What is Escrow? As a homeowner, you are responsible for expenses beyond your mortgage payment such as property taxes, homeowner insurance and mortgage insurance. Put simply, an escrow account is set up by your lender and helps you budget for these expenses by including them in your monthly mortgage payment. How Does Escrow Work? First,…
Understanding Closing Costs Now that you have found the perfect home, it is time to tie up all the loose ends and finalize the sale. Part of this process is to pay your closing costs. Closing costs can be a surprise, as they are more than most buyers expect, especially first-time homebuyers. With a good…
Forbes magazine named RCB Bank as the best bank in the state of Oklahoma in 2020. Nearly 25,000 consumers took a survey to discuss their current and former banking relationships. Based on consumer answers, RCB Bank ranked first in the state of Oklahoma based on its advantages in customer service, accessibility and financial advice. Banks…
Do you want to renovate a home after buying? Are you considering building a new home? In these situations and many others, you will need a construction loan before you start a traditional mortgage. Depending on your situation, different loans are required. Construction to permanent With a construction to permanent loan the lender releases money…
If you are considering buying a foreclosed property, it is good to familiarize yourself with the process. There are typically three times during this process when it is possible to buy the property: pre-foreclosure, at auction and after the foreclosure. What is foreclosure? A foreclosure is the process where a bank or financial institution takes…
Don’t be another victim. Thousands of people have lost millions of dollars and their personal information to fake IRS communication scams, according to the IRS. Here are important reminders from the IRS about tax fraud. Two most important things to know about the IRS. The IRS DOES NOT initiate contact by email, text messages or social media with taxpayers to…
In a recent trend, fraudsters are focusing their attention on ATM terminals. Be aware. Fraudsters are able to compromise a merchant’s payment system or ATM by use of malware or by attaching a physical device, such as a skimmer, which reads the data in the magnetic stripe and can be used to produce a fake…
If you receive a call or text from RCB Bank requesting information of any kind, hang up and call your local branch or a verified RCB Bank phone number.
The Bank will be closed on Monday, October 12th in honor of Columbus Day & Indigenous Peoples’ Day. Click here for a list of all holiday closings.