 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.
A popular choice for many members is RBCU’s 80/20 no down payment first
mortgage. The following first mortgages are available:
- Up to 30-year fixed
mortgages serviced and held by PHH Mortgage, a trusted partner since 2000
- 15-year
fixed mortgages held by RBCU
- 3- and 5-year balloons, with amortization schedules
of 10, 15, and 30 years
- Secondary homes – i.e. cabin loans, (vacation property
loans available
nationwide)
- Raw land
We also offer first mortgages on primary and vacation homes nationwide!
Best of all, there are no fees to consult with an RBCU mortgage specialist or
to fill out an application.
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. Year-end payment history, amortization schedules, the need for Private Mortgage Insurance (PMI), and even the ability to make payments is available. 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.
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, charges no fees for taking advances, and has no closing costs
for HELOCs up to $50,000. Instead of receiving one lump sum loan, with a HELOC,
you only borrow what you need, when you need it. RBCU offers both 80% loan-to-value
and 100% loan-to-value options.
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.
- For those purchasing a home through our 80/20 morgage option, the 20-year option will give you lower monthly payments.
This may qualify you to purchase a more expensive home than you thought!
- RBCU offers loan rates using 80%, 90%, or 100% 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.
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