approve my mortgage application?

    Lenders look at whether you can repay a mortgage loan and will verify your income and check your credit history. Your employer will be contacted to confirm both employment and the term of your employment. Lenders will ask about any down payment and closing costs, will want to know the source of the funds and verify that the funds are available for withdrawal. Finally, lenders will ensure the property you are buying is in good condition and that the estimated sales value is valid.

    TIP: Here’s how you can help yourself: check your credit! You can go to AnnualCreditReport.com and obtain your credit report for free. Once you have it, review it line by line and correct any errors. If you were late making payments, update them and maintain a good payment history. If you have any derogatory items in your credit history, clear them up. Finally, pay down unsecured debt as much as you can.

  • What does the 5/5 mean in my mortgage term?
    The RBFCU 5/5 adjustable-rate mortgage (ARM) loan indicates that your interest rate and payment remain the same for the first five years of your loan and later adjust in five-year increments (5/5) thereafter.
  • What happens if the appraised value of my property is lower than the loan amount?

    Look over your appraisal for any potential errors in the description of your property such as size, quality, condition, energy efficient upgrades, and exterior amenities such as porches, patios, garages, pools, out buildings, etc. Contact your loan officer if you see any significant errors in the report.

    If you are buying a home and the appraisal value is not consistent with the total amount you desire for a loan, you will need to come up with additional funds to make up the difference. Your down payment amount may need to be significantly higher to cover the difference between the two price points.

  • What happens when the appraisal is complete?

    Once your appraisal has been completed, the appraiser will compile a report and send it to your loan processor, who will provide you with a copy. The loan processor will then reach out to you if there are any questions or concerns regarding the report.

  • What if I don’t have the necessary funds for a big down payment on a home?

    As a first-time homebuyer, you could put down as little as 3 percent based on your credit score. A general rule of thumb is the better the credit score, the less money you may need to put down.

  • 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 1-800-580-3300 to speak with a mortgage lending representative.

  • What is a jumbo loan?

    A jumbo loan exceeds conforming loan limits as established by the Federal National Mortgage Association (FNMA). Currently, loan amounts greater than $453,100 are considered jumbo loans.

  • What is a non-purchasing spouse (NPS)?
    When married in the state of Texas, your spouse must sign all paperwork that involves a primary residence. His or her signature as the non-purchasing spouse serves as an acknowledgment of the loan process, but your spouse does not become a borrower.
  • What is a prelisting appraisal?

    A prelisting appraisal means that a property’s value has already been assessed. However, as your lender of choice, RBFCU will order a new appraisal to ensure your best interests are protected. RBFCU’s lending policy prohibits the practice of using an appraisal ordered by the property’s seller or another financial institution.

  • What is a VA mortgage?
    Administrated by the U.S. Department of Veterans Affairs (VA), a VA loan allows qualified service members, veterans and surviving spouses the opportunity to purchase a home with special financing options.
  • What is an escrow account and how does it work?
    Escrow is an account your lender sets up for you to pay property taxes and homeowners insurance, typically as part of your monthly mortgage payment. Your lender then disburses your taxes and insurance annually, automatically out of your escrow account.
  • What is an FHA mortgage?
    Administrated by the Federal Housing Administration (FHA), a U.S. government agency, an FHA mortgage is designed to provide low down-payment financing. It is a great option to consider if you are trying to finance a home with as little cash down as possible. FHA loans provide homebuying opportunities for individuals with higher debt-to-income ratios.
  • What is included in my mortgage loan closing costs?
    Your closing costs 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.
  • What is private mortgage insurance (PMI)?

    PMI is required by lenders when you make a down payment of less than 20 percent, to protect the lender from losing money if the property ends up in foreclosure. PMI is also required if you refinance a mortgage loan with less than 20 percent equity. Please note: PMI can be canceled. Your lender must automatically cancel PMI when your outstanding loan balance drops to 78 percent of the home's original value, which can take several years. However, as the borrower, you can speed up the cancellation of PMI by keeping track of your payments. Once your loan balance reaches 80 percent of the home's original value, you may ask the lender to discontinue the PMI premiums.

  • What is the best loan term for me?
    Generally, the best loan term is the one that gives you an affordable monthly payment, while keeping your annual percentage rate (APR) as low as possible. This way, you can pay more toward the principal balance of a loan — decreasing the amount owed — instead of more to its interest.
  • What is the conforming loan limit?

    A conforming loan is any loan amount less than or equal to $453,100.

  • What is the difference between a conventional mortgage and an FHA mortgage?

    While there may be different down payment requirements, the major difference between a conventional and a Federal Housing Administration (FHA) mortgage loan is that the FHA loan follows federal guidelines that a financial institution must follow. Click here to read more about the mortgage products that RBFCU offers.

  • What is the difference between title search and title commitment?

    Though each looks for ownership status, judgments and property tax situations, a title commitment becomes a title insurance policy when the loan closes. A title search does not.

  • What is title insurance?
    Title insurance is an insurance policy that covers the insured party against losses, up to the policy amount, resulting from disputes over the rightful ownership of a piece of real estate property. No title company can guarantee that a purchaser of real estate property is the owner of the property. The title company reviews all recorded documents related to the property and makes a judgment related to the ownership of the property. If they feel comfortable that you should be the owner of the property, the title company will issue a policy covering you against loss if for any reason you are not the proper owner of the property.
  • What type of information do I need to complete a mortgage loan application?

    First, you must submit the application. You can apply online here. Once your application has been submitted, RBFCU will need to verify your income using records like your W-2s, tax returns, paystubs and Social Security or pension reward letters. When you are purchasing a home, RBFCU will need the earnest money contract before we can proceed.

  • What type of mortgage is right for me?

    RBFCU offers a variety of mortgage loans to serve most financial goals. To determine the best mortgage loan option for you and your family, call our Mortgage Resource Center at 1-800-580-3300 and speak with a mortgage lending representative.

  • What type of property can I finance?

    You may finance or refinance a primary residence, a rental, a second home or land.

  • What will my mortgage closing costs be?

    Your mortgage loan closing costs depend on your loan amount, your down payment and whether or not you’ll escrow your loan. If you have any questions, please feel free to call RBFCU’s Mortgage Resource Center at 1-800-580-3300 and a mortgage lending representative will help you.

  • What’s the difference between Title Insurance (Mortgagee Title) and Owner’s Title Insurance?

    Mortgagee Title Insurance is taken in the loan amount and protects the lender. It is important to note the policy is only good on a specific loan. If you refinance, pay off or obtain a new loan, a new policy is required. An Owner's Title Insurance policy is purchased at the time a property is purchased and protects you, the buyer. This insurance policy remains in effect until you sell the property.

  • What’s the largest piece of land I can buy with a land loan?

    RBFCU does not have a limit on the acreage or size of the property. However, other factors (use of property, loan to value, etc. ) will determine if a land loan is possible.

  • When can I use Preserve Title?

    There are several ways to use Preserve Title. When selling property through a real estate agent, instruct the agent to use Preserve Title as your closing agent. When selling a property on your own, include Preserve Title as the closing agent on your contract. When purchasing property, the seller normally chooses the title company to use, but it is still an item you can negotiate with the seller. Inform the seller and real estate agent of Preserve Title's low fees and settlement services. When refinancing your property, instruct your mortgage lender to use Preserve Title and ask them to fax their closing instructions to us. When building a home instruct your builder and lender, if applicable, to use Preserve Title as your closing agent. For more information, call us at 210-945-3370. The Preserve Title fax number is 210-945-3356. You may also email us at rbtc@rbfcu.org.

  • When do I make my first mortgage payment?

    While this may depend on what time of month you close on your mortgage loan, your first payment is due one full month after the last day of the month you closed. For example, if you closed on March 15 or March 31, you first payment is due May 1.

  • When should I refinance my mortgage?

    The decision to refinance a loan can include a variety of factors. Ask yourself how long you plan to stay in the home, and whether or not any associated closing costs will be affordable. Typically, if the closing costs are high, there should be a 1 to 2 percent reduction in the interest rate. However, if the closing costs are minimal, 0.5 percent may still be worth refinancing.

  • Where and how can I make my mortgage payment?

    Your mortgage payment should be made payable to RBFCU. You can make your payment from your online banking account, at any RBFCU branch or mail it to RBFCU, P.O. Box 2097, Universal City, Texas 78148-2097. When mailing your payment, please include your mortgage loan number to receive proper credit.

  • Which loan type is better: a fixed-rate mortgage loan or an adjustable-rate mortgage (ARM) loan?

    The choice depends on your financial goals. A fixed-rate mortgage offers the security of an interest rate that does not fluctuate during the life of your loan. So when interest rates are low, many prefer a fixed-rate mortgage. When interest rates are high, an ARM can offer the benefit of receiving a lower rate, which may help you qualify for a larger loan.

  • Who do I contact if I’m having trouble paying my mortgage?

    If you’re having trouble making your mortgage payments, please call RBFCU’s collections team at 1-800-580-3300, and someone will explain your options.

  • Why is an appraisal of my property needed?

    An appraisal allows the lender to determine how much your property is worth, and how much they can lend against it.

  • Why is my appraisal lower or higher than expected?

    Appraisal values can fluctuate depending on comparable home prices in the area, home improvements, etc. However, if your appraisal value is significantly different than expected, you may want to communicate with your loan officer and your real estate agent regarding the discrepancy.

  • Will I receive a coupon book for my mortgage payments?
    No, RBFCU has discontinued the use of coupons books for mortgage loans. Your mortgage payment is due the first day of each month. For those months where the first day of the month falls on a Sunday or holiday, please ensure your payment is made or mailed prior to your due date to avoid any late fees.
  • Will my mortgage be sold?
    Some of our mortgage products are sold, but RBFCU retains the servicing of your loan. As a result, you will not see any difference in our service to you.
  • Will renovations affect the value of the home and be reflected in my appraisal?

    It’s always a good idea to provide the appraiser with information on any renovations or other work you have completed to update your home. It also will depend on the type of upgrades and how they are accepted in the subject’s neighborhood.

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BUSINESS SOLUTIONS

FAQ FAQs

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INVESTMENTS

FAQ FAQs

  • Are my funds with RBFCU Investments Group insured by the National Credit Union Administration (NCUA)?

    No, funds invested through RBFCU Investments Group are not insured by NCUA. Depending on the type of investments within a personal portfolio, your funds may be insured by other agencies.

  • Are there any fees for my consultation with RBFCU Investments Group?

    Your initial consultation meeting with an RBFCU Investments Group financial advisor is at no-cost, no-obligation. Should you later decide to move forward with a financial advisor’s investment recommendation, any cost and/or fees would be disclosed at that time. RBFCU Investments Group offers services to both RBFCU members and non-members.

  • Are there fees to meet with an advisor?

    You can schedule an initial consultation with an advisor at no cost and no obligation to you.

  • Are there fees to use your Wealth Management service?
    You can schedule an initial consultation with a member of our Wealth Management group at no cost and no obligation to you.

    In the future, management costs may apply depending on the Wealth Management services you choose. 
  • Are your RBFCU Investments Group professionals certified?

    Our financial advisors are experienced professionals with many years of work in the retirement and investment fields. The majority of our advisors are Certified Retirement Planning Counselors (CRPC), and several of them have additional certifications and experience in specific areas like teacher retirement, insurance services and tax planning.

  • Can an RBFCU Investments Group financial advisor help me with creating a household budget?

    While RBFCU Investments Group doesn’t offer personal household budgeting, RBFCU regularly offers a seminar called Credit When Credit is Due, a class covering budgeting, lending, credit reports and investment options. Check our Seminars page for upcoming financial education programs.

  • Can I access my RBFCU Investments Group account through rbfcu.org?

    Yes, a snapshot of your RBFCU Investments Group account is available through RBFCU online banking. To view this summary, log in to your online banking account, then choose the “Investments” tab. If you’re using the RBFCU Mobile app, you can choose the “Investments” button on the main menu.

    If it’s your first time to access this information, you’ll need to set up your access credentials. This page provides a summary of your account only. If you wish to make changes to different investment services you have with RBFCU Investments Group, you’ll need to log in to your CUNA Brokerage Services Inc account or contact your RBFCU Investments Group financial advisor.

  • Can I choose my RBFCU Investments Group financial advisor?

    Specific RBFCU Investments Group financial advisors are available in certain areas, so your advisor may be dependent on where you live or the branch that is most convenient for you.

    If you are seeking an advisor with specific expertise (like teacher retirement), please let us know and we can connect you with resources to manage those aspects of your financial portfolio.

  • Can I meet with an RBFCU Investments Group financial advisor after-hours?

    Typically, advisors are available to meet during the hours that our branch locations are open. If you have specific needs regarding your meeting times, please schedule an appointment and add your availability in the comments.

  • Can I meet with an RBFCU Investments Group financial advisor at my local branch?

    Each RBFCU Investments Group financial advisor serves a specific area and these advisors are available to meet with you and assist with your financial needs and planning. If you are ready to meet with an investment professional, schedule an appointment and indicate your area or branch.

  • Can I meet with an RBFCU Wealth Management Advisor at my local branch?

    Each RBFCU Wealth Management Advisor serves a specific area and these advisors are available to meet with you and assist with your financial needs and planning. If you are ready to meet with an investment professional, schedule an appointment and indicate your area or branch.

  • Do you offer Roadside Assistance?

    Yes. Roadside Assistance can be purchased through RBFCU Investments Group. Click here for more information on Roadside Assistance.

    RBFCU Investments Group LLC is a wholly-owned subsidiary of RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU). Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Trust services available through MEMBERS Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CBSI is a registered broker-dealer in all fifty states of the United States of America.

  • Does your Wealth Management group offer legal services?

    Trust services are available through an affiliate program. If you are interested in establishing a trust, please indicate in the comments when scheduling your appointment with your RBFCU Investments Group financial advisor.

  • How long will it take for an RBFCU Investments Group representative to contact me?

    Once a request has been made to meet with an RBFCU Investments Group financial advisor, we will contact you within two business days to schedule an initial meeting and learn more about your goals.

  • I received a letter from a partner of RBFCU Investments Group. Should I trust it?

    RBFCU Investments Group has partnered with various companies to offer you a broad array of products and services to enhance your life. If you are unsure about the validity of a letter you received, please contact us at 1-888-294-0202 prior to taking action.

  • Is RBFCU Investments Group part of RBFCU?

    RBFCU Investments Group LLC is a wholly-owned subsidiary of RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU). Financial advisors are RBFCU employees.

    RBFCU Investments Group Advisors are registered representatives of CUNA Brokerage Services, Inc.

    Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Trust services available through MEMBERS Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CBSI is a registered broker-dealer in all fifty states of the United States of America.

  • What are the duties of the trustee?

    The trustee of the trust is a fiduciary, someone who owes a special duty of loyalty to the beneficiaries. The trustee must act in the best interests of the beneficiaries at all times. For example, the trustee must preserve, protect and invest the trust assets for the benefit of the beneficiaries. The trustee must also keep complete and accurate records, exercise reasonable care and skill when managing the trust, prudently invest the trust assets, and avoid mixing trust assets with any other assets, especially his or her own. A trustee lacking specialized knowledge can hire professionals such as attorneys, accountants, brokers, and bankers if it is wise to do so. However, the trustee can’t merely delegate responsibilities to someone else.

    Although many of the trustee’s duties are established by state law, others are defined by the trust document. If you are the trust grantor, you can help determine some of these duties when you set up the trust.

  • What financial planning services does RBFCU Investments Group offer?

    RBFCU Investments Group offers a wide variety of investment planning services, including:

    • Retirement planning
    • Comprehensive financial guidance
    • Estate planning
    • Financial and insurance planning
    • Wealth management
    • Charitable giving strategies
    • Education funding
    • Long term care insurance
    • Tax-advantaged investment planning
    • Wealth preservation
  • What is the difference between a living will and a living trust?

    These two very important estate planning devices are quite different from each other but serve similar purposes. A living will lets you manage your health-care decisions in case you become incapacitated. A living trust lets you manage your property in case you become incapacitated.

    A living will is not actually a will at all. It is a legal document that becomes effective if you become so ill or injured that you can’t make responsible health-care decisions for yourself. It lets you approve or decline certain types of medical care in advance, even if you die as a result.

    A living will is allowed only in some states. If you don’t live in one of those states, you may be able to accomplish the same goal using a durable power of attorney for health care, health-care proxy, or Do Not Resuscitate order.

    By comparison, a living trust is just what it says. It is a revocable trust you create while you are living. You transfer property to the trust, and the trust then “owns” it. You name yourself as trustee and someone else as a successor trustee. You manage the property in the trust unless you become incapacitated (or until you die), in which case your successor trustee automatically steps in to continue managing the property for you.

  • What’s the difference between an RBFCU Investments Group IRA and an RBFCU IRA?

    RBFCU Investments Group IRAs are invested in various product types including stocks, bonds, mutual funds and annuities. While an RBFCU Investments Group IRA offers you more potential for growth, it also carries some risk as products tied to the stock market can constantly change.

    RBFCU IRAs are limited to the credit union’s products including IRA savings and IRA certificates. However, RBFCU IRAs are insured separately up to $250,000 from other deposit accounts by the National Credit Union Administration (NCUA). RBFCU Investments Group IRAs are not insured by the NCUA.

  • Who do your RBFCU Investments Group financial advisors work for?

    Our advisors are part of the RBFCU employee team. They are committed to the credit union’s mission of helping you improve your economic well-being and quality of life. Because of this partnership, they look at your finances from a holistic perspective and seek to find options that fit your needs, rather than just looking for products that provide them the best commission.

  • Who should I name as the trustee?

    A trustee is an institution or person who is the legal owner of the property held by the trust and who is responsible for using the trust property for the benefit of the trust beneficiaries according to the terms of the trust document. The trustee can be held personally liable if those duties are breached.

    You may select one trustee or multiple trustees, depending on your needs. Who you name as trustee will depend on the type of trust you establish and your individual needs and goals.

    Generally, you want the trustee to be capable of administering the trust according to the terms of the trust document. In addition to the willingness to serve as the trustee, the person or institution selected may need to have investment experience and good record-keeping abilities. You may also want a trustee who relates well with the beneficiaries and is sensitive and flexible regarding their changing needs.

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INSURANCE

FAQ FAQs

  • Can I enroll in Medicare at any time?

    No. There are certain times of the year and specific enrollment periods, including an Initial Enrollment Period (IEP), General Enrollment Period (GEP), Open Enrollment Period and Special Enrollment Period (SEP).

  • Can I make changes to my Medicare Supplement coverage?

    You can drop your policy and apply for another Medicare Supplement Plan at any time. However, after your open enrollment period ends, insurers can refuse coverage or charge you a higher premium based on your health and/or make you wait to get coverage for an existing illness.

  • Do I have to renew my Medicare Supplement Plan?

    Medicare Supplement Plans are “guaranteed renewable,” meaning the policy renews automatically from year to year as long at the premium is paid on time and you have not made any material misrepresentation on the application.

  • Do I need commercial auto insurance?

    If a vehicle is used in tasks related to the operator’s occupation, profession or business (other than commuting), a commercial policy is necessary.

  • Do you pull my credit report to provide my insurance coverage quote?

    We do a soft credit pull that collects information without impacting your credit score. We then use information like your payment history to provide a quote.

  • Does my auto insurance cover me when I rent a car?

    If you carry physical damage coverage on any of your own vehicles, you may have coverage that extends to your rental car. If you only carry liability coverage on your personal auto policy, there would be no physical damage coverage provided to a rental car. You will need to check your vehicle’s insurance policy to see what your coverage is.

  • Does my credit score affect my insurance premium?

    Yes, but insurance premiums are affected by a number of factors, including credit score, age, claims history and others.

  • Does RBFCU Insurance Agency insure property outside Texas?

    No, not at this time.

  • How do I choose a contractor for my home repairs after a storm?

    Some contractors offering services after storms take advantage of storm victims. Texas Department of Insurance offers these tips when evaluating contractors:

    • Call your insurance company first. Your insurance company can give you advice on what repairs should cost.
    • Use trusted companies. Make sure to check their references and phone numbers.
    • Get written estimates. These should be on the company’s letterhead with clear contact information.
    • Get more than one bid. This will help you decide which offers are legitimate and which may be too high or too good to be true.
    • Do not pay for repairs up front. Good contractors will typically require a partial payment up front to get started, but your final payment should be made after the job is finished.
    • If you feel pressured or threatened, call the police.
  • How do I determine if I need full coverage or liability coverage on my vehicle?

    If your vehicle is financed, the finance company will require what is known as full coverage. This includes bodily injury, property damage, collision and comprehensive damage on your vehicle.

  • How do I get requested insurance documents to RBFCU?

    If in an area without a branch, insurance adjusters reports and contractor bids can be faxed to the Mortgage Servicing Department at 210-564-2940 or 210-637-3076 or emailed to reservicing@rbfcu.org.

    Insurance checks, after you endorse them exactly as written on the payee line, can be mailed to:

    RBFCU Mortgage Servicing Department
    P.O. Box 2097
    Universal City, TX 78148

    or overnighted to

    RBFCU Mortgage Servicing Department
    1 Randolph Brooks Parkway
    Live Oak, TX 78233

    Please put “Attention: Mortgage Servicing” on your envelope and include good contact information on your documents so your documents get to us timely and we are able to reach back out to you.

  • How do I sign up for a Medicare Supplement Plan?

    For more information on how to join, contact 1-833-291-1309.

  • How do I submit an auto insurance claim?

    Call RBFCU Insurance Agency at 1-888-564-2999. RBFCU Insurance Agency’s policy declaration page will have your insurance company’s claim number, you will be asked to supply information and documentation about the accident.

  • How do Medicare Supplement Plans and Medicare Advantage Plans work?

    Private insurance companies offer supplement plans to help cover some of the out-of-pocket expenses that original Medicare does not cover. There are 10 standardized plans, labeled Plan A, B, C, D, F, G, K, L, M, N, which are available in most states.

  • How long does it take to get my insurance quote?

    RBFCU Insurance Agency will do its best to provide a same-day quote if all required information is provided.

  • How much homeowners insurance do I need?
    You will need enough homeowners insurance to cover all loans held against your property.
  • What auto insurance coverage is required in Texas?

    The current minimum liability limits are $30,000 for each injured person, up to a total of $60,000 per accident, and $25,000 for property damage per accident. This basic coverage is called 30/60/25 coverage. Statistically, RBFCU Insurance Agency finds this coverage to be inadequate in the event of an accident or injury resulting from an accident.

  • What do I need to do if my property was damaged by the recent hurricanes?

    Notify your insurance companies immediately even if you are not near the property. If you have separate policies for homeowners, flood, and/or windstorm insurance, notify each insurance company you have a policy with. Your insurance companies will attempt to determine if the damage was from wind or water, so notifying every insurance company you have will help protect your interests. Do not wait to notify your insurance companies – the earlier the better as they will be receiving thousands of calls of property damages needing to be assessed. Notification should include any insurance company you having insuring personal property, such as autos, boats, etc., if those items were also damaged.

    When notifying your insurance companies, ask if you have any coverage for temporary living expenses. If you do have this type of coverage, make sure you know the insurance company’s requirements for obtaining these funds, such as requiring receipts.

  • What happens when I receive a check from insurance?

    RBFCU will most likely be listed as a payee on your insurance check because we have a financial interest in the property. Depending on the extent of damage to your home, we may release the funds in partial payments as the repairs are completed. Some repairs may require a licensed contractor. Please contact Mortgage Servicing at 210-945-3300 or 1-800-580-3300, select option 3, then option 2, then option 1. We will provide instructions on sending the insurance adjusters report to us, negotiating the insurance check, and the repair process.

    If your auto is financed with RBFCU, please contact RBFCU Consumer Lending at 210-945-3300 or toll-free at 1-800-580-3300, select option 3, then option 3, then option 1, then option 4.

  • What information will I need to provide for an insurance quote?

    The following personal information is needed:

    • Names of the people to be insured
    • Date(s) of birth
    • Social Security numbers and driver license numbers of all members of household
    • Address
    • Information about your vehicle(s): Year, make, model, vehicle identification number(s) (VIN)
    • Driving history: How many miles you drive per year, details on moving violations and accidents and type of coverage you’re interested in.
  • What should I do after filing a claim with my insurance company due to damage from the recent hurricanes?

    Your insurance company should give you a claim number. Document this claim number as you will need it throughout the process. It is also a good idea to keep detailed descriptions of the damage done to your property, including pictures. Safety is the top priority. Do not take any risks to take pictures or assess the damage of your property.

    If your real estate loan is financed with RBFCU, please contact RBFCU Mortgage Servicing at 210-945-3300 or 1-800-580-3300, select option 3, then option 2, then option 1. Our representatives will discuss what documentation we will need from insurance company and/or contractors, and what the process will be when you receive a check from your insurance company.

    If your auto is financed with RBFCU, please contact RBFCU Consumer Lending at 210-945-3300 or toll-free at 1-800-580-3300, select option 3, then option 3, then option 1, then option 4.

  • What types of incidents does homeowners insurance cover?

    A standard homeowners policy generally protects your home and your personal property from damage caused by:

    • Fires or lightning
    • Windstorms (including hurricanes and tornadoes) or hail
    • Explosions
    • Riots or civil commotions
    • Aircrafts
    • Vehicles
    • Smoke
    • Theft or vandalism (sometimes called malicious mischief)
    • Falling objects
    • Weight of ice, snow or sleet
    • Freezing of plumbing, heating, air conditioning or other household systems

    It is best to contact RBFCU Insurance Agency to determine what specific coverage your home will need.

  • What won't be covered with a Medicare Supplement Plan?

    Supplement plans cover most of the cost not paid by original Medicare. However, such plans do not cover routine vision, dental or hearing care, hearing aids or eyeglasses or private-duty nursing.

  • When can I enroll in Medicare Part A?

    You can enroll in Medicare Part A anytime after you are 64 years and 9 months or otherwise eligible for Medicare.

  • When can I enroll in Medicare Part B?

    Your Initial Enrollment Period (IEP) is your first chance to enroll in Medicare Part B. Your IEP is seven months long and includes the three months before the month you turn 65, your birthday month and the three months after your birthday month. Once you are enrolled in Medicare Part B, you are eligible to purchase a supplement plan.

  • When can I purchase a Medicare Supplement Plan?

    You can buy a Medicare Supplement Insurance Plan any time after you turn 65 and join Medicare Part B. If you enroll in a supplement during the six months after you turn 65, your medical history is not considered in setting your premium.

  • When is the Open Enrollment Period?

    Medicare Open Enrollment Period is every year between Oct. 15 and Dec. 7.

  • Who is eligible for Medicare Supplement Plans and Medicare Advantage Plans?

    When you turn 65, you will have a six-month window for a guaranteed right to enroll; however, you are required to be enrolled in Medicare Part B coverage in order to purchase a supplement plan.

  • Who needs a business owner's policy (BOP)?

    All small businesses such as retail stores, restaurants, and independent contractors typically need a BOP to safeguard against unexpected financial losses beyond general liability claims. BOP protects your small business.

  • Will a Medicare Supplement Plan cover all my out-of-pocket expenses?

    Not all plans are the same. Plans may include doctor coverage, prescription drug coverage, $0 or low co-pays, preventive care screenings at no additional cost to you, and emergency coverage at home and when traveling.

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