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

How To Choose The Right Home Loan

3. April 2015 Administrator Home Loans (0)
With various financing institutions available today, finding the best deal on a home loan can be an overwhelming experience. When it comes to buying or refinancing a home, it is important that you carefully evaluate the pros and cons of different loan options. This will make sure that you are selecting the most suitable one according to your financial needs.

Given here are some of the important tips that can help you choose the right home loan from a credit union:

  • Loan Term: A lot of people opt for a longer term loan thinking that they can easily repay the amount. However, with this, they have to pay a greater amount of interest. On the other hand, short term loans can help you save thousands of dollars on your interest payments but requires a much higher monthly repayments to be made. If you have sufficient funds to pay off the loan easily, consider going for a loan with an optimum term and easy monthly installments.
  • Interest Rate: Mainly, credit unions offer two types of interest rates to the borrowers, fixed and variable. In the former one, the rate of interest and monthly repayments remain fixed throughout the loan tenure. In the latter option, the interest fluctuates as per the current market rates and so does the amount that you have to pay. It is advisable that you choose a fixed rate for a specific term and switch over to variable when the market rates are low. 
  • Extra Fees: Besides the interest rates, you must also check out any additional fees or charges levied by the lender. These may include the application fees, lender’s mortgage insurance, valuation fees, break fee, penalty for late payments etc. All these can make substantial changes to your monthly repayments. 
  • Additional Features: Make sure you clear all your doubts before signing your home loan contract. Ask your credit union if they offer redraw facility and if the loan is portable. This will help you to transfer your home loan to another property without having to carry out the entire process all over again. You should also ask if they offer any discounts for the repayments.    
We, at Greater Central Texas Federal Credit Union offer low interest home loans in Killeen, TX. For more information, feel free to call us at (254) 690 - 2274.
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GCTFCU Blog | Mistakes To Avoid When Applying For A Secured Auto Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Mistakes To Avoid When Applying For A Secured Auto Loan

20. December 2014 Administrator Auto Loans (0)

Applying for a secured auto loan can be a very confusing and deliberating task for many people. There are a number of terms and conditions that must be properly understood before you sign a contract.

Given here are some of the mistakes that people usually make while applying for a secured auto loan in Killeen, TX.

  • Not knowing your credit rating: Before visiting your financier, you must know about where you stand in terms of credit rating. Contact a reliable institution to know your credit score and the ways in which it can be improved. Even a minor alteration in your credit score can make a lot of difference in your car loan and its interest rates.
  • Not understanding the loan terms before signing: This is the most common mistake that people make while applying for a secured car loan. It is very important that you carefully read and understand all the terms and conditions of the loan agreement. You should also ask questions and clear all your doubts concerning the agreement.
  • Exceeding your monthly budget: You should not commit the mistake of buying a loan amount that is higher than what you can afford to repay. You should determine your monthly expenses and decide on a budget to buy a car accordingly.
  • Not doing enough research: It is not recommended that you visit one lender and finalize the loan procedure. Instead you must thoroughly research the market about the prevailing interest rates on secured auto loans so that you can compare and decide the best deal for yourself.
  • Not taking the shortest-term loan: As the value of cars depreciate over time it is beneficial to pay off the loan as early as possible. Although short-term loans may initially seem to have higher payments but you would end up paying less interest.
  • Signing under pressure: Signing the loan contract under any sort of hurry or pressure is another common mistake. Once you have initiated negotiations with the financier you should take your time to evaluate the options and decide what suits you best.

    • For more information on secured auto loans in Killeen, TX, contact Greater Central Texas Federal Credit Union. You can call us at (254) 690 - 2274 or visit our office at 3305 E Elms Road Killeen, TX 76542.

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