Home Loans & Realty Frequently Asked Questions

Your questions, answered

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

 

Find FAQs by topic:
General Questions | Fixed-Rate Mortgages | Adjustable-Rate Mortgages (ARM) | FHA / VA | Jumbo | New Construction | Land | Refinance | Home Equity Loan / HELOC | Home Improvement Loan | Realty | Title Insurance | Appraisal | Back to all FAQs

 

GENERAL QUESTIONS

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 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.

  • 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 an RB Mortgage mortgage application online?
  • Can I complete an RBFCU mortgage application online?
  • Can RBFCU help me with my purchase contract for a home?

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

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

  • Can you recommend a real estate agent?

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

  • Could new credit affect mortgage loan approval?

    While you are in the process of buying or refinancing a home, it is best to refrain from adding new credit, as they can jeopardize your loan approval. It is possible for your lender to pull a new credit report at its discretion to verify whether new credit has been acquired.

  • Does RBFCU charge an application fee or any other loan-related fees to apply for a mortgage?

    No, there are no fees to apply for a mortgage loan. If you decide to go forward with the mortgage, fees may be assessed at closing. You will receive thorough documentation of the costs you can expect based on your individual loan circumstances, prior to the closing.

  • 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 estimate my closing costs?

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

  • How can I estimate my property taxes?

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

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

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

  • How do I check my loan status?

    For consumer loans, you can check your loan status by signing 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 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 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 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 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 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 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 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 from RB Mortgage contact me after I’ve submitted my mortgage application?

    Once you submit your mortgage loan application for review, RB Mortgage will contact you within 24 hours.

  • How soon will someone from RBFCU contact me after I’ve submitted my mortgage application?

    Once you submit your mortgage loan application for review, RBFCU will contact you within 24 hours, unless it’s a weekend application.

  • How 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 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 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.

  • 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.

  • 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 lock my interest rate on my mortgage?

    As soon as your mortgage loan carries an associated address, the interest rate is locked with a one-time, float-down option, which gives you the opportunity to lower your locked rate once, should it drop.

  • What 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 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 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 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 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 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 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 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 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.

  • 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.

  • 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.

  • 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.

  • 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.

Back to top | Back to all FAQs

 

FIXED-RATE MORTGAGES

FAQ FAQs

Back to top | Back to all FAQs

 

ADJUSTABLE-RATE MORTGAGES (ARM)

FAQ FAQs

Back to top | Back to all FAQs

 

FHA & VA

FAQ FAQs

Back to top | Back to all FAQs

 

JUMBO

FAQ FAQs

Back to top | Back to all FAQs

 

NEW CONSTRUCTION

FAQ FAQs

  • 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.

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

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

  • 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.

Back to top | Back to all FAQs

 

LAND

FAQ FAQs

Back to top | Back to all FAQs

 

REFINANCE

FAQ FAQs

Back to top | Back to all FAQs

 

HOME EQUITY LOAN

FAQ FAQs

Back to top | Back to all FAQs

 

HOME IMPROVEMENT LOAN

FAQ FAQs

Back to top | Back to all FAQs

 

REALTY

FAQ FAQs

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

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

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

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

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

  • Can you recommend a real estate agent?

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

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

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

  • How does the rebate program work?

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

    Buying a home

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

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

    Selling a home

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

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

  • Is there a cost to list my home?

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

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

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

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

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

Back to top | Back to all FAQs

 

TITLE INSURANCE

FAQ FAQs

  • How can I estimate my closing costs?

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

  • How 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 request title service?

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

  • 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 benefits do I receive by closing my transaction through Preserve Title?

    When you use Preserve 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 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 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.

  • When can I use Preserve Title?

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

Back to top | Back to all FAQs

 

APPRAISAL

FAQ FAQs

Back to top | Back to all FAQs