RBCU Short Term Mortgages

Exciting New Option To Pay Off Your Mortgage in 10 Years or Less!

At RBCU, we are committed to helping members through each phase of their financial journey. From free savings and checking accounts to retirement planning and competitive auto and real estate loans, we offer the financial guidance and tools you need to build the life you want. We also strive to offer you the banking solutions that can help you find financial security.

"With term options of 5 years to a maximum of 10 years, you are in control of the number of years left to pay off your home."

That’s why we are excited to now offer a new mortgage solution. It’s ideal for members with 10 years or less remaining on their mortgage. We understand that many members in the “home stretch” of their mortgage have been looking for a way to pay it off faster. We know that you would love to take advantage of today’s great interest rates but probably feel that refinancing is too much of a hassle or requires too many out-of-pocket expenses.

Our new short term mortgages offer competitive fixed interest rates and short terms. This new mortgage option helps qualifying members pay off the remaining balance of their mortgage faster and on their terms—freeing up money for retirement planning, savings, vacations, or whatever else you desire.

With term options of 5 years to a maximum of 10 years, you are in control of the number of years left to pay off your home. Our new mortgage option has low fixed rates with financing available for up to 80% of purchase or appraised value. Additionally, single family homes with loan

amounts of $60,000 or less may not even require an appraisal! Escrow is available.

If you’re ready to take the final step to paying off your home visit our Mortgage Center at http://rbcu.mortgagewebcenter.com to learn if this is the right option for you and to apply online whenever it’s convenient.

Membership and other credit granting criteria apply. This is not to be construed as a loan guarantee or acceptance. Program may change or end at any time without notice.

Talk to RBCU's real estate loan experts for more information on the option(s) 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.

SAFE Act Registration Disclosure for RBCU (PDF)

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Fixed-Rate Home Equity Loan

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.

Apply Now

Current Rates

SAFE Act Registration Disclosure for RBCU (PDF)

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You may need Adobe Reader to view and print these documents. If you do not already have it, click here to download a free copy.

Home Equity Line of Credit (HELOC)

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.

Apply Now

Current Rates

Escrow

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.

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