 Home ownership is the American dream; let RBCU help make it
happen. Whether you are buying a new home, refinancing your current mortgage,
or planning home improvements, RBCU is here to financially guide you.
You have many first mortgage options, with several down payment possibilities.
RBCU offers FHA, VA, and conventional mortgages with fixed rate, adjustable rate, and balloon options with amortizations from 10 to 30 years to best suit your needs. We have options for your primary residence, 2nd home, and bare land.
Best of all there are no fees to consult with an RBCU mortgage specialist or to fill out an application! You can also obtain more information regarding mortgage loan options, view current interest rates, use mortgage related calculators, and even apply for a mortgage by visiting our online Mortgage Center.
Already have a PHH Mortgage?
If you have a mortgage through our trusted partner, PHH Mortgage, you can view your mortgage information and details online at www.mortgagequestions.com. You can access year-end payment history, amortization schedules, information regarding Private Mortgage Insurance (PMI), and even have the ability to make payments. To use this online resource, you will be required to register on your first visit to their website. Your online ID and password are of your choosing.
Your neighborly credit union is happy to announce that members with a first mortgage through RBCU may establish an escrow account to pay for property taxes and/or hazard insurance (each, an “Escrowed Item”).
The purpose of an escrow account is to place a portion of the yearly amount due for an Escrowed Item into the account for payment(s) in the future.
Frequently Asked Questions about Escrow
If you currently have your mortgage through RBCU or are interested in getting a mortgage through RBCU, establishing an escrow account will provide unparalleled convenience and peace of mind.
If you are interested in starting up an escrow account or have any questions about one, please talk to an RBCU Real Estate Escrow Representative.
You work hard on your home – isn’t it time it paid you back? Use
your home’s equity to pay for college educations, home improvements, debt
consolidation, or for nearly anything else you can imagine. RBCU's HELOC requires
no minimum balance and charges no fees for taking advances. You may qualify for a no closing cost option
on a HELOCs up to $25,000. Instead of receiving one lump sum loan, with a HELOC,
you only borrow what you need, when you need it. RBCU offers options for up to 80% loan-to-value
and over 80% loan-to-value. Remember, home loan interest may be tax deductible. Consult a tax advisor regarding your specific situation.
In today's rate environment, a Fixed-Rate Home Equity Loan appeals to some members more than the variable rate HELOC option. Especially if you intend to use the money all at once for a major purchase, remodeling project, or to refinance an existing loan.
With a Fixed-Rate Home Equity Loan, you will receive a lump sum amount
with interest rates fixed for 5 years at a time. You can borrow on a 15-year or 20-year payment schedule depending on your situation.
Some things to consider:
- If you have a HELOC or credit card(s) with variable rates and are concerned with rising interest rates, a fixed rate may be a good solution.
- A 15-year term may have a higher monthly payment vs. the 20-year option, but you'll pay less in overall finance charges over the life of the loan.
- RBCU offers loan rates using 80% or 90% of your Loan-to-Value (LTV). Remember, home loan interest may be tax deductible. Consult a tax advisor regarding your specific situation.
- These loans are available when using your personal residence or vacation home in Minnesota.
Talk to RBCU's real estate loan experts for more information on the option(s) right for you. You can also obtain more information regarding mortgage loan options, view current interest rates, use mortgage related calculators, and even apply for a mortgage by going to our online Mortgage Center.
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