Financing isn’t the most thrilling part of a home remodel or custom build, but it’s one of the most important. That’s why Hill Haven Homes partners with Randolph-Brooks Federal Credit Union (RBFCU)—to make securing funding as smooth as possible.
RBFCU offers flexible options that help keep your project on track. You focus on designing your dream space—we’ll help you figure out how to make it happen.
Below are a few of the most commonly sought-after loans, their rates, and APR. We know, it's a lot of numbers to take in. But don't worry—RBFCU will guide you through the process of choosing the right one for you.
Who Is RBFCU?
Randolph-Brooks Federal Credit Union (RBFCU) is a trusted financial institution dedicated to improving members' economic well-being and quality of life. With a strong presence in Texas, RBFCU offers a wide array of loans for your dream project.
Their commitment to personalized service and competitive rates makes them an excellent choice for financing your home remodel or custom home.
Your Financing Options with RBFCU
RBFCU offers a variety of loan products to suit different project scopes and financial situations. If you're considering a fixed-rate mortgage for a custom home, a home improvement loan for remodeling, or a land loan for purchasing property, RBFCU has flexible options to meet your needs.
Fixed-Rate Mortgage for Custom Homes
A fixed-rate mortgage provides stability with consistent monthly payments, making it easier to budget for your new custom home. RBFCU offers several fixed-rate mortgage options:
- 7-Year Fixed Rate Loan: 5.375% Rate / 5.762% APR
- 15-Year Fixed Rate Loan: 5.750% Rate / 6.030% APR
- 30-Year Fixed Rate Loan: 6.875% Rate / 6.977% APR
Get to Know the Mortgage Loan Process
Understanding the mortgage process can help set clear expectations. Here's a brief overview:
- Application: Submit your loan application with necessary documentation.
- Processing: RBFCU reviews your application and verifies information.
- Underwriting: An underwriter assesses your creditworthiness and the property's value.
- Closing: Sign the final documents, and the loan is funded.
One-Time Close New Construction Loan for Custom Homes
If you're building a custom home from the ground up, a new construction loan from RBFCU can finance the construction process. This loan typically converts to a permanent mortgage upon completion.
- 10-year One-Time Close New Construction Loan: 6.875% Rate / 7.086% APR
- 15-year One-Time Close New Construction Loan: 6.625% Rate / 6.896% APR
- 20-year One-Time Close New Construction Loan: 5.750% Rate / 6.204% APR
- 30-year One-Time Close New Construction Loan: 5.500% Rate/ 6.025% APR
Get to Know the Construction Loan Process
The construction loan process involves several key steps:
- Pre-qualification: Determine your borrowing capacity.
- Builder approval: Ensure your chosen builder meets RBFCU's requirements.
- Project review: Assessment of construction plans and costs.
- Loan closing: Finalize the loan to begin construction funding.
- Construction phase: Funds are disbursed in stages as construction progresses.
- Conversion to permanent loan: Upon completion, the loan transitions to a standard mortgage.
Home Equity Loan / HELOC Loan for Custom Homes
Leveraging your home's equity can be a smart way to finance renovations or additions. RBFCU offers:
- 4-Year Home Equity Loan: 5.375% Rate / 5.601% APR
- 7-Year Home Equity Loan: 5.750% Rate / 5.889% APR
- 10-Year Home Equity Loan: 5.875% Rate / 5.977% APR
- 15-Year Home Equity Loan: 6.125% Rate / 5.182% APR
- 20-Year Home Equity Loan: 7.000% Rate / 7.052% APR
- 30-Year Home Equity Loan: 7.250% Rate / 7.291% APR
- HELOC Line of Credit: 7.000% Rate / 7.065% APR
Get to Know the Home Equity Loan / HELOC Loan Process
Here's what to expect when applying for a home equity loan or HELOC:
- Application: Provide information about your property and finances.
- Appraisal: An appraisal determines your home's current market value.
- Approval: RBFCU evaluates your equity and credit profile.
- Closing: Sign the loan documents and access your funds.
Home Improvement Loan for Remodeling
For specific projects like a kitchen remodel, RBFCU's home improvement loans offer a straightforward solution without tapping into home equity.
- 4-Year Home Improvement Loan: 6.750% Rate / 8.013% APR
- 7-Year Home Improvement Loan: 7.125% Rate / 7.888% APR
- 10-Year Home Improvement Loan: 7.375% Rate / 7.938% APR
- 15-Year Home Improvement Loan: 7.875% Rate / 8.288% APR
Get to Know the Home Improvement Loan Process
The process for obtaining a home improvement loan includes:
- Application: Detail your project and financial information.
- Approval: Based on creditworthiness and project scope.
- Funding: Receive funds to start your renovation.
Land Loan
If you're planning to purchase land for future construction, RBFCU offers land loans with competitive rates.
- 4-Year Land Loan: 7.375% Rate / 8.126% APR
- 7-Year Land Loan: 7.625% Rate / 8.080% APR
- 10-Year Land Loan: 8% Rate / 8.339% APR
- 15-Year Land Loan: 8.250% Rate / 8.498% APR
Get to Know the Land Loan Process
Purchasing land involves specific steps:
- Application: Provide details about the land and your finances.
- Appraisal: Assessment of the land's value.
- Approval: Based on appraisal and credit evaluation.
- Closing: Finalize the loan to take ownership of the land.
Partnering with RBFCU and Hill Haven Homes offers you flexible and competitive financing options, ensuring your home project is both achievable and tailored to your financial standing.