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

Ways To Manage Auto Loan

8. November 2017 Administrator Auto Loans (0)



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Home Loan Tips

28. October 2017 Administrator Home Loans (0)
Buying a home is indeed a dream come true and the experience is completely surreal. Today, one can take loan and pave their way to home-ownership. However, buying an ideal home involves huge finances that can put a burden on your pocket if not planned well. Here we have listed certain tips which must be considered before taking a loan.

  • Know Your Repaying Capacity – Do not borrow an amount which you cannot repay. Check if you have enough monetary and income sources to make sure you make no defaults on repayment of interest and loan amount.
  • Take Loan From A Credit Union – It is a wise decision to opt for loans from credit unions. To apply for loan, a credit union membership is quintessential. From liberal policies to low interest rates, they offer a wide range of home loan options to their members.
  • Start Saving For The Down Payment – No matter what type or amount of loan you opt for, saving early for the down payment is imperative. Saving and planning for your down payment helps you to take advantage of better options and to meet your financial commitments on time.
  • Avoid Long Term Loans – Longer the period of loan, more the interest rates. To avoid shelling out dollars, it is highly advisable to take loans for a shorter tenure which are affordable and easy to repay.
  • Ensure Complete Paperwork – To get qualified for home loan promptly, make sure that you possess all the necessary financial documents that your lender asks for.
  • Plan Your Budget – If you are planning to take a home loan in near future, plan your budget accordingly. Cut down on other expenses to make sure that you save enough to fulfil your financial commitments that shall arise when you opt for a loan.
  • Choose An Ideal Loan Option – Thoroughly research for all the available loans options and select that one whose terms and conditions suit you the best. Carefully choose the loan type after considering your financial status and requirements. Focus on all the aspects of the loan rather than just taking into account the low interest rates.
  • Improve Your Credit Score – You must have a good credit score to secure the best deal. The lender would certainly consider your credit records to ensure himself whether you would be able to repay your loan or not.
  • Use A Mortgage Calculator- It requires you to enter some basic details like price of home, your down payment savings, payments per year etc. The easy to use calculator allows you to calculate mortgage payments you would need to pay on the basis of the information you fill in.
We, at Greater Central Texas Federal Credit Union offer home loans to our members. For more information call us at (254) 690 – 2274.

Avoid Additional Car Loan Costs

25. October 2017 Administrator Car Loan (0)

Pathway To New Home

21. October 2017 Administrator (0)

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Membership Privileges At Credit Union

26. September 2017 Administrator Blog (0)
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Home Loan Application Checklist

21. September 2017 Administrator Home Loans (0)

Refinancing Your Auto Loan

14. September 2017 Administrator Auto Loans (0)
When you refinance your car, the present auto loan is replaced with a new one having an entirely different set of terms and conditions. You need to repay your loan to the new lender within the stipulated time period while keeping your vehicle as collateral. Refinancing your auto loan is a simple and quick process that has many benefits to offer. You have to pay an almost negligible amount as fees to refinance your auto loan.

In order to speed up the process of refinancing your auto loan from a credit union, ensure that you have the documents ready beforehand. All the application forms must be duly filled and it is essential to keep the car loan account number handy. Also, have all the information pertaining to your vehicle such as the car model, year of manufacturing, VIN etc.

The benefits of refinancing your auto loan are:

  • Reduced loan term: If you are looking to pay off your loan faster in short period of time, refinancing your auto loan is the best option available. This can happen if you have some major positive changes in your financial situation. Although this will lead to an increase in the monthly payment, the overall interest rate will come down. This will eventually lead to financial gains and contribute towards your savings.
  • Lowers the monthly payments: If you are finding it difficult to pay the monthly installments for your auto loan, it is good to opt for a refinance. This can happen if you have suffered a financial setback and need to bring down the monthly payments. A refinance will increase your loan term and provide you more time to repay. This extension in the loan period can help you manage your finances in a better manner.
  • Decreases the interest rate: A lower rate of interest is beneficial as it can reduce your total interest charge and help in repaying the auto loan at a faster pace. Therefore, if you think you did not get a competitive rate of interest in the first time, it is probably good to consider refinancing your auto loan.
  • You can own a car previously on lease: In case your car lease is about to expire, it can be easily purchased by using the option of auto loan refinancing. The loan you get from refinancing can be used to buy out the lease and hand over the payments to the lender. The advantage here is that you can own the car at the end of your loan term.
  • Handle your finances easily: Refinancing an auto loan can help you in managing your finances more efficiently. The amount you get from the refinanced auto loan can be utilized for repaying other smaller personal loans. Therefore, you get to pay only a single EMI instead of multiple EMIs that you were paying previously.
For refinancing options in Killeen, TX, get in touch with Greater Central Texas Federal Credit Union. We can be contacted at (254) 690 – 2274.

Credit Score: Do's And Don'ts

28. August 2017 Administrator Auto Loans (0)

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Banks Vs Credit Unions

23. August 2017 Administrator Blog (0)

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Reasons To Get A Loan From A Credit Union

20. August 2017 Administrator GCTFCU Blog | Credit Union Killeen TX | Home Loans, Secured Auto Loan in Central Texas
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Home Loan Process At Credit Union

22. April 2017 Administrator Home Loans (0)





How To Apply For An Auto Loan

29. March 2017 Administrator Auto Loans (0)


Advantages Of A Credit Union

22. March 2017 Administrator Auto Loans, Blog, Home Loans (0)



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Steps To Applying For A Home Loan

17. March 2017 Administrator Home Loans (0)
A credit union is a non-profit cooperative that provides home loans at low interest rates to its members. The organization aims at passing on the profits to the members and therefore adds a lot to their savings. It is important to be clear about the home loan requirements so that you can easily purchase the home of your dreams.

Below are some steps that you need to follow while applying for a home loan:

  • Get pre-approval: In simple terms, pre-approval is a written application that states how much amount the lender will let you borrow. This document is necessary so that you know exactly how much you can borrow and how much money you need to put from your side. This will help you divide your budget according to the monthly expenses. Various factors such as employment history, credit score, down payment etc. are taken into account while pre-approving a home loan.
  • Make the offer: After zeroing down a particular property, you need to prepare an offer in consultation with your real estate agent. Offer contains details such as purchase price, closing date and the time period for which the offer holds good for you. This is given to the seller who can accept or reject it. If your offer is accepted, you need to get home inspection done from a qualified professional. 
  • Complete the loan application: After coming to a conclusion regarding the price, you need to complete the loan application formalities. The lender will determine the terms and conditions of your loan, ask you to complete the loan documents and may also demand additional documents. These can include: pay stubs for the past few months and tax return details etc.
  • Get the interest rate locked: Locking the interest rate with your lender ensures that it does not go up while your loan is still getting processed. This is imperative because home loan interest rates can fluctuate on a daily basis and you would want the lowest interest rates for big financial savings.
  • Go through loan processing: In this step, your home will be evaluated to judge its market value. Apart from this, the lender will review your loan application, cross-check the documents, verify the financial information and also check the title details to ensure that all the legalities are in place.
  • Closing: During the last stage, your home loan documents will be sent to a title company so that you and the seller can duly sign them. A photo identity proof along with the down payment amount is required for closing. Apart from this, many other documents such as loan note and deed etc. need to be reviewed and signed.
We, at Greater Central Texas Federal Credit Union offer affordable financing services in Killeen, TX.  To know more about our credit union, call us at (254) 690 – 2274.

Steps To Get A Home Loan

28. February 2017 Administrator (0)

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Ways To Pay Off Your Car Loan Faster

17. February 2017 Administrator Car Loan (0)
Applying for a car loan seems like a ‘cake walk’ with credit unions. In addition to low interest rates and less paperwork, these lending institutions offer various benefits to make the deal more profitable for the clients. However, a loan comes along with a huge responsibility of repaying the borrowed amount with added interest.

If you are looking for efficient ways to save some money on interest and pay your loan before time, you may consider the following points.

Round up your payment – To shorten your loan term and save money on interest, you can round up your payments. For example, if your monthly loan payment is $384, consider paying $400. This may look a small amount in the beginning but it can help to reduce your loan period several months than expected. Apart from this, a round payment is easy to calculate and you do not feel overburdened by paying a little extra from your pocket.

Pay after every 2 weeks- You may strike a deal with your credit union to allow biweekly payments, instead of paying at the end of every month. This will offer the following benefits:
  • Since you will pay more often, less interest will be added on your money
  • You will be able to pay extra amount every year
  • Tenure of your loan payment will reduce
Pay extra at least once a year - If you cannot afford to pay biweekly payments, you can pay at least one extra payment every year. This can be done by adding a certain additional amount, say for instance $30, which may become equivalent to one month's payment. This will help you to stay ahead in your repayments and shorten the mortgage period.

Avoid skipping a payment- Option of not paying a payment may seem lucrative at first, but it does not provide any long term benefits. It will eventually extend your loan period for months and increase the rate of interest. Therefore, you must not skip a payment until and unless there is an extreme urgency to do so.

Save extra bucks – In order to pay your loan quickly, you can always save some extra money. If you have a part time job or any other source that gives you money, try to put it towards repaying your loan. Even if you collect $100 every month, you’ll be able to save $1200 every year.

Refinance your loan – A credit union may offer extremely low rates on auto loans, which can lower your repayment amount and decrease the loan period to almost half. Eventually decreasing the overall cost of your car loan.

Pay bill online – Credit unions offer discounts on signing up for paperless statements, as it saves the time of the lender as well as the payer. 

Some of the advantages offered by paperless billing procedure are–
  • There are no checks to write
  • No paper statements filling up your mailbox
  • You get timely payment reminders
  • 24 hours access to your account
  • You can pay from anywhere at any time
  • Security of your data
  • Provision for automatic payments
Paying your auto loan early gives incredible benefits. You can save a lot of money and utilize it to upgrade your home, pay off other debts, save for your retirement etc.

We, at Greater Central Texas Federal Credit Union, offer affordable car loans with minimal rate of interests.  You can either choose from unsecured or secured car loans. Our staff will assist you with the loan application and all the paperwork involved in the process.

For more details, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.

Pros And Cons Of Home Loan Modification

25. January 2017 Administrator Home Loans (0)
Home loan modification can be a good option for borrowers who find it difficult to pay their monthly mortgage installments. It is also sometimes helpful in avoiding a foreclosure and saving the lender from having to deal with the process. Lenders also suggest applying for a loan modification, particularly if the borrower is experiencing a temporary financial crunch. It provides the assurance that he will resume making timely payments over time.

What Exactly Is Home Loan Modification?

Home loan modification refers to the process of altering the terms and conditions of a mortgage agreement. It is usually requested by the borrower and on being approved by the lender, the loan repayment is then governed by the new contract. The lender may either approve or reject the application for home loan modification, depending upon the current financial condition of the borrower.

If you are planning to apply for a home loan modification, given below are certain pros and cons that you must consider before making the final decision:

Pros

Extended Loan Term

A shorter loan term implies higher monthly installments. This is the reason why most borrowers opt for a longer loan duration. However, when you extend the repayments to several years, you ultimately tend to pay more as interest. Home loan modification provides a convenient alternative to increase the loan term, without changing the rate of interest. The lender may extend your loan term initially, making it convenient for you to make the monthly payments.

Reduced Interest Rate

In a home loan modification, the lender may also reduce the interest rate for a short time period. This may be done to reduce the monthly installments and allow the borrower to recover from the financial crisis. In such situations, the loan conditions are re-evaluated to determine the amount you can easily pay according to the current debt-to-income ratio. The interest rate may then be temporarily reduced and gradually increased according to the market conditions.

Save Money For Other Liabilities

If you have another pending loan, such as an auto loan, student loan or credit card bill, getting your home loan modified may help you to save money to pay for these. With lower mortgage payments and lesser interest rate, you will have significant money to pay down each month towards other financial liabilities.

Cons

Strict Eligibility Requirements

In order to qualify for home loan modification, you need to convince the lender that you are genuinely facing difficulty in making the monthly mortgage payments. He may verify your credit rating, current financial position, other liabilities etc. to ensure that you are eligible for the program. You may need to provide a number of documents stating all your sources of income and monthly expenses, Due to the extensive paperwork involved in the process, getting a home loan modified may take approximately 30 to 180 days.

Negative Impact On Credit Score

People who apply for a home loan modification would obviously have some sort of financial crisis, which may be perceived as a risk by the future lenders. Applicants with a good credit rating and a flawless record of loan repayments are generally preferred by most lenders. Thus, modifying the home loan may greatly affect your future borrowing abilities, specifically if you are planning to get a higher amount.

Can Be A Risky Proposition

Home loan modification can be a real risk, particularly if you have not done your research. If the lending institution has proposed modifying the home loan, it does not necessarily mean that they will not initiate the foreclosure process. Though it may be true in some cases, you may have to leave your home while the loan modification application is still being reviewed by the lender.

Considering the above pros and cons, it is important to evaluate all your options before applying for a home loan modification.

Greater Central Texas Federal Credit Union is a leading credit union in Killeen, TX providing comprehensive financial services to the clients. We offer flexible home and auto loans at low interest rates and with easy repayment options. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.