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

Things To Consider Before Applying For Home Loan

22. July 2015 Administrator Home Loans (0)
Filling for a home loan is a time consuming process requiring research and paperwork. You need to ensure that the loan suits your requirements and is the best deal in the market. Getting a loan from a credit union offers various benefits but you should consider certain important factors before applying for the loan.

Given here are a few points that you must consider:

  • Know The Jargons: It is essential to have a clear understanding of the terminologies involved in the home loan process to avoid misunderstandings. Some of these are annual percentage rate (APR), refinance, loan to value ratio, fixed rate, floating rate etc.
  • Determine Your Budget: You must set some time aside to determine your financial position taking into consideration the insurance and taxes. If possible, you should consider making a higher down payment against the loan. This will reduce the overall interest rate and subsequently lower your monthly payments.
  • Know Your Eligibility: The loan amount that you are eligible to borrow from a credit union depends on factors such as your annual income, previous loan payment records, credit card dues etc. In case you have any other liabilities, like a personal or auto loan, your eligibility may drop.
  • Tenure Of The Loan: Your monthly payment will be inversely proportionate to the tenure of the home loan. If you choose a longer tenure, the EMI will be less and if the duration is shorter, the installments will be high. However, longer duration loans also increases the total amount of interest paid. Therefore, you should carefully weigh all the alternatives to choose the appropriate loan tenure.
  • Type Of Interest Rate: In a fixed rate loan, the EMI does not change throughout the repayment tenure. On the other hand, in a variable rate loan, the EMI keeps on changing according to prevailing base rates in the market.
Greater Central Texas Federal Credit Union is a leading credit union offering affordable homes loans to the clients in Killeen, TX. We have an easy application process and provide instant approval for most home loan applications. The staff can assist in the application process and solve any queries pertaining to the loan application. For more information, you can call us at (254) 690 – 2274.
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GCTFCU Blog | How To Apply For Secured Auto Loans
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

How To Apply For Secured Auto Loans

24. October 2019 Administrator Auto Loans (0)



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GCTFCU Blog | Savings Tips For Youngsters
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Savings Tips For Youngsters

23. July 2021 Administrator Blog (0)
Youngsters are known to be strong believers of living in the moment! However, when it comes to finances, it is advisable to encourage them to plan ahead and keep a portion of their earnings as savings. This helps in securing their future and opens up opportunities for making investments early in life.

Here are some pro-saving tips for youngsters:

  • Make A Budget: The first step towards saving is to create a budget and stick to it. The purpose of creating a budget is to be watchful of income and expenses. It helps create a limit on the amount spent and to create savings for bill payments, entertainment, etc.
  • Practice Delayed Gratification: Youngsters need to work on self-control as far as expenses are concerned in order to save. Encourage them to save for a commodity or service instead of buying it on credit.
  • Keep A Tab On Expenses: Educate youngsters on financial management through personal finance books, online mediums and financial experts. This will help them understand how daily expenses can add up into huge amounts and their impact on savings goals. It will also help to minimize recurring monthly expenses.
  • Prepare An Emergency Fund: Teach them the importance of starting an emergency fund. Irrespective of how much they earn (from pocket money, summer jobs, part time jobs, etc.), encourage them to put away a certain amount as an emergency fund. They can make use of a money market account, certificates of deposit or a high-interest savings account for doing so.
  • Adopt Frugal Habits: Set an example for them by spending wisely by limiting expenses on housing, food, transportation, shopping and entertainment. Look for cheaper options wherever possible and tell them the amount you end up saving.
  • Avoid Lifestyle Inflation: Help them avoid falling into the trap of getting the latest gadgets and devices, cars, expensive designer wear and so on. Teach them to hang onto what they have for as long as they can, provided there is no depreciation in quality and utility.
  • Open A Savings Account: Encourage them to deposit a portion of what they earn into their savings account. It instills a sense of discipline every month and lays the foundation for healthy saving habits.
It is easier to develop a habit at a younger age, so encourage youngsters to start saving. Greater Central Texas Federal Credit Union offers an array of savings accounts to assist savings. To know more about savings accounts in Killeen, visit 3305 E. Elms Rd., Killeen, TX  - 76542 or call at (254) 690 – 2274.
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