Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Ways To Increase Your Eligibility For Home Loan

7. May 2015 Administrator Home Loans (0)
Purchasing a home is usually the biggest investment that one makes in a lifetime. Being approved for a home loan can make the process of owning a home quicker and easier. However, there are various criteria and conditions that you must fulfill to qualify for a loan. A credit union is a good option to apply for a home loan as you can be provided instant loan approvals at very low interest rates. By following certain tips you can increase your eligibility for being approved for a home loan.  

Here are some points that you must consider:

Relaxing the loan repayment tenure

Relaxed loan repayment tenure increases the home loan eligibility of the borrower. This is due to the reasonable interest rate and lower EMI, which makes the lender more confident about the loan repayment.

Paying off outstanding loans

Before applying for a home loan, it is advisable to pay off any other outstanding loans. Borrowers with negligible outstanding loans and good payback history are given priority. However if it is not feasible to pay back the whole outstanding loan amount you can consider providing information about the remaining loan amount. A strong financial background assists in getting approved for a loan.

Clubbing of income

A higher income improves the eligibility of getting approved for a home loan. A family can consider clubbing of income of two or three members to improve eligibility.

Considering step up loans

Step up loans give the option of paying back the total amount in two ways. The first half of the amount is payable at a lower interest rate while the remaining amount can be paid over a period of time at a higher interest rate. Due to the easier payback terms in the first repayment period, eligibility for the home loan also increases. Borrowers applying for home loan can consider these loans for better home loan eligibility.

Consider perks in addition to salary

When applying for a home loan, you can improve your eligibility by providing proof of perks in addition to your salary. It can be income from a part time job, rental income, performance appraisals and bonuses etc.

By following these tips you can increase your home loan eligibility and the chance to own a home. We, at Greater Central Texas Federal Credit Union, offer affordable and convenient home loans to the people of Killeen, TX. For more details, you can call us at (254) 690 – 2274.
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GCTFCU Blog | Applying For A Home Loan In Killeen, Texas
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Applying For A Home Loan In Killeen, Texas

19. February 2016 Administrator Home Loans (0)
Whenever you are planning to buy your dream home in Killeen, TX and applying for a mortgage, the most important thing that you need to focus on is your budget. You must know how much monthly installments you can afford to pay. In addition to the EMIs, some other costs are also included in the home buying process. This may comprise the closing costs, credit report fees, home appraisals, application fees, taxes, title transfer fees etc. Therefore, you need to take all factors into account before applying for a home loan.

Below are some tips that can be utilized when you are going to submit a loan application at a credit union:

  • Save money: The terms and conditions for getting a home loan approval keep on changing from time to time. Therefore, if you are planning to apply for a home loan, make sure you have enough cash reserve. You may need to pay the down payment right away once your loan is approved.
  • Get pre-qualified: Knowing how much you can afford is a key step in getting pre-qualified for a loan. Your lender may ask questions pertaining to your monthly income, estimated down payment and the assets you own. Pre-qualification helps in determining your borrowing capacity but it does not guarantee an approval for your loan.
  • Get pre-approved: In order to get pre-approved for a housing loan, you need to submit your recent bank statements, proof of income, and income tax return papers along with employment information. This will help your lender in cross-checking if you have sufficient funds to repay the loan amount.
  • Compare housing loan rates: Compare the various housing loan rates being offered by different credit unions to select the most suitable plan. Most of the credit unions in Killeen offer flexible loan terms thereby making it easier for customers to get approval.
  • Know your credit score: It is important to review your credit score before applying for a home loan. This is a critical factor in deciding your eligibility for a home loan. Also, it is imperative to pay all your bills on time, lower your debts and have a good credit report.
We, at Greater Central Texas Federal Credit Union, offer affordable home loans in Killeen, TX. For more information, you can call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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