• Credit Unions Do Not Operate For Profits: Credit unions are non-profit institutions that are focused on providing affordable financial services to their members instead of lone purpose of making profits. The profits earned by credit unions are given back to the community in the form of dividends, low fee for various services, lower rates on loans and higher interest rates on savings. Credit unions invest their capital back in the community to support home equity loans, car loans, home loans, business loans and more at competitive rates.
• Lower APR Loans: People can benefit from low APR loans offered by credit unions. It helps low-income members of the community in achieving their financial goals.
• Financial Security: Credit unions provide financial security as they are insured by the National Credit Union Administration (NCUA). Members are protected from losses on their savings accounts and share draft products.
• Equal Rights: Created by members for members, credit unions do not discriminate amongst its members. Every member enjoys equal voting rights for important decisions like choosing board members of the credit union. Decisions made by members of credit unions in higher positions are focused on the benefits of all other members.
• A Variety Of Services: Credit unions offer a variety of services such as online payment of bills, 24 hour account access, payroll deduction, notary service, free and unlimited check writing, ATMs, regular share savings accounts, MasterCard gift cards, MasterCard cash advance, IRAs, Share Certificates of Deposits, Club accounts, overdraft protection plans and more.
• Community Involvement: Credit unions foster a spirit of community involvement by organizing programs and events for community welfare. Members and non-members are encouraged to participate in these events & programs and the money raised through such events is used for a noble cause.
• Spread Financial Literacy: Credit unions organize special events aimed at teaching financial skills such as saving, budgeting, good spending habits and investing to members of the community. Some credit unions even organize fairs at schools in the community to provide real life financial management guidance to students. They are trained and counselled to understand financial matters.

• Account Agreement: The agreement that determines membership eligibility, conditions for share accounts and other banking operations.
• Accrued Interest: Interest that is due but has not yet been paid to an account holder of a share account. It can also be due interest that has not yet been paid to the credit union by borrower of a loan.
• Adjustable-Rate Mortgage: A mortgage without a fixed interest rate. The rate fluctuates on the basis of market conditions such as index rate.
• Annual Percentage Rate: Percentage indicating the cost of credit on a yearly basis.
• Annual Percentage Yield: A percentage indicating the total amount of interest paid on a share account. The amount is based on the interest rate and frequency of compounding for the year.
• Annuity: Life insurance contract sold by brokers, insurance companies and other institutions as retirement investment.
• Automatic Bill Payment:  An automated system for an account holder to pay recurring bills.
• Available Credit: The remaining amount of funds in a line of credit or account that a member can borrow.
• Closing Costs: Expenses incurred by sellers and buyers when transferring the ownership of property.
• Collateral: Assets offered by a borrower for securing a loan or some other form of credit.
• Drawer: A person/entity who writes a check or draft asking the drawee to pay another.
• Drawee: The credit union or financial institution expected to pay a check or draft that is presented for payment.
• Escrow: The act of holding money or documents by a neutral third party prior to closing the property.
• Foreclosure: Legal process of selling property and using the proceeds for covering a mortgage debt.
• Open-End Credit: A credit agreement allowing members to borrow against pre-approved credit line for purchasing goods and services.
• Overdraft: When the amount in an account falls short of the amount being withdrawn from a checking account or share draft account.
• Payee: A person or organization to whom a check, draft or note is made payable.
• Payoff: Complete repayment of a loan.
• Share Draft Account: Checking accounts are called share draft accounts by credit unions. They are transaction accounts.
• Uncollected Funds: A part of a deposit balance that is due to be collected by the depository financial institution.

• Credit Score - Credit score of a person is an important factor in deciding the amount of car loan they will get. Check out your credit score to calculate as to what amount of loan you would be able to qualify for. Also a good credit score can help you save on interests.
  

• Down-Payment - The amount you pay for down payment decides the amount of loan you would further need. If you have enough savings in your hand then you can easily pay more amount as down payment initially. Higher the amount, the lesser will be the amount of loan you would need, thus making it easy for you to qualify and get approved for a car loan. You can easily calculate the amount of loan and the interest thereon after considering the amount of down payment.
  

• Monthly Instalments -  An important aspect while determining the value of your car loan is the amount of monthly instalments. Plan your budget and calculate what amount of money you can easily pay. You want a loan with monthly instalments that will blend with other expenses you might have. Stick to the rule of not spending more than half of your monthly income on financial obligations towards other parties. Aim for a low budget as you will have an auto insurance to cater to on the purchase of a new car.

• Tenure - Do the rounds with lenders in your area and tell them your preferences based on where you stand financially. For clients with a good credit score, lenders usually recommend short-term loans. These loans have lower interest rates and higher monthly instalments. If you are looking for lower monthly payments and don’t mind higher rates of interest, then long-term loans are your best bet.
  

• No alterations in the rate of interest irrespective of market conditions.
• Perfect option for people who have fixed budgets.
• It is a secure alternative.

• Loans are 1 to 2.5% higher than floating interest rate depending on the bank.
• If the interest rate decreases in the market, you will not get any advantage.
• In some instances the fixed rate home loan is fixed only for a few years and not the complete loan tenure.

• Cheaper than fixed interest rate home loans.
• If the floating rate increases than fixed rate, it is temporary and not for entire loan period.
• Can prove to be beneficial if you want to save money.

• Monthly installments are not constant.
• You can face difficulty in planning your budget.
• There has been a hike in floating interest rates in recent times.

Most people who wish to gain possession of a new house seek for a reliable source of money to help them realize their dream. As a first time property buyer, there are a few things you should consider before getting a loan. They are mentioned below -

Decide the type of house

Before you even apply for a home loan you should be clear about the type of house that you wish to buy. Your options include apartments, duplexes, condos and mansions. Deciding on the most suitable kind of home helps you get suitable terms based on the price of the house (and consequently the return term for the loan). This can even help you score a favorable return term for investing in 'need based' acuity.

Decide the number of years

You as a loan seeker should decide on the number of years that you want to return the borrowed amount over. If you have a decent income and can afford it you should try to pay the debt off in a short term such as 4 or 6 years. The quicker a loan is paid off the lower is the gross interest amount. But before making your mind you should take your overall budget and foreseen expenses into consideration as well because selecting a longer term can help you deal with the costs even if you wind up paying more interest. 

Determine your loan eligibly

You should deal with all impending charges, bills and loans and focus on maintaining a consistent streak to get your credit rating higher to increase your loan eligibility. This will help you file for a loan successfully in the first attempt. In addition you should not forget to carry all the important documents to prove your eligibility.

Know about the charges

You should infer about the any additional charges before applying for the loan. Additional charges include those related to administration, service and any other fees. Also, choose the lender based on the amount of overhead charges charged with the home loans.

Consider credit unions

Finally, look into any credit union in your local area as the interest rate offered by credit unions is significantly lesser than a typical bank. As the very basis of their existence is to help the community the staff at credit unions is always rooting for their clients and goes out of their way to guide them. You can also use such credit unions to address other financial needs such as opening a saving or current account.

We, at Greater Central Texas Federal Credit Union provide affordable home loans. For more details, kindly visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

If you are looking for a home loan, then there are a number of reasons that you should consider home loan from a credit union. For all those who are not aware about this option, credit unions are financial, non-profit organizations that offer checking and saving accounts, accept deposits, and provide credits for buying vehicles, homes, etc. The credit unions are member owned financial cooperatives that are entrusted with the responsibility of building up the local community. These unions do not have to pay taxes or other operating costs like other profit earning organizations.

Credit unions are exempted from most of the federal and state taxes and are carefully regulated.  These unions do not have to pay taxes or other operating costs, unlike other profit earning organizations, which helps them provide better services to their members. The National Credit Union Administration keeps a watch on all the credit unions and insures that the interest of the members is safeguarded. Credit unions have minimum operating costs and this makes them offer home loans at low mortgage rates as well as low closing costs which provides them a competitive edge over other organizations.

There are a number of benefits of getting home loan from credit unions and some of them are

•  No fee
• Low mortgage interest rates
• Quick closings
• Personalized service

Most of the credit unions offer a full range of mortgage solutions for buying a home, refinancing and even renovating a home. The credit union does a credit check once you join it and if you have a consistent income and maintain good credit then you can easily qualify for a home loan. Unlike conventional loans, the credit unions do not indulge in many formalities and follow lenient underwriting guidelines. To avail home loan from a credit union, firstly you will need to find a union that can offer you a reliable banking experience. You should research extensively to find a union that can help you and suit your requirements. You can enquire and find out about all the services offered by the credit union. Once you become a member of the credit union you will be provided with financial support and personalized services. By applying for a loan at a credit union you can be sure of easier credit check, low interest rates and personalized customer interaction.

 To avail home loan from a credit union, first you need to find a union that can offer you a reliable banking experience. Research extensively to find a union that can help you and suit your requirements. Find out about all the services offered by the credit union. Once you become a member of the credit union, you can get financial support and personalized services. Unlike conventional loans, the credit unions do not indulge in many formalities and follow lenient underwriting guidelines.

Before considering applying for a home loan, there are a few things that need to be understood to get the loan you want. Carefully thinking about what might adversely affect your home loan can save you from a lot of hassles like irregularities in payment of installments, unpaid balance on credit cards etc.  Applying for a loan for home can be very stressing and therefore, after carefully analyzing your financial position and credit history should one consider applying for a home loan. Below are some of the do's and don'ts that must be followed to make the home loan process smoother.

Dos

• All the loan and debt payments should be made on time to keep your credit history clean. Not adhering to this rule deliberately reduces the credit score. This credit score determines what amount of home loan you will get if you manage to get one.
• Credit card payments can be missed but payments of installments of other mortgages like auto loan should be prioritized. It shows that you pay installments on time. After looking at the performance of similar mortgage loans, the credit scoring system will assign you the score. Credit card payments can be made later as they have fluctuating balances.
• To avoid raising any red flag, your credit card transactions should be normal like before and should not be stopped immediately.
• Any inconsistencies, inaccuracy and missing information should be removed from the credit reports to make it clean of negative data.
• Unpaid balance in credit cards should be paid off to the point that  balance ratio becomes less than 30%.

Don'ts

• Loan approval process can be impacted by your job stability. If you are constantly changing jobs and changing positioning in a company it might hurt the approval of your home loan.
• Any major purchases like car, lines of credit for furniture, expensive gadgets should be avoided. This also impacts your credit score and hamper your chances to get your loan approved.
• Purchase of clothes for family should be limited. Instead of buying clothes at every occasion, they can be bought at one or two occasions.
• A new credit card should not be opened. New credit card adds additional inquiry into your credit score which kills chances of getting a home loan.
• Previous credit card accounts should not be closed either. It has a negative impact on your credit score.
• Some people get a new loan while applying for a home loan. It looks bad with the underwriters and must be avoided.

Home loans applications can be rejected if the borrower doesn't comply with some of the tips mentioned above. No change in number, accounts, address should be made to avoid getting the applications rejected.

We, at Greater Central Texas Federal Credit Union, offer home loans at very low interest rates. Interested individuals can contact us at (254)-690-2274 for more information or visit us at 3305 E. Elms Rd., Killeen, TX  76542.

Home loans enable you to purchase your dream house while not having to make a large one time investment. It helps you instead by letting you stagger payments monthly over a set duration of time. Taking out a home loan can be a relatively complicated process, depending on market conditions and your own requirements. There are a lot of things to consider, including the amount of the loan, the conditions and duration of repayment, the rate of interest you will be charged and the amount of the monthly payments you will have to make. While for most people, the procedure might go off without a hitch, there are a number of mistakes that can significantly increase the amount of time and hassle involved. Avoiding these mistakes will surely put you in a better position to get your home loan processed smoothly and fast.

1. Getting a Credit Score – The one thing you should never forget while applying for a home loan is to get a comprehensive credit score. You should use the service of a reputed and effective credit rating agency to get your credit evaluated and to make sure that your credit score is free of errors. In fact, it is a good idea to get a credit score sheet out periodically so you can stay on top of your credit records.
2. Avoid other Loans –While applying for a home loan, make sure that you do not apply for other kinds of credit at the same time. For at least a time period of six months before your home loan application gets through, you need to ensure that you do not apply for other kinds of credit like personal or auto loans. This might lead to your loan application getting cancelled.
3. Check your Source – When applying for a home loan, make sure that you perform thorough checks on the institution that you are considering for the loan. Carefully check the terms of the loan and go through all the documents carefully before deciding on a particular loan. You can also hire the services of Greater Central Texas Federal Credit Union that helps get secured home loans and provides assistance through the entire process.
4. Consider Pre-approval – If you have had a successful and long relationship with an institution, you might be eligible for a pre-approved home loan. These loans take less time and paperwork to process, and make the processes much smoother altogether. You should not miss the chance to grab a pre-approved home loan offer if you can get your hands on one.

To procure quick and affordable home loan in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at (254) 690 - 2274.

More and more prospective homebuyers are relying on credit unions for home loans these days, as the credit unions offer a variety of plans and benefits to the members. Besides competitive rates, the credit unions offer low closing costs and their loan programs are ideal to meet typical financial needs. Here are some reasons that make credit unions a good source for home loans in Killeen TX.

• Better Chances of home approvals: It is a fact that the credit unions are more considerate towards you as a member. They listen to your reasons and offer a quick approval. Even if you had problem with your credits in the past, credit unions are ready to make adjustment in the loan terms for the members.  This definitely is one of the major reasons that people seek loan from credit unions now a days.
• Lower rates of interests: The major reason that people are counting on credit unions for their home loans is lower rate of interests. Besides lower banking fees, they require lower balance. This makes them the first choice of union members who want to apply for home loan, or any other loan.
• Personalized service: Credit unions are members oriented. They are nonprofit organizations that help the members for the growth of the community. The aim of a credit union is to provide members with quality customer services. As, all the decisions are made by the volunteer board members, so they have a personalized approach. You can easily tell them your concerns about your loan and flexibility that you desire in your payment options. The credit unions often consider your issues and work with your best interests in focus.
• Low closing costs and time: Getting home loans from credit unions involve less paper work and bureaucratic formalities. It takes less time to get the loan from the credit union and it involves low closing costs.
• Guidance: The credit unions have their resource centers where you can get all the required information regarding your home loan. The guides available there at the center help you take better decisions. Whether you have already taken a loan or applying for the first time, you can get reliable answers to your queries here.
• Non-profit: The credit unions have non-sales approach, as they do not work for profits. The unions work for the advantage of members and are not driven to make profit by selling anything. Their all profits return to the members in the form of lower rates

The real estate industry in Killeen, Texas is buzzing today with many people looking to buy the house of their dreams here. Whether it is an apartment, villa, or any other property, buying a house is considered as a good investment. Financing a house can be tricky at times; of course you have savings from your hard-earned money, but there is always an option of getting a secured loan Read on to know how a credit union can help you with getting the requisite financial resources for buying your new house.

• The home loans offered by credit unions come at typically lower interest rates. In addition, there are a variety of options to choose from when it comes to an interest rate that best suits your pocket. Lower interest rates mean guaranteed peace of mind as you enter into your new house and live freely with family and friends.
• Credit unions offer fast approval of home loans as compared to the conventional sources of financing the purchase of house. Getting a loan sanctioned can be a tedious and time consuming process and today nobody has time to waste. With credit unions in Killeen TX you can benefit from applying online for loans and getting them sanctioned at the earliest possible time. It can be done from the comfort of office or home.
• Another factor is availability. With a credit union, the clients do not have to worry about timings; they can apply for loans and get them sanctioned as and when it is convenient for them and not worry about opening and closing times.
• To apply for a home loan in Killeen TX, many credit unions offer helpline numbers that are functional round the clock. As a customer, you may have valid concerns and queries related to your loan; a credit union will appropriately address those at a time convenient to you.
• The loan solutions offered by credit unions are highly unbiased. Every dealing is done keeping in mind the requirements and budget of individual customers. These days, credit unions also offer the option of secured loans wherein you can pledge assets as collaterals to obtain the loan. This is a good way of financing the purchase of your house.

So if you are looking to get a home loan at competitive rates for purchasing a house, a credit union is your best option.

If you are looking for easy, fast, and convenient home loan options, then you can turn to a credit union in Killeen, Texas. Unlike banks, credit unions offer more advantages and competitive home loans. If you are an existing credit union member, then you can consider Credit Union’s home loan offers over other alternatives. People are often not aware about the home loan available with the credit unions, as these unions do not advertize much about their products.

What credit Unions are

Credit unions are non-profit banking organizations that work on limited budgets. These unions do not advertize their loan options vigorously; however, that does not mean they do not have much to offer potential borrowers. These lending organizations offer some of the most attractive loan packages. A credit union provides finance options to members only. Unlike other financial organizations that are run by investors and stockholders, members own credit unions and pool in money to finance loans to borrowers. So, their loans are not externally funded. A number of advantages of getting home loans from credit union in Killeen TX are listed below:

• Lower Interests: As the sole motive is to provide financial services to their members, Credit Unions offer low interest rates on home loans. Due to lesser interest rate, borrowers need to pay less monthly mortgage payments.
• Better customer services: In comparison to banks and other financial institutions, credit unions offer personalized and better customer services. They are responsive and helpful when you need more details.
• Quick closings: Credit unions do not require lot of paperwork and bureaucratic formalities. Unlike banks, they offer quick closing of your home loan.
• Qualify with Lower income: If your gross income is not sufficient, even then you can apply or qualify for a home loan from a credit union, as they have set their income requirements quite low. If you are a member of the union, you can avail the loan in spite of your meager salary.
• Better treatment: Being a member of the union, you get a better treatment from the credit union and have a say in important matters and issues, whereas, in banks and other lending institutes, you are just treated like a customer.

We, at Greater Central Texas Federal Credit Union provide quick and cheap home loans in Texas. For more details, you can visit us at 3305 E Elms Road, Killeen, TX 76542. You can also call us at (254) 690-2274.

• Higher chances of approval: If you have a lower income, you stand a higher chance of getting an auto loan approved at a credit union than at a bank. The staff at a credit union is inclined towards adjusting the terms of the loan to suit the needs of each client. Pre-approved auto loans may also be extended to make your vehicle purchase a hassle free exercise.
• Competitive rate of interests: The biggest benefit of getting an auto loan from a credit union is that the interest rates are quite competitive. As these institutions are not liable to pay any state or federal taxes, they are able to offer loans at much lower interest rates.
• Non-Sales Approach: Since a credit union works for the benefit of its members, the staff does not compel the clients to purchase the loan. Instead, they help the clients compare different loan plans and choose the one that best suits their requirements.
• Profits are ploughed back: All the profits earned by the credit union are returned back to the members by way of low interest rates, higher dividends and more returns on savings accounts.
• Friendly service: The management team of a Credit union comprises of members from the organization itself. You may have one to one sessions with loan officers and discuss your queries while your loan is being processed. Unions are flexible and comforting to their member’s concerns.
• Membership is easy: Becoming a member at a credit union is quite easy. The eligibility criterion to be approved for an auto loan is also not too stringent at a credit union.
  

If you have been thinking about buying a car and are worrying about the finances, then credit unions can be the perfect solution for all your concerns. The easy and affordable car loans offered by the credit unions in Killeen, TX have made car buying easy for everybody. Whether you want to buy a new or used car, there are a number of reasons why you should consider getting a car loan from a credit union.

• Better chance of approval: You are more likely to get an easy approval for car loans at a credit union than from a bank. Credit unions aim at the benefit of their clients and are even ready to make slight modifications in the policy to suit the needs of their clients.
• Lower rates of interest: A credit union offers affordable car loans at lower rates of interest than any other lending institution. With such low interest, you can make a lot of savings and invest your hard earned money in other profitable ventures.
• User friendly loan process: With most lending institutions, the applicants have to personally go and submit the papers for the loan. However, with a credit union, you can even apply online for a loan which helps you save time.
• Personalized services: Since credit union are non-profit organizations and is managed by a group of volunteer board members, they keep their customers’ interests on priority. You can freely talk to them about the loan, repayment options, as well as your financial position. They can suggest some loan options that could be better for your situation.
• Resource centers: Credit unions have well established resource centers in order to provide information to the customers about the different financing options and help them in making the right decision.
• Non-sales approach: Credit unions do not work for their own profit and rather their sole purpose is to provide easy