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

Guide To Home Loan Process

24. June 2017 Administrator Home Loans (0)

View Full Image

Steps To Get A Home Loan

28. February 2017 Administrator (0)

View Full Image

Questions To Ask When Applying For A Home Loan

5. February 2015 Administrator Home Loans (0)
Buying a new home is an exciting experience; however, it is crucial to be alert while arranging home loan. You need to make sure that you get the best offer to get a good return on your investment. Greater Central Texas Federal Credit Union offers a variety of home loan services to their members at affordable rates without heavy credit checks. Although you need to understand all the variables, as they will decide the amount that you will pay.  

When you apply for a home loan, you may have many queries in your mind. It is always better to ask the questions to the home loan provider to address your concerns. You should pay attention to the details and make sure that you are satisfied with the answers before you sign the deal.

Some of the questions that you should ask include:

Types of home loans offered

This is probably the most important question that you need to ask the loan provider. Credit unions offer different types of home loans and you need to confirm that the loan that you are applying for suits your needs.

Rate of interest

You must ask about the rate of interest charged to check if you can afford it. The rate varies and members can negotiate the repayment terms.

Queries about the application process

You should ask about the application process and the forms that you would be required to fill. Also, enquire about the documents that you may need to provide for approval such as proof of income, etc. This will ensure that the application process is hassle free and quick.

If you are eligible or not

Before applying for the home loan with a credit union, you must assess your needs and ensure that you are eligible. Your ability to repay your debt may decide your eligibility, as the home loan is a big commitment. The credit union can check your income, other debts and expenses before they approve the loan.

Repayments amount and terms

Depending upon the amount that you borrow the credit union will inform you about the repayment amount. You may be required to repay weekly, fortnightly or monthly and you can discuss the terms with the agent.

Inquire about application fee

Although the credit unions often do not charge any application fee; however, you must confirm it beforehand. Whatever queries that you may have regarding your home loan you should make sure that you discuss with a representative and clear your doubts.

Home Loan Process

6. December 2014 Administrator Home Loans (0)

Home loans are the best alternatives for people who want to own a house but do not have sufficient funds at hand. Borrowing a certain sum of money and them repaying in easy monthly installments helps to relieve the financial burden of the homeowners. However, there is a step by step that must be followed in order to getting a home loan easily. Once you have made your mind to buy a home, your first step after that should be to analyze your credit rating to be able to apply for a loan.

Here is complete process of applying for a home loan in Killeen, TX:

  • Pre-Qualification: At this stage, your lender will determine how much loan amount you can afford. He will ask questions about your total income, assets and liabilities. According to this information, he will be able to provide you a rough estimate of the money that you can borrow. Although this is not a certification of loan approval, however, you will have an approximate price range at hand and you can search properties accordingly.
  • Pre-Approval: This is a bit more formal process than pre-qualification.For pre-approval, the lender will verify your credit rating, employment and financial information provided by you.This will also help to strengthen your position to negotiate for a property you like.Sellers are more keen to accept offers from buyers who are already been approved for a home loan.
  • Choosing a Lender: There are a number of lenders such as mortgage brokers, banks and credit unions to procure a home loan.Make sure you compare several loan plans before deciding on any one. Although it completely depends on your own choice and preference, credit unions are a good source of financing. They offer low interest rates and easy repayment options on home loans.
  • Submitting The Application: You can visit your lender’s office or call their representatives to visit your place and get the loan application signed. You would also require certain documents to be attached while submitting the application. These may include pay stubs from the previous month, recent bank statements, proof of your assets and liabilities etc.

After this your lender will appraise the value of the home that you are considering to buy. He will also verify the authenticity of the documents submitted by you. Finally, if everything is satisfactory, the process will be closedand your home loan will be approved.

For more details about the home loan process in Killeen, you can contact Greater Central Texas Federal Credit Union at (254) 690 – 2274.