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

Steps To Applying For A Home Loan

17. March 2017 Administrator Home Loans (0)
A credit union is a non-profit cooperative that provides home loans at low interest rates to its members. The organization aims at passing on the profits to the members and therefore adds a lot to their savings. It is important to be clear about the home loan requirements so that you can easily purchase the home of your dreams.

Below are some steps that you need to follow while applying for a home loan:

  • Get pre-approval: In simple terms, pre-approval is a written application that states how much amount the lender will let you borrow. This document is necessary so that you know exactly how much you can borrow and how much money you need to put from your side. This will help you divide your budget according to the monthly expenses. Various factors such as employment history, credit score, down payment etc. are taken into account while pre-approving a home loan.
  • Make the offer: After zeroing down a particular property, you need to prepare an offer in consultation with your real estate agent. Offer contains details such as purchase price, closing date and the time period for which the offer holds good for you. This is given to the seller who can accept or reject it. If your offer is accepted, you need to get home inspection done from a qualified professional. 
  • Complete the loan application: After coming to a conclusion regarding the price, you need to complete the loan application formalities. The lender will determine the terms and conditions of your loan, ask you to complete the loan documents and may also demand additional documents. These can include: pay stubs for the past few months and tax return details etc.
  • Get the interest rate locked: Locking the interest rate with your lender ensures that it does not go up while your loan is still getting processed. This is imperative because home loan interest rates can fluctuate on a daily basis and you would want the lowest interest rates for big financial savings.
  • Go through loan processing: In this step, your home will be evaluated to judge its market value. Apart from this, the lender will review your loan application, cross-check the documents, verify the financial information and also check the title details to ensure that all the legalities are in place.
  • Closing: During the last stage, your home loan documents will be sent to a title company so that you and the seller can duly sign them. A photo identity proof along with the down payment amount is required for closing. Apart from this, many other documents such as loan note and deed etc. need to be reviewed and signed.
We, at Greater Central Texas Federal Credit Union offer affordable financing services in Killeen, TX.  To know more about our credit union, call us at (254) 690 – 2274.
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GCTFCU Blog | Auto Loans In Texas
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Auto Loans In Texas

6. June 2012 Administrator (0)

Finding yourself desperate for cash is quite common scenario in these tough economic times. From small expenses like paying utility bills to really big expenses like purchasing a new car, it can be stressful to find yourself in need of cash with only a few money lending avenues available. And on top of that, banks continue to tighten their lending policies, making it difficult for many people to get approvals for personal loans and auto loans.

However, an auto loan is different from most other loans, because in this case, you are automatically putting your car up as collateral. It means that the lender is assured that if you do not pay the loan, he can make up for the lost amount by claiming your car. Such a loan will especially work to your advantage in case the car that you are purchasing is a brand-new one. 

One might wonder what the catch is for the person/ financial institution giving you the loan. The answer is that they are assured of getting the loan amount and the interest associated with it as they have collateral against the loan. When you are opting for a loan without the backup of a good credit history, you should be well aware of the fact that you shall need to pay a higher interest than you would in a regular loan.

There are still a few things that you can do to make the stakes more favorable for you as a borrower:

  • To start with, you must ensure that you have enough money for the down payment, because the higher the down payment, the lesser will be interest on the loan amount. It will also lead to lower monthly installments. 
  • Secondly, convince someone to be a cosigner in your loan. This could be your parents, or anyone else with a good credit history. 

With all this done, you are on your way to driving home a set of wheels, without having to worry about paying more interest than is necessary.

We at Greater Central Texas Federal Credit Union provide you with fastest and reliable auto loans in Central Texas, for both new car as well as used cars. For more details on secured auto loans and car financing, visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Secured Auto Loan - 72 Month Auto Financing

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