Are you considering Randolph Brooks Federal Credit Union for your next home mortgage loan? Does RBFCU offer its members competitive rates and low fees? If you’re in the market for a new home loan there’s more to shopping the best mortgage lenders than getting the lowest mortgage rates. Here’s my unbiased review of Randolph Brooks Federal Credit Union to help you get the best deal for your next home loan without leaving cash on the table.
Should you trust Randolph Brooks Federal Credit Union for your next home loan?
RBFCU is a popular credit union for south and central Texas but how do they stack up when it comes to mortgage rates and fees?
Randolph Brooks Federal Credit Union Profile
Primarily serving south central Texas, RBFCU has 37 locations at the time of this review. Randolph Brooks Federal Credit Union was founded in 1957 to serve Randolph Air Force Base. They are open to membership for military members serving in the area as well as employees of 1,900 groups and employers. If you’re in the market for a purchase or mortgage refinancing loan, you should know that RBFCU is only licensed in the State of Texas. If you’re in the military and transfer out of State, you’ll need to find a new credit union for your mortgage needs.
According to their website RBFCU closed out 2011 with 375,749 members and $4,716,800,000 in assets. They are licensed by the National Mortgage Licensing System number 583215 to originate home loans in the State of Texas. The website primarily offers 20 and 30 year purchase and refinance mortgage loans with options available for shorter term-lengths and home equity loans.
RBFCU Contact Information
San Antonio: (210) 945-3300
Austin: (512) 833-3300
Randolph-Brooks Federal Credit Union
P.O. Box 2097
Universal City, Texas 78148-2097
Randolph Brooks Federal Credit Union Review
The website is fairly limited in the mortgage information and resources provided. RBFCU publishes 15 and 30-year mortgage rates on their website which seemed a little higher than lenders like Amerisave or Navy Federal Credit Union. They indicate that some borrowers may be required to purchase Private Mortgage Insurance (PMI) to qualify, which adds to the cost of borrowing. I was not able to locate a disclosure of closing costs including loan origination fees on the website.
Remember that along with getting the lowest purchase or refinance rates, fees determine how good of a deal you’re getting on your next home loan. If you’re not able to recoup your out-of-pocket mortgage refinancing expenses before you sell or refinance again, you’re going to be losing money no matter how great your rate. Paying unnecessary discount points or overpaying the mortgage origination fee only lengthens the amount of time it takes you to break even.
The best strategy for finding the best offer for your next home loan is to avoid using the published Annual Percentage Rate (APR) and compare purchase or refinance rates and fees line-by-line. This can be time consuming but will ensure you’re not leaving cash on the table at closing.
Do you have an experience or an option about Randolph Brooks Federal Credit Union that you’d like to share? Please leave a comment below.
You can learn more about finding the best mortgage companies for your next home loan while avoiding unnecessary fees and discount points by checking out my free Underground Mortgage Videos.