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

Home Loan Tips For First Time Buyers

8. October 2014 Administrator Home Loans (0)

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.

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

Credit Union: Benefits Of Membership

27. December 2016 Administrator Blog (0)
Since many years, credit unions have become a preferred choice of people who are looking for affordable and reliable financial services. Though they seem similar to other organizations, membership at a credit union comes along with many additional benefits to maximize benefit for the clients. Whether you are looking for an affordable home/auto loan or looking for beneficial savings and investment options, credit unions can offer you the most liable solution.

Given below are some of the benefits of becoming a member of a credit union in Killeen, TX:

Low interest financing options

The most significant benefit of joining a credit union is that you can avail home and auto loans at low interest rates. Being a non-profit organization, credit unions are exempted from paying the state and federal taxes which allows them to offer affordable financing options. Also, there are no stakeholders to share the returns and all the profits are directly returned back to the members.  

Easy application process

The process of applying a loan at a credit union is quite simple and straightforward. It does not involve extensive paperwork and the staff provides complete assistance through the entire process. You just need to fill out the form and submit the necessary documents. The processing charges and other fees are also minimal.

Quick loan approval

When you apply for a loan at a credit union, you can expect to get approval within a few days. In case of a secured auto loan, there are no rigorous background checks to be performed. The collateral provided by the borrower serves as a security against the loan amount. Therefore, such loans are usually approved within 48 to 72 hours.

Quality customer service

The staff at the credit union works with the sole purpose of providing convenient and superior services to the members. They provide personal attention to each client and help in resolving their queries regarding financial transactions. The customer service representatives are very knowledgeable and responsive to the clients’ concerns as well as feedback.

Volunteer board of directors

Unlike banks, credit unions are member owned and operated organizations. The board of directors are elected and nominated by the members every year. The board then formulates the policies and monitors the working of the credit union.   
Equal rights

Being a member of a credit union makes you a part-owner along with the right to say in the governance matters. All members can share their opinion and provide suggestions regarding new policy, irrespective of the amount of money in their account.

No stringent rules on minimum account balance

Credit union members are not liable to maintain a minimum balance in their account. They have complete freedom to withdraw as much money they want from their account any time. Also, the checking and savings accounts are federally insured by the National Credit Union Administration (NCUA) to provide complete security for your deposits.

Dividend on savings

At the end of every year, credit union members are entitled to attractive dividends on their savings account. All the profits earned by the organization are returned to the members in the form of dividends and attractive loan rates.

Hassle free account access

Credit unions in Killeen have a well-developed ATM network that allows you to withdraw money anytime and anywhere. You can even avail personalized services during the office hours or opt for online account access to view your loan summary and the financial transactions related to your account.

Lifetime benefits

Credit union membership offers lifetime benefits. You can continue availing the financial services even if you change your job, or place of residence. Some credit unions even allow you to nominate your immediate family members to become a member and avail the same benefits.

Additional services

Apart from loans, credit unions also offer a wide range of other financial services to the members. Some of these include low rate credit cards, payroll deduction, ACH origination, direct deposit, notary service, MasterCard gift cards, wire transfer etc.

Be a member of Greater Central Texas Federal Credit Union to avail a wide range of financial services. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.
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GCTFCU Blog | Consolidating Your Car Loans
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Consolidating Your Car Loans

11. August 2011 Administrator (0)

For the families that have more than one vehicle, it is logical to get your car loans consolidated. Consolidation of car loans is a process through which you can combine all your vehicle loans into one payment. Car loan consolidation can be very beneficial to you if:

  • You want a lower rate of interest
  • You have to pay several loan installments in one month
  • You want to cut down your monthly payment

Requirements for loan consolidation

  • Income proof- Most of the lenders seek a job of at least 6 months. However, long term employment would increase your credit worth. Gather at least six months pay statements to present for the verification of your job and income.
  • Insurance- Make sure that you all the vehicles that you want to cover under the consolidated loan are insured. Some insurance companies also offer discount on multiple vehicles.
  • Residence proof- A stable residency will increase your credit worth. You should be able to put forward at least six months utility bills for your address and a proof of identity.
  • Credit history - It is important that you have knowledge about your credit rating. Most of the time, you can be rejected for a car loan only because of a poor credit history. It’s not that you can’t consolidate your loans without a good credit history, but do not expect discounted rates of interest.

Benefits of consolidating car loans

  • A person who is paying large monthly payments can benefit from loan consolidation by increasing the time period of the loan. However, increased time period means more interest payment at the end of the day.
  • For the people who have multiple loans, consolidation can help to keep a record of the due monthly installments and pay them in time.

As a concluding point, car loan consolidation depends upon the situation of each and every borrower. Those who are already laden with debt should think before opting for consolidation.

To obtain cheap and secured loans easily and quickly, consider Greater Central Texas Federal Credit Union only. For any assistance, call us at 254-690-2274.

Lowest Used Car Loan - Secured Auto Loan

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