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RBFCU Mortgage: BiggerPockets Review
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Randolph-Brooks Federal Credit Union—or RBFCU—is one of the largest credit unions in America. Based in Live Oak, Texas, RBFCU serves nearly 900,000 members and employs more than 2,000. Initially established as a military credit union serving Randolph Air Force Base in San Antonio in 1952, RBFCU now serves residents outside of the military as well. The RBFCU of today is the result of a merger with Austin-based Central Texas Catholic Credit Union in 1995.
Quick facts
- RBFCU is the 11th-largest credit union in the United States as of 2019, with over $9.5 billion in assets.
- In addition to services for homebuyers, RBFCU members who are selling a home can receive cash back for to 10 percent of agent commissions when using preferred real estate vendor Kuper Sotheby's International Realty.
- Randolph-Brooks has been consistently ranked as one of the Top 5 Places to Work in San Antonio.
CURRENT INTEREST RATES
RBFCU’s marketed rates are below national and regional averages for fixed-rate loans, refinancings, jumbo loans, and home equity loans (versus Bankrate.com prevailing national averages on March 20).
Pros
- Some of the lowest rates in town, with a 5/5 ARM. This 30-year loan offers a unique 60-month reset term.
- Many ways to join, with options for military members, teachers and students, church members, and community volunteers.
- In-house partners offer turnkey services for rental property investors who are new to the area.
- Members can pay discount points to lower their interest rate.
Cons
- Mortgage loans can only be done on property that resides in Texas.
- Cash-out refinances for owner-occupied properties have different rules in Texas. They are known as Texas Section 50 (a)(6) mortgage loans. Speak to a local branch lender to understand the unique cash-out and loan-to-value (LTV) limitations as they relate to your position.
- Won’t issue mortgages to certain Series LLCs for investment property, although a buyer can transfer an investment property into LLC after the purchase is made.
- FHA, VA, and USDA-backed loans are not eligible for 50 (a)(6) refinancing in Texas.
RBFCU mortgage products
- Conventional fixed-rate mortgages with terms of between seven and 30 years.
- Jumbo fixed-rate mortgages with 15-, 20-, or 30-year terms.
- FHA and VA loans.
- ARM 5/5 30-year loan, where the interest rate is fixed for the first five years and rates adjust every 60 months thereafter with a three percent maximum hike per period. The interest rate is capped at the initial rate plus five percent.
- Refinancing with five-, eight-, or 11-year terms for primary or secondary residence. (Five percent minimum equity required.)
- Investment property refinancing with seven-, 10-, and 15-year terms, with 20 percent minimum equity.
- Home improvement loans with four-, seven-, 10-, and 15-year terms, offering between 90 and 100 percent loan-to-value ratios.
RBFCU and real estate investors
RBFCU application process
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