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.

 

Find a question by topic:
Banking | Loans | Home Loans & Realty | Business Solutions | Investments | Insurance

 

BANKING

FAQ FAQs

Back to top

 

LOANS

FAQ FAQs

  • Am I required to get insurance on my boat?

    Yes, full coverage insurance is required on all vehicles, including boats. For an insurance quote from our affiliate, RBFCU Insurance Agency, please visit our Auto Insurance page.

  • Am I required to get insurance on my motorcycle?

    Yes, full coverage insurance is required on all vehicles, including motorcycles. For an insurance quote from our affiliate, RBFCU Insurance Agency, please visit our Auto Insurance page.

  • Am I required to get insurance on my RV?

    Yes, full coverage insurance is required on all vehicles, including RVs. For an insurance quote from our affiliate, RBFCU Insurance Agency, please visit our Auto Insurance page.

  • Are RBFCU’s loan decisions made locally?

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

  • Are there any vehicles that RBFCU does not finance?
    RBFCU does not finance salvaged or reconditioned vehicles.
  • Can an authorized user earn rewards?

    Depending on the type of RBFCU credit card the primary credit card holder has, the authorized user can help earn rewards.

  • Can credit card statements be mailed to a different address?

    Yes, simply contact us at 1-800-580-3300 ext. 74571 and speak with a Payment Services representative.

  • Can I change my Line of Credit payment due date?

    To change your payment due date, the loan must be current and we require permission from all loan parties agreeing to the change. Line of Credit payments can only be billed on the 4th, 15th, or 21st of the month and the payments are due 25 days after they are billed. To request a change, send us a secure message through your online banking account or call our Collections team at 1-800-580-3300.

  • Can I extend my loan term when I refinance my vehicle?

    Depending on your circumstances, you may have the option to extend your loan term, which can lower your monthly payments. When you complete your refinancing application, include the loan term you desire.

  • Can I get a payday loan advance from RBFCU?
    RBFCU does not offer payday loans. We do offer personal loans and line of credit loans as potential financing options. 
  • Can I get a preapproval for a boat, motorcycle, etc. loan?
    Yes, we do offer preapprovals for many different types of consumer loans, which can make your vehicle shopping experience easier. You can complete the loan application online. 
     
  • Can I get more specific details about the repossessed vehicle I'm considering purchasing from RBFCU?

    You may call us at 1-888-556-2965, ext. 53302 to obtain more details about a vehicle available for sale.

  • 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 a motorcycle or other vehicle, or only an auto?
    Refinancing can be a great option on all vehicle loan types, including motorcycles, RVs and watercraft. You can complete the refinancing application online. 
  • Can I remove an authorized user from my RBFCU credit card account?

    Removing an authorized user’s account access is easy. Simply call Payment Services at 1-800-580-3300, ext. 74571 and ask the representative to remove the person’s name from the account. This will revoke their access and block their card. The primary account holder and other active authorized users will receive a new card with a new card number.

  • Can I request additional cards for authorized users?

    Yes. When you add an authorized user, you will be able to specify if you want the user to have a separate card. For couples that share expenses, it is generally easier for each person to have a card with their own name to avoid the confusion and hassle of passing a single card back and forth to make purchases. If you have a child or relative who lives far away, it may be easier to give them their own card to carry for emergency purposes and give you peace of mind.

  • Can I still purchase GAP coverage through RBFCU if I apply at the dealership?

    Yes, you can contact RBFCU to add GAP within a year of your original contract date. You can either pay out of pocket or have your loan refinanced to add this protection. Some of our Preferred Dealers also sell RBFCU’s GAP coverage, so you can complete the purchase at the same time as you finalize your loan.

  • Can I use my preapproval letter if I finance at the dealership?
    If you finance with RBFCU at the dealership, you won't be required to provide the preapproval loan code from your letter. However, you will still be able to take advantage of the preapproval rate. 
  • Can I view my Mastercard credit card transactions online?

    Yes. Log in to your RBFCU account and go to the Mastercard menu. Click on the last four digits of your Mastercard account number and you will be directed to the EZ Card site. You will be able to view your most recent transactions, as well as up to 18 months of previous statements. The statement date selected cannot exceed 18 months.

  • Do I earn cash back on cash advances from my credit card?

    No, cash advances do not qualify for cash back.

  • Do I get a special rate for buying a repossessed vehicle?
    No, RBFCU does not offer special loan rates on repossessed vehicles. We do, however, offer competitive low-rate auto loans, which are subject to credit approval, and rates are subject to change.
  • Do I need a down payment to buy a vehicle?
    RBFCU does not always require a down payment for auto loans. Whether you need to make a down payment will depend on your unique situation, including loan amount, loan term and credit history. 

  • Do I need my PIN to use my credit card?

    RBFCU cards are PIN preferred and typically require a PIN to be used.

  • Do you offer Roadside Assistance?

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

    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 it cost more to apply for an RBFCU loan at the dealership?

    There are no additional fees to complete your RBFCU loan application through the dealership. It's simply an additional convenience that we've worked with our Preferred Dealers to provide our members. We also give you the same low rate if you apply at the dealer as you would receive for completing an online loan application.

  • How are foreign credit card transactions handled, and is there a fee?

    RBFCU does not apply a fee to perform currency conversion on transactions processed in a foreign country. RBFCU members are not subjected to a foreign conversion rate when using their RBFCU Mastercard.

  • How are interest charges for my credit card calculated?

    We calculate the interest charge on your account by applying the periodic rate to the “average daily balance” of your account (including current transactions). To get the “average daily balance,” we take the beginning balance of your account each day and add any new purchases, cash advances and fees. Then, we subtract any payments or credits and exclude any unpaid interest charges. This total is the daily balance. All the daily balances for the billing cycle are then added together and the total is divided by the number of days in the billing cycle. This gives us the “average daily balance.”

  • How can I add an authorized user to my credit card?

    Please call our Member Service Center at 1-800-580-3300 in order to provide the necessary information to qualify an authorized user. All non-business Mastercard account authorized users must be members of the credit union.

  • How can I receive an annual statement for my Mastercard credit card?
  • How can I receive Mastercard credit card statements online?

    To receive your Mastercard statements online, go to the Mastercard tab in your online banking account and click on the last four digits of the Mastercard account number that you want to view. You will then be directed to the eZCard site. Once in Activity Overview, select the “Statements” option at the top of the activity homepage. From the drop-down menu select “Statement Delivery Options.” You will be directed to a page that will ask if you want electronic statements or if you would prefer to receive your statements by mail. You will need to verify your ability to receive and view PDF files.

    Please ensure the email address listed is current before selecting the button at the bottom that says “I Agree.” Once this is completed, you will receive an email to confirm your statement preferences.

  • How can I report a possible error with the servicing of my loan?

    To report a possible loan servicing error, call us at 1-800-580-3300, press option 3 and follow the menu options to reach the Consumer Lending Center or log in to your online banking account and send us a secure message.

  • How can I request a credit line increase?

    To increase your credit card or line of credit limit, you will need to submit a new credit application. You can complete the application through your online banking account. Just choose the product you currently have and indicate you want a credit line increase on the application.

  • How can I use a Line of Credit as overdraft protection?

    You can add a line of credit as overdraft protection when you open a new checking account. If you want to add it to an already established checking account, contact our Member Service Center at 1-800-580-3300 or send us a secure message through your online banking account.

    For more information, read “What You Need to Know About Overdraft Protection.”

  • How different is a chip card?

    A chip card looks and performs very similarly to a traditional credit or debit card. The main difference is the small metallic computer chip, or microprocessor, on the front of the card. The chip card is designed to be used with a chip-enabled terminal at the point of sale (POS). Additionally, as an added level of security, you may be asked to enter a PIN for transactions you traditionally signed for in the past on credit transactions, as well as debit ones.

    However, because it still has the traditional magnetic strip, you can still use it for transactions even if the merchant has not converted to a chip-enabled terminal.

  • How do I activate my credit card chip card?
    • For security purposes, you will be required to call the automated voice response system at 1-866-839-3492 from your home telephone number.
    • The PIN for your credit card will be mailed separately. You can change this to a PIN of your choice at an RBFCU ATM, with the exception of ATMs located at Murphy gas stations. Important: You must know your current credit card PIN to be able to change it at the ATM. Please contact RBFCU at 1-800-580-3300 if you did not receive your PIN.
  • How do I add a shipping address to my credit card?

    Please call us at 210-637-4571 or 1-800-580-3300 ext. 74571 and speak with a Payment Services representative.

  • How do I add my credit or debit card to Apple Pay?

    You can start using Apple Pay as soon as you add a credit or debit card to the Wallet app on iPhone.

    To add a card, go into Settings > Wallet & Apple Pay, and select “Add Credit or Debit Card.” You can also open Wallet and select “Add Credit or Debit Card.” Follow the prompts to add your card.

    This card will be your default payment card, but you can go to Wallet anytime and add, then select, a different card. For more information, please visit the Apple support website.

  • How do I add my credit or debit card to Samsung Pay?

    To add your RBFCU card, from your phone's Home screen go into Apps > Samsung Pay, and select "Add Card." From there, use your camera to enter the card information or type it in manually. You can add as many as 10 cards to use in the app.

  • How do I cash out my credit card rewards?

    You can redeem your credit card rewards by logging in to your account and selecting Mastercard from the navigation. On the subsequent menu, you’ll see options for accessing Scorecard Rewards. You’ll need to create a username and password to review your reward information and access your earnings.

  • How do I change my credit card PIN?

    You can change your credit card PIN at any RBFCU ATM location. You must know your current credit card PIN to be able to change it to a number of your choice.

    The option to change an RBFCU Mastercard credit card PIN is only available at RBFCU ATMs. RBFCU ATMs located at Murphy gas stations and non-RBFCU ATMs are not able to process credit card PIN changes.

  • 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 dispute a credit card transaction?

    Please call the Mastercard Dispute Department at 1-800-906-0005. They will initiate the dispute and send you additional forms by mail.

    You may also dispute the transaction online. Log in to your RBFCU account and go to the Mastercard menu. Click on the last four digits of your Mastercard account number and you will be directed to the EZ Card site. Once you view your statement, click on the transaction that needs to be disputed.

  • How do I get my paperwork if I don't finalize at a branch?

    Documents requiring your signature can be sent to you by mail, email, DocuSign (a method of electronically obtaining your signature) or fax.

  • How do I obtain a Notice to Co-Signer Form for my credit card?
  • How do I obtain an Addendum for a Savings Secured Mastercard Form for my credit card?
  • How do I request a balance transfer?

    To complete a balance transfer online, follow these instructions:

    1. Log in to your online banking account.
    2. Click on the credit card name located on your account summary homepage.
    3. Select the “Balance Transfer” option located on the left-hand side of the page.
    4. Complete the required information in the boxes provided and click the “Next” button to confirm your transaction.1 Your information will be submitted to our Payment Services Department for processing.

    1Balance transfers may take up to 30 days to process.

    You can also request a balance transfer by contacting our Payment Services Department at 1-800-580-3300, ext. 74571 or by visiting your nearest RBFCU branch location.

  • How do I request a cash advance on my credit card?

    Completing a cash advance is the fastest way to access funds from your RBFCU Mastercard credit card.

    To request a cash advance via your online account, follow these instructions:

    1. Log in to your online account.
    2. Click on the credit card name located on your account summary homepage.
    3. Select the easy “Cash Advance” option located on the left hand side of the page.
    4. From the drop down menu, select which account will receive the deposited funds.
    5. Click the “Next” button to confirm your transaction. Your funds will be deposited within minutes.

    To complete a cash advance at an ATM1 follow these instructions:

    1. Place your card in the ATM and enter your PIN number.
    2. Follow the prompts to process the cash advance and your cash will be dispensed immediately.2

    1ATM fees may apply. 2Cash advance prompts may vary depending on ATM type and geographical location.

    You can also request a cash advance by contacting our Payment Services Department at 1-800-580-3300, ext. 74571 or by visiting your nearest RBFCU branch location.

  • How do I set up an automatic payment to my credit card?

    Automatic payments to your RBFCU Mastercard can be set up through your online banking account by clicking on the Mastercard tab and then selecting the last four digits of your card number on the Mastercard summary page. After you select your card, you’ll be transferred to the eZCard site. Please refer to your monthly Mastercard statement messages for payment details.

  • How do I set up online payments for my RBFCU Mastercard credit card?

    If you’re using your computer:
    Log in to your online banking account. Once you are logged in, click on either the “Transfers & Payment” or “Mastercard” tabs. There you can select the “Make/Schedule Payment” or “Payment” option to complete your payment.

    If you’re using the RBFCU Mobile app:
    Select the “Accounts” icon at the bottom of your screen and go to your credit card account. Select “Actions” from the top of the screen and choose “Make Payment to Mastercard” to complete your payment.

  • How do I submit a balance transfer for my credit card?

    You will need to log in to your RBFCU account and go to the Mastercard Menu. Under the Mastercard Menu, you will find the balance transfer option. You will need your credit card number, payment address and exact payment amount. Please note: A physical check will be mailed to the payee. If you would like to receive the funds sooner, you may also choose to process a cash advance which is deposited into your account electronically. Please click here for more information about requesting a cash advance or balance transfer. You may also call 1-800-580-3300 ext. 74571.

  • How do I use my chip card at chip-enabled terminals?

    To use a chip-enabled terminal, the cardholder will insert their card into the bottom of the terminal and follow the prompts on the screen. The terminal will read the information contained in the chip, making sure the card is valid and authenticating it more securely.

    Here's the step-by-step process:

    1. Insert card: Instead of swiping, you will insert your card into the terminal, chip first, face up.
    2. Leave the card in the terminal: The card must remain in the terminal during the entire transaction.
    3. Follow the instructions on the screen: It may or may not ask for your PIN.
    4. Remove your card: When the purchase is complete, take your card.
  • 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 is my credit card rate determined?

    Your actual Annual Percentage Rate (APR) will be determined based on your creditworthiness and other factors and will be provided to you in writing if your application is approved. The APR is based on the U.S. Prime Rate (“Prime Rate”), and the APR will equal the Prime Rate plus an additional amount. If the Prime Rate increases, it will cause the APR to increase. If the Prime Rate decreases, it will cause the APR to decrease. The APR is subject to change quarterly. We use the Prime Rate as published in The Wall Street Journal seven days prior to the end of the quarter. If the Prime Rate causes an APR to change, we put the new APR into effect as of the first day of the next billing period after the start of the January, April, July or October billing cycle for which we calculate the APR. We apply the new APR to any existing balances, subject to any promotional rate that may apply. If The Wall Street Journal does not publish the Prime Rate, we will use a similar published rate.

    To determine whether you qualify for a lower rate, you may submit an application on an annual basis. Contact our Consumer Lending Department at 1-800-580-3300 for more details.

  • How long will it take my application to be approved?

    All consumer loan and credit card applications submitted to RBFCU are reviewed within one business day. 

  • How many authorized users can I add to my RBFCU credit card account?

    You can add a maximum of three (3) authorized users to your account. As the primary account holder, it is your credit score, credit history and money on the line. Therefore, it is extremely important that you fully trust the individual(s) you add as an authorized user(s).

  • How much will a Credit Builder Loan improve my credit score?
    There's no guarantee on how much a Credit Builder Loan will improve your credit score, because many different variables can affect your credit score. However, your credit report will reflect your successful completion of on-time, scheduled payments, which shows your commitment to being a responsible consumer. 
  • How soon will I know if my auto loan application has been approved?

    A decision will be made on your loan application and you will be notified typically within one business day. RBFCU members can also check their loan’s status by logging in to their online banking account.

  • How will I know if I was approved for my loan?

    A lending specialist will contact you within one business day of your application. If you receive push notifications through the RBFCU Mobile app, your loan status will be communicated to you through that channel, giving you quicker access to your loan decision. You can also check your loan status by logging in to your online banking account.

  • I didn't receive my PIN with my card. How can I request my PIN?

    Generally, your RBFCU Mastercard credit card PIN will arrive in a separate, perforated envelope in the mail within seven business days. However, if you have any questions, call an RBFCU Payment Services Representative at 1-800-580-3300, ext. 74571.

  • I don't live near a branch. How do I sign my paperwork?

    Documents requiring your signature can be sent to you by mail, email, DocuSign (a method of electronically obtaining your signature) or fax. We will notify you if any documents must be mailed back to us with original signatures.

  • I have "Next Steps" on my loan status page. How do I complete them?

    “Next Steps” are documentation required (paystubs, notarized documents, etc.) to ensure we have all the information needed to process your loan. They will be removed from your loan status page as you complete them. In many cases, you can send a secure message with the required information. If original paperwork or documents are requested, you may bring them to a branch location or may communicate with your lending specialist regarding specifics.

  • I have an older RBFCU credit card. How do I upgrade?

    To convert a current RBFCU Mastercard, you will need to submit a new credit card application. You may do so by applying through your online banking account or our RBFCU Mobile app. You may also call us at 1-800-580-3300 or visit a branch.

  • I have GAP coverage through another institution. Will it still apply if I refinance?

    In most cases you will need to purchase new GAP when refinancing as GAP covers the loan and when you refinance you will now have a new loan. Please check with your current GAP carrier to verify this information.

  • I lost my card and I have been evacuated due to the recent hurricanes. What do I do?

    To report a lost or stolen credit card or debit card, log in to your online banking account or the RBFCU Mobile app and choose “Manage Cards.” From this screen, you can report your card as lost or stolen toll-free by calling 1-800-580-3300, then select option 4 for a lost or stolen card.

  • I paid off my vehicle. How do I get my title?

    Paper titles will be mailed within 10 business days to the address on file, and delivery time is based upon U.S. Postal Service timelines depending on the address. For an electronic lien title (also known as ELT), the lien will be released from the state’s records within three to five business days and mailed to the address on file. If applicable, the Texas Department of Motor Vehicles (DMV) will produce your paper title and mail it to your address on file with the DMV. For Texas titles, if your loan was finalized on or after Oct. 21, 2016, your title is an ELT. If your loan was finalized prior to Oct. 21, 2016, your title is paper. For out-of-state titles, call or message us for more details.

  • I was affected by the recent hurricanes. How can I get a loan quickly to help me through this difficult time?

    Members in FEMA-declared areas affected by the recent hurricanes can request an RBFCU Consumer Relief Loan at 1-800-580-3300, select option 3, then option 3.

  • In which states is RBFCU auto financing available?
    RBFCU offers auto financing in all 50 states as well as in Puerto Rico, Guam and overseas.
  • Is there a fee to get a Credit Builder Loan?

    There are no fees associated with applying for a loan. With a Credit Builder Loan, you will be required to pay interest on the loan, but you’ll receive a portion of that interest back in dividends on your funds monthly throughout the duration of the loan.

  • Is there a limit on cash advances from my credit card made through ATMs?

    Yes, the daily cash advance ATM transaction limit is $500.

  • Once I pay off the Credit Builder Loan, will I qualify for another loan with RBFCU?

    Successfully completing a Credit Builder Loan doesn’t automatically qualify you for additional loan products. In every lending situation, our underwriters take a holistic review of your loan request, credit history and financial standing. However, the Credit Builder Loan is reflected as being paid on your credit report, so lenders may take this into account as a reflection of your financial responsibility.

  • 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 notify you if I plan to travel with my credit card?

    Yes, it is highly recommended that you contact us if you plan on using your Mastercard when traveling abroad, as Mastercard may sometimes place alerts or “blocks” on certain destinations with high instances of fraud. This will also help us accurately monitor your activity while away. You can send us a Travel Notification through your online banking account under the Mastercard tab or by using the RBFCU Mobile app and selecting “My Profile” and then “Manage Cards.” You may also contact us at 1-800-580-3300 ext. 74571.

  • What amount am I liable for if I lose my credit card?

    You may be liable for the unauthorized use of your card. If you notice the loss or theft of your card or a possible unauthorized use of your card, you should call our designee immediately at 1-866-839-3485.

    You may also write to our designee at:
    Customer Service
    P.O. Box 30495
    Tampa, FL 33630

    Although you may write to notify our designee of unauthorized use, calling our designee immediately at the telephone number above is the best way to keep your possible losses down.

    Under Mastercard's zero liability policy, you will not be liable for unauthorized use of your Mastercard once you notify our designee orally or in writing of the loss, theft, or possible unauthorized use and you meet the following conditions:

    (1) You have exercised reasonable care in safeguarding your Mastercard from risk, loss, or theft and (2) you have, upon becoming aware of the loss or theft, promptly reported the loss or theft to our designee. You will not be liable for any unauthorized use that occurs after you notify our designee. You may, however, be liable for unauthorized use that occurs before your notice to our designee. In any case, your liability will not exceed $50. The foregoing liability limitations do not apply to

    (a) Card use from which any cardholder receives a benefit; or

    (b) use of the card by a person with actual, implied, or apparent authority.

  • What are the advantages of chip card technology?

    Chip card technology provides stronger protection against fraudsters, in particular against “skimming,” a technique criminals use to copy data from a card’s magnetic strip and create a counterfeit card. When a retailer uses a chip-enabled terminal, the chip technology, along with your PIN, encrypts the card data, which helps prevent your account information from being compromised.

  • What are the benefits of purchasing a repossessed vehicle?
    Purchasing a repossessed vehicle may save you money and give you more car than you expected. These vehicles are priced below retail value, may include manufacturer upgrades, and are mechanically inspected and approved.
  • What are the limits for motorcycle loans?
    We do not have specific loan limits, but take into consideration many other factors regarding your financial standing, loan-to-value, and the vehicle itself. 
  • What are the requirements to add an authorized user?

    The following requirements must be met for consideration as an authorized user:

    • Authorized user must be an RBFCU member in good standing
    • Must be 15 years old or older with a valid Social Security number
  • What can/can't authorized users do on my account?

    Authorized users can:

    • Make purchases, cash advances and balance transfers
    • Report lost or stolen cards
    • Initiate billing disputes
    • Request statement copies
    • Make payments
    • Inquire about fees

    Authorized users cannot:

    • Close the account
    • Add another authorized user
    • Change an address
    • Request increases or make changes on the credit card account
    • Request a lower Annual Percentage Rate (APR)
    • Remove the primary cardholder from the account
  • What do I need to do to get a new chip card?

    All cards on your account will automatically be converted to the new RBFCU chip card at no cost and sent to you in the mail once your card is up for renewal. There will be no change to your interest rate for credit cards, or any other benefits on your account. To ensure delivery, please be sure RBFCU has your most recent address on file.

    To request a chip card before your card’s renewal date, you may contact our Member Service Center at 1-800-580-3300.

  • What do I tell the dealer when I want to finance through RBFCU?

    During the finance stage of your transaction, most dealerships will ask if you have a preferred lender (i.e., credit union, bank or finance company) for your loan. Tell them you want to finance with RBFCU.

    We work directly with dealerships through our Preferred Dealers program to handle your application at the point of sale and make the car-buying process convenient for you. To review our Preferred Dealers, visit http://rbfcu.cudlautosmart.com/Dealer/.

  • What if I do not have an email address when I apply for an account or a loan?
    While an email address allows for an electronic transmission of product disclosures, RBFCU would instead mail any required documents to your mailing address on file.
  • What information do I need to provide to add an authorized user to my credit card account?

    Prior to adding an authorized user, we will require you to provide the following information:

    • Last 4 of Social Security number of the requestor
    • Current RBFCU credit card account number
    • Full name of member to be added as an authorized user
    • Valid Social Security number
    • Date of Birth for member being added

    RBFCU Payment Services will review the information provided and determine if the request is approved. In some cases, we may require additional information to make a decision.

    You can check the status of your request anytime by calling 1-800-580-3300 ext. 74571. Generally, a decision will be made within 24 hours of request. If no additional information is required, the authorized user will receive a card within 10 days.

    As an extra layer of security, a Personal Identification Number (PIN) will be mailed separately. The PIN is not required to activate the card; however, it may be required at select merchants to complete a transaction.

  • What is a Credit Builder Loan?

    A Credit Builder Loan is a loan designed to assist members with no credit or past credit problems as they strive to establish a better credit history. The money borrowed is secured in the member’s savings account while regular payments are made. For more information, visit our Credit Builder Loan page.

  • What is a 'specialized collateral' loan?

    A specialized collateral loan is a loan for large farm equipment, UTVs and some trailers.

  • What is an authorized user?

    Simply put, an authorized user is someone who is granted access to another person’s credit card account. An authorized user receives full access to the account’s credit line, but is not legally responsible for paying the balance or associated fees of the account. Only the primary account holder receives the statement, regardless of who made charges with the card.

    An authorized user is different from a joint account user, who is also allowed to make charges on the account but is also liable for any debt related to the card.

    For more information about authorized users, click here.

  • What is the default rate for my credit card?

    We do not charge a default rate. However, you will be charged up to a $20 late fee if your payment is past due.

  • What is the difference between a cash advance and a balance transfer?

    Cash advances and balance transfers provide an easy way to access available funds on your RBFCU Mastercard credit card. A cash advance can be completed via your online banking account or an RBFCU ATM. A balance transfer is used to move an existing balance from another credit card over to your RBFCU Mastercard. After completing a balance transfer form, the transferred balance will be deducted from your RBFCU credit card’s available balance, and RBFCU will mail a check to pay off the other credit card company. Electronic transfers for balance transfers are not available at this time.

  • What is the difference between a Credit Builder Loan and a personal loan?

    A Credit Builder Loan is a tool to build your credit.The biggest difference is that Credit Builder Loan funds are placed in an account for safekeeping while you make scheduled payments.

    A personal loan provides funds for your needs that are available immediately.

  • What is the late fee for my credit card?

    If you do not pay your minimum payment within fifteen (15) days following your payment due date, you will be charged a late fee of up to $20.

  • What is the maximum limit for a personal loan?
    When you apply for a personal loan, we take your overall situation into consideration, including your income and any debts/obligations you may have. If you have a specifc need for a certain amount, be sure to note it in the comments on your personal loan application. 
  • What is the minimum payment for my credit card, and how is it determined?

    The minimum payment is equal to 2% of the new balance or $25, whichever is greater.

  • What is the value on the vehicle I would like to purchase?

    Sites such as the National Automobile Dealers Association (NADA) and Kelley Blue Book can help you get an estimate on your vehicle’s value.

  • What types of vehicle loans do you offer?

    RBFCU offers vehicle loans for automobiles/trucks, boats, ATVs, jet skis, motorcycles and recreational vehicles. We offer financing, refinancing from other institutions, net-to-clear and other options.

  • What's the difference between a Credit Builder Loan and a payday loan?

    A Credit Builder Loan allows you to hold a specific amount in an RBFCU savings account and make regular payments until you’ve paid the full loan amount. This loan option is intended to help you build a strong payment history that can be reflected on your credit report and considered when you make future lending requests.

    Payday loans, which RBFCU does not offer, provide instant funds for use, often at extremely high interest rates. If you currently have a payday loan and are struggling with high interest rates, you may want to consider refinancing those loans with an RBFCU personal loan.

  • What's the difference between financing through RBFCU and financing at the dealership?

    If you apply for an RBFCU loan at the dealership versus online or in a branch, you're still receiving all the benefits of an RBFCU loan — including the great rate. The biggest difference is that you're completing the application and closing your loan at the dealership, which can save you time and make the process more convenient.

  • When do I make my first auto loan payment?

    Qualified borrowers may choose a first payment date up to 60 days from the date the auto loan is finalized. You can specify your preferred date to your lending specialist (e.g., the first of the month, etc.) before signing your loan documents.

  • When is my payment to my credit card posted?

    All payments will be credited to your account promptly, in most cases within 24 hours of receipt, if payment is made before 4 p.m. Central Time.

  • When should I refinance my vehicle?

    Refinancing a vehicle loan makes sense when it helps to lower a monthly payment and/or an annual percentage rate. It can also allow you to add warranty, GAP coverage and/or payment protection insurance to your loan or to access net funds from the value of your vehicle.

  • When will I receive a chip card?

    Credit cards: RBFCU began issuing chip credit cards in July 2015 and will continue to convert credit cards with new and reissued cards.

    Debit cards: RBFCU began converting debit cards in June 2016. Members will receive a new chip card once their traditional card(s) expire.

    However, members may request to receive a new credit or debit chip card prior to their card’s expiration by contacting the Member Service Center at 1-800-580-3300.

  • When will I receive my cash back from my credit card?

    Your accrued cash may be cashed out at any time as an ACH transfer to your savings or checking account through scorecardrewards.com (minimum of $5.00 and maximum amount of $500.00). Any unredeemed cash will be automatically paid after the end of the cash back year (September 30) — paid in conjunction with the Gold CashBack Rewards.

  • When will I receive my renewal credit card?

    Your new card should be issued 45 days before your current card expires. However, you will not receive a renewal card if your account is inactive for 12 months, your account is delinquent, or your account is over the limit.

  • Who do I contact if I haven't heard back about scheduling a test drive for an RBFCU repossessed vehicle?

    If you have any questions about an RBFCU repossessed vehicle or are wanting to schedule a test drive, call the RBFCU Collections Remarketing Analyst at 1-888-556-2965, ext. 53302. We are open 8:30 a.m. to 5 p.m., Monday through Friday. However, there is a voicemail service at that telephone number, please feel free to leave a message and your call will be returned as soon as possible.

  • Why do I need a chip card?

    Chip card technology helps prevent fraudsters from gaining account information from a card’s magnetic strip. In addition, most U.S. merchants have converted or are in the process of converting to new chip-enabled terminals. If you currently use a magnetic strip card in the U.S., you can keep using it as you normally would. Cards with the magnetic strip will work on chip-enabled terminals and chip cards can be used at terminals that read magnetic strips.

  • Why would I want to add an authorized user to my RBFCU credit card account?

    It is common for parents and couples to add an authorized user to their credit card accounts, giving these individuals the ability to make purchases without assuming payment liability or having to qualify for their own credit card. An authorized user does not need to qualify for a loan or credit card prior to being added as an authorized user.

    You may also want to help someone you trust build their credit history. Adding a trusted individual as an authorized user could help with this. This unique type of financial relationship has pros and cons as well as important implications for both parties’ credit standing. If the authorized user has no previous credit history, his or her first credit score should be generated within six months. This score could range anywhere from poor to perhaps even excellent, depending on how the account is managed.

  • Will a chip card prevent data breaches or fraud?

    While no technology is completely foolproof, chip technology provides an added level of security and makes it more difficult for data to be compromised. The computer chip within the card offers more security by encrypting the card information which prevents fraudsters from gaining account information from the magnetic strip and creating a cloned card.

  • Will all merchants accept chip cards?

    Some merchants already have chip-enabled terminals to accept chip cards and the number of retailers accepting chip cards continues to grow. Your new card will have both the new chip technology and the magnetic strip so it can either be swiped or inserted at a chip-enabled terminal. All or most stores in these chains accept chip cards: Target, Walmart, CVS and Walgreens. For online purchases, you will use your card just as you do today.

  • Will my chip card require a PIN?

    Chip-enabled terminals may require a PIN number to complete transactions.

    Important: While the PIN may be necessary to complete a transaction, the merchant should not ask for your PIN. Your PIN should NEVER be shared with anyone and should always be kept confidential when processing any transaction. If a merchant asks for your PIN, do not give it to them under any circumstance. Please ask the merchant to extend their terminal to reach you so that you can enter your PIN. If you are in a drive-thru and the terminal cannot reach you, you may have to go inside so that you can enter your PIN and complete the transaction.

  • Will there be a fee to receive a new chip card?

    No fees will be assessed to upgrade your traditional card to a chip card. You may receive your new card when your current card expires or you can contact our Member Service Center at 1-800-580-3300 to request a card upgrade in advance.

Back to top

 

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 commission rebate, you must be an RBFCU member, use RBFCU Realty and at least one preferred provider (RB Mortgage, RB Title, or RBFCU mortgage), and notify RBFCU Realty of your interest in the program prior to projected 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 RBFCU Realty LLC, an affiliate of RBFCU, to serve your homebuying and selling needs.

  • 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 $424,100?

    Yes, any loan amount greater than $424,100 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 Realty offer property management?

    RBFCU Realty does not currently offer property management services.

  • 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 real estate agent with RBFCU Realty?

    RBFCU Realty is continually looking for talented real estate agents. If you are interested in learning more about the benefits of RBFCU Realty and how you can become an agent with us, please contact us at 210-637-3098.

  • 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, use the table below or visit our Calculators page to use the “What will my closing costs be?” calculator.

     

    RB Title Closing Cost ESTIMATESA

    For Seller/Buyer Transaction
      Seller Buyer
    Escrow Fee/Settlement Fee $255 $255
    Recording Fee (estimate) $30 $112
    Owner’s Title Policy (OTP) B -
    Mortgage Title Policy - $100C
    Endorsements (as required) - $25
    Policy Guaranty Fee $3.00 $3.00

     

    For Borrowers Who Refinance
      Seller Buyer
    Escrow Fee/Settlement Fee - $255
    Recording Fee (estimate) - $112
    Mortgage Title Policy - B
    Endorsements (as required) - $25
    Policy Guaranty Fee - $3.00

     

    A Closing cost estimates are subject to change without notice and are provided for reference only.

    B Fee is determined by the Texas Department of Insurance and is approximately 1 percent of the sales price when selling.

    C Fee is $100 if simultaneously issued with OTP. The fee will be approximately 1 percent of loan amount if not simultaneously issued with an OTP.

  • 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?

    You can consult with your tax advisor regarding which purposes may be permissible for tax deductions. Typically, mortgage interest payments are tax deductible, and your advisor will be able to tell you whether your home equity payments also qualify.

  • 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 RB Title services, 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 rbtc@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 RBFCU Realty rebate program work?

    To be eligible for commission rebate, you must be an RBFCU member, use RBFCU Realty and at least one preferred provider (RB Mortgage, RB Title or RBFCU mortgage). Inform RBFCU Realty 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 Realty agent that represents the buyer in a transaction receives a commission of 3 percent of the purchase price, you will receive a rebate equal to 20 percent of the RBFCU Realty 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 RBFCU Realty would be $9,000. You would receive 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, RBFCU Realty will charge a discounted commission of 5.4 percent to sell your home. If you are not an RBFCU member, RBFCU Realty will charge a 6-percent commission to sell your home.

    RBFCU Realty program is subject to change without notice. RBFCU Realty LLC is a wholly-owned 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 Realty real estate agent. You'll receive the benefits of working with an RBFCU Realty agent and will only pay for their services once your property’s sale is completed. Contact an RBFCU Realty 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 Realty 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 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 RB Title?

    When you use RB Title 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 do not have an email address when I apply for an account or a loan?
    While an email address allows for an electronic transmission of product disclosures, RBFCU would instead mail any required documents to your mailing address on file.
  • 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 $424,100 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 $424,100.

  • 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 RB Title?

    There are several ways to use RB Title. When selling property through a real estate agent, instruct the agent to use RB Title as your closing agent. When selling a property on your own, include RB 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 RB Title's low fees and settlement services. When refinancing your property, instruct your mortgage lender to use RB Title and ask them to fax their closing instructions to us. When building a home instruct your builder and lender, if applicable, to use RB Title as your closing agent. For more information, call us at 1-800-580-3300, ext. 53370. The RB 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.

Back to top

 

BUSINESS SOLUTIONS

FAQ FAQs

Back to top

 

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 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.

  • Do you offer Roadside Assistance?

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

    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). Our financial advisors are RBFCU employees.

    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. Our financial advisors are RBFCU employees.

  • 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’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.

Back to top

 

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.

Back to top