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

Affordable Home Loans In Killeen, TX

13. August 2015 Administrator Home Loans (0)
With the ever-increasing property prices and soaring interest rates, it is important to choose the right home loan to avoid any financial issues in the long run. Keeping this in mind, a lot of home buyers prefer a credit union over bank for their financing needs. This is mainly because of the considerably low interest rates and better customer service offered by them. Additionally, the process of applying for a home loan at a credit union is much simpler, with minimal documentation and paperwork.

Given here are some of the benefits of choosing a credit union for a home loan:

  • Low Interest Rates: Being a non-profit organization, a credit union is not liable to pay any taxes to the state or federal government. This, in turn, allows them to offer low interest rates on their home loan products. Thus, you will have to pay lower monthly installments and be able to save more.
  • Account Holders Have A Say: As members of a credit union are its part owners, they have a say in the important matters of the credit union. This may be concerned with the working of the credit union, interest rate of loans or other services offered to the members.
  • Less Income Requirements: A credit union usually does not have a strict income criterion for an applicant to be eligible for home loan. Thus, people who have not been approved for home loan by a bank due to low income are quite likely to get approval at a credit union.
  • Fewer Processing Fees: The loan processing fees charged by a credit union are usually affordable and lesser than many other financial institutions. In addition, it also offers several other membership services such as online banking, checks, wire transfer etc. at a nominal cost.  
  • Speedier Closings: When you apply for a home loan at a credit union, you can expect an instant approval for the same.
  • Flexibility: Working solely for the benefit of the members, a credit union is not much stringent when it comes to their loan conditions and policies. They offer considerable flexibility in terms of loan products and repayment options.
We, at Greater Central Texas Federal Credit Union, provide affordable home loans in Killeen, TX. 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 | Things To Consider Before Applying For Home Loan
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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