Home Loans & Realty Frequently Asked Questions

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 210-945-3300.

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

No. However, our affiliate company, Domain Mortgage offers Federal Housing Administration (FHA) loans. This type of loan is ideal for first-time homebuyers seeking a loan with lower down payments and fixed rate loan options. FHA loans are also a great consideration for those who are looking to finance with as little cash down as possible.

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 210-945-3300.

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.

Yes, you can. Click here to apply online at DomainMortgage.com.

Yes, you can. Click here to apply online.

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 Appraisal LLC and RBFCU Insurance Agency LLC are wholly-owned subsidiaries of RBFCU Services LLC. RB Mortgage LLC dba Domain Mortgage is principally owned by RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU).

We will be happy to refer you to an RBFCU preferred real estate agent to serve your homebuying and selling needs. Please submit a form requesting a preferred real estate agent to contact you directly.

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.

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.

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.

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.

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.

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.

RBFCU offers lender credits which lowers your fees paid at closing in exchange for a higher interest rate. When you purchase “lender credits,” you receive a higher interest rate. This results in a higher principal and interest portion of your monthly mortgage payment. In addition, there are limits on the amount of lender credits you may receive. This option may be beneficial if funds are limited for closing costs, but you’re willing to pay more interest over the term of your loan. Talk to your loan officer about our lender credit options.

For consumer loans, you can check your loan status by signing in to your Online Banking account. You can also call our Consumer Lending Center at 210-945-3300, 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.

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

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.

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.

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.

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.

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.

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.

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

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.

A pre-approval process will typically take within 24 to 72 hours based on the type of loan.

Your mortgage loan is pre-approved 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.

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.

You will need enough homeowners insurance to rebuild your home in the event of a loss.

You will need enough homeowners insurance to rebuild your home in the event of a loss.

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.

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.

The RBFCU Volunteer Board of Directors evaluates credit union rates daily and without notice. 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.

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

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

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.

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.

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.

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

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.

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.

Points, also known as discount points, are fees paid at closing in exchange for a lower interest rate. When you purchase points, your interest rate will decrease. This results in a lower principal and interest portion of your monthly mortgage payment. While your closing costs will be higher, you will generally pay less in interest. Talk to your loan officer about options for buying down your interest rate.

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.

The loan amount, the down payment and whether or not you are escrowing the loan all affect the amount of your closing costs.

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.

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.

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.

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.

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.

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.

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.

Your closing costs may include a loan origination fee, a recording fee, flood determination, attorney fees, underwriting fees, an appraisal, a survey, escrow reserves, homeowners insurance, title fees, a credit report fee and a tax service fee.

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.

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.

FHA and Conventional mortgages each have their advantages; however, their qualification requirements differ. Conventional loans typically follow conservative guidelines for credit scores, minimum down payments and debt-to-income ratios. FHA loans are insured by the U.S. Department of Housing and Urban Development (HUD). These types of loans are ideal for first-time homebuyers seeking a loan with lower down payments. FHA loans also provide homebuying opportunities for individuals with higher debt-to-income ratios. A mortgage loan officer can help you decide which option is best for you. For more information, visit the RBFCU Mortgage Purchase page.

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.

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 210-945-3300 and speak with a Mortgage Lending Representative.

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

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 210-945-3300 and a Mortgage Lending Representative will help you.

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.

Your mortgage payment should be made to the company that services your loan. In many cases, your mortgage payment can 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.

Please note: RBFCU also partners with other companies to service loans. It's important to ensure you make your mortgage payment to appropriate company.

If you’re having trouble making your mortgage payments, please call RBFCU’s Collections Team at 210-945-3300, and someone will explain your options.

No, RBFCU has discontinued the use of coupons books for mortgage loans. A mortgage statement is generated approximately 15 days before your mortgage payment is due. If your Paperless Preference is set to receive electronic statements, the bill will be sent electronically. Otherwise, it will be mailed to the address on record. 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.

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.

Points, also known as discount points, are fees paid at closing in exchange for a lower interest rate. When you purchase points, your interest rate will decrease. This results in a lower principal and interest portion of your monthly mortgage payment. While your closing costs will be higher, you will generally pay less in interest. Talk to your loan officer about options for buying down your interest rate.

RBFCU offers lender credits which lowers your fees paid at closing in exchange for a higher interest rate. When you purchase “lender credits,” you receive a higher interest rate. This results in a higher principal and interest portion of your monthly mortgage payment. In addition, there are limits on the amount of lender credits you may receive. This option may be beneficial if funds are limited for closing costs, but you’re willing to pay more interest over the term of your loan. Talk to your loan officer about our lender credit options.

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.

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.

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.

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.

The RBFCU Volunteer Board of Directors evaluates credit union rates daily and without notice. 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.

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.

The loan amount, the down payment and whether or not you are escrowing the loan all affect the amount of your closing costs.

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.

Your closing costs may include a loan origination fee, a recording fee, flood determination, attorney fees, underwriting fees, an appraisal, a survey, escrow reserves, homeowners insurance, title fees, a credit report fee and a tax service fee.

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 210-945-3300 and a Mortgage Lending Representative will help you.

Your closing costs vary based on your loan amount, the term of your loan and your loan type.

No, RBFCU does not charge an application fee for any loan, but we would collect closing costs based on the type of loan issued.

If mortgage rates drop, you may consider refinancing your current mortgage. You may also be able to modify an existing RBFCU mortgage loan for a fee, without submitting a new loan application. To choose the best options, call RBFCU’s Mortgage Resource Center at 210-945-3300 to speak with a Mortgage Lending Representative.

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.

Yes. Find out more about jumbo loans here.

No, not at this time.

No, not at this time.

Yes. The rate cap is 2 percent.

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.

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 210-945-3300 and speak with a Mortgage Lending Representative.

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.

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.

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.

Yes, you can. Click here to apply online at DomainMortgage.com.

Typically yes, but different stipulations may apply. Contact a Domain Mortgage Representative to help you before starting the process of trying to obtain an additional VA loan for a property.

Yes, our Mortgage Lending Specialists can help you determine whether a move to a conventional loan might be advantageous to you.

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

Both an upfront one-time charge and monthly payment are required for an FHA loan. A 1.75% upfront mortgage premium is due at closing; however, this premium can also be rolled into the loan. You will also be required to pay a monthly mortgage insurance premium as a part of your mortgage payment.

The length of time that you are required to pay the mortgage insurance premium is dependent upon your down payment amount. If you put 3.5% down, then you can expect to pay a monthly payment for the life of the loan. If you put 10% or more down, then you can expect to pay a mortgage insurance premium for 11 years.

Fill out VA Form 26-1880 (you can get the form here). You can also contact the VA or ask one of our Domain Mortgage Representatives to provide the form to you.

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

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.

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

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 Domain Mortgage Representative. If you need assistance, please contact the VA or one of our representatives.

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.

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.

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.

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.

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.

FHA and Conventional mortgages each have their advantages; however, their qualification requirements differ. Conventional loans typically follow conservative guidelines for credit scores, minimum down payments and debt-to-income ratios. FHA loans are insured by the U.S. Department of Housing and Urban Development (HUD). These types of loans are ideal for first-time homebuyers seeking a loan with lower down payments. FHA loans also provide homebuying opportunities for individuals with higher debt-to-income ratios. A mortgage loan officer can help you decide which option is best for you. For more information, visit the RBFCU Mortgage Purchase page.

Yes, any loan amount greater than $766,550 is considered a jumbo loan.

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

Yes. Find out more about jumbo loans here.

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.

A jumbo loan exceeds conforming loan limits as established by the Federal National Mortgage Association (FNMA). Currently, loan amounts greater than $766,550 are considered jumbo loans.

A conforming loan is any loan amount less than or equal to $766,550.

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.

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

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.

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.

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.

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 Mortgage Lending Specialists can provide you with details regarding your loan and requirements.

Your down payment will be dependent on a variety of factors, but our land loans typically require a 10 to 20 percent down payment.

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. 

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.

A 100% Financing mortgage loan allows homebuyers to finance their entire home purchase eliminating a down payment requirement. However, closing costs will apply, and rate premium pricing or gift funds may cover the closing costs.

Yes. Premium pricing is available with an adjustment in your interest rate. In exchange for the adjustment, you can receive a lender credit to apply to various costs associated with your loan. Unfortunately, we cannot return cash.

Single-Family Residences (SFR) with a maximum of 10 acres, townhomes and warrantable condominiums are eligible property types for 100% financing.

The maximum loan amount for the 100% Financing mortgage loan is $726,200.

A Conventional Fixed-Rate loan type with terms of 10, 15, 20, and 30 years qualify for 100% financing mortgage loan.

No. PMI is not applicable or required for the 100% Financing mortgage loan.

No. A 100% Financing mortgage loan is for the purchase of a primary residence only.

Yes. You can use gift funds as part of a 100% Financing mortgage loan towards closing costs. Documentation (e.g., gift letter) is required, along with verification of funds on deposit. Verification can come from either the:

• Donor
• Periodical statement from the borrower's bank
• Title company

Gift funds cannot come from a party to the transaction.

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 210-945-3300. A Mortgage Lending Representative will help discuss your available options.

Yes, our Mortgage Lending Specialists can help you determine whether a move to a conventional loan might be advantageous to you.

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 Mortgage Lending Specialists can provide you with details regarding your loan and requirements.

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

No, you can shorten the term, keep it the same or extend it.

Refinancing a mortgage at RBFCU may take up to 75 days and is dependent on several factors, including but not limited to, interest rate environment, loan complexity and third party delays.

Your closing costs vary based on your loan amount, the term of your loan and your loan type.

No, RBFCU does not charge an application fee for any loan, but we would collect closing costs based on the type of loan issued.

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.

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 210-945-3300 to speak with a Mortgage Lending Representative.

If mortgage rates drop, you may consider refinancing your current mortgage. You may also be able to modify an existing RBFCU mortgage loan for a fee, without submitting a new loan application. To choose the best options, call RBFCU’s Mortgage Resource Center at 210-945-3300 to speak with a Mortgage Lending Representative.

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.

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.

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

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

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

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.

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.

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.

No, our home improvement loans require a contract be executed with a third-party. The contractor cannot be an owner of the property. 

Yes, our home improvement loans can be used to build pools as well as to do other outdoor projects like landscaping.

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

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.

Typically, our mortgage loan officers will contact you within three business days following your home improvement loan application. The entire process usually takes about 45 days to complete. 

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.

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 Appraisal LLC and RBFCU Insurance Agency LLC are wholly-owned subsidiaries of RBFCU Services LLC. RB Mortgage LLC dba Domain Mortgage is principally owned by RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU).

We will be happy to refer you to an RBFCU preferred real estate agent to serve your homebuying and selling needs. Please submit a form requesting a preferred real estate agent to contact you directly.

To be eligible for the credit, you must be an RBFCU member, use an RBFCU preferred real estate agent (Kuper Sotheby’s International Realty) and at least one preferred provider* (Domain Mortgage NMLS# 862516, Preserve Title Company or RBFCU Mortgage NMLS# 583215), and notify the RBFCU preferred real estate agent of your interest in the program prior to the projected closing date and execution of contract.

Buying a home

Choose an RBFCU preferred real estate agent as your buyer’s representative and use an RBFCU preferred mortgage lender for your home financing needs. A real estate transaction sales price below $3 million will receive a credit of $1,000 to apply towards closing costs and prepaid items. A real estate transaction sales price of $3 million or above will receive a credit of $5,000 to apply towards closing costs and prepaid items.

Selling a home

List your home with an RBFCU preferred real estate agent and RBFCU’s preferred title company for your escrow and title insurance needs. You will earn a credit of $1,000 at closing for a real estate transaction sales price below $3 million. For a real estate transaction sales price of $3 million and above, you will earn a credit of $5,000 at closing.

*Buyer is required to use Domain Mortgage or RBFCU Mortgage to finance the purchase of the property; Seller is required to use Preserve Title Company for the sale of the property to be eligible for the credit.

The RBFCU Member Benefit Program is subject to change without notice.

There are no costs associated with listing your home through an RBFCU preferred real estate agent. You will only pay for their services once your property’s sale is completed. Connect with an agent today to get started.

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.

By securing a mortgage loan preapproval before starting the homebuying process, you’ll be better able to provide your agent with critical information about your purchasing power. Start the preapproval process now.

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.

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.

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. Email us at info@preservetitle.com or visit our website at www.preservetitle.com. 

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 needing a real estate attorney to 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.

When you use Preserve Title for your closing transaction, you can save both time and money. We offer fast turnaround times for San Antonio, Dallas, Houston, West Texas, Coastal and Austin Central regions. 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.

The loan amount, the down payment and whether or not you are escrowing the loan all affect the amount of your closing costs.

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.

Though each address ownership status, judgments and property taxes, a title search lists basic property information of record without any guarantees of its information. A title commitment is a guaranty to insure the property based on detailed property research provided.

Title insurance is an insurance policy covering the insured party (owner and/or lender) against many types of property loss caused by liens, judgments, undisclosed heirs, document forgery, boundary disputes and easements up to the coverage amount of the policy coverage. The title company reviews all recorded documents related to the property and ensures requirements, related to the ownership of the property, are cleared. Based on the completion of the research and requirements, the insurance company agrees to guarantee clear title to the subject property and provide a title insurance policy.

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 210-945-3300 and a Mortgage Lending Representative will help you.

Mortgagee Title Insurance is taken in the loan amount and protects the lender’s lien. It is important to note the policy is specific to each 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.

There are several ways to use Preserve Title Company.

• When selling property through a real estate agent, instruct the agent to use Preserve Title Company as your closing agent.
• When selling a property on your own, include Preserve Title Company 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 Company’s fees and settlement services.
• When refinancing your property, instruct your mortgage lender to use Preserve Title Company 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 Company as your closing agent.

For more information, visit preservetitle.com or contact us by calling 210-945-3370 or email us at info@preservetitle.com.

Yes, the appraiser will need to take photos of the main living areas and bathrooms.

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

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.

Typically, 45 minutes. This depends on the complexity of the property.

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.

The total process takes approximately 8-12 business days 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.

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

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

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.

It helps to provide a list of any improvements that have been made to the property. Also, please provide a survey if you have one.

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.

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.

The appraisal is sent to TrUnion Appraisal Services. Once TrUnion Appraisal Services has completed the quality review process, the appraisal is sent to Underwriting (lender). Provided no revisions are required by either TrUnion Appraisal Services or Underwriting, the appraisal is forwarded to your loan officer. The loan officer will provide you a copy of the report.

A pre-listing 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.

Federal regulations require the appraisal process be independent from the mortgage area.

TrUnion Appraisal Services serves as an unbiased third party and will select a qualified, state licensed appraiser to value your home.

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

The value of the property is determined by using the closest and most recent comparable sales in the market area. The value of the property fluctuates with the sales that are currently available in the market area.

It could, depending on what is being done and what still needs to be completed. Please inform your loan officer regarding the renovations that are in progress and their approximate value.

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.