GCTFCU Blog | Credit Union Killeen TX | Home Loans, Secured Auto Loan in Central Texas

Credit unions are financial cooperatives comprising of members who pool their money which is further used to provide loans, financial products and services, and demand deposits to one another. The income generated by a credit union is used for various projects and services that are in interest of community and members of the union.
On the surface, credit unions have many similarities with other financial institutions, but they greatly differ in their working. To understand the working of credit unions, let’s look at the following points:

They are owned by their members. Anyone who opens an account with a credit union, albeit a small one, becomes a partial owner. So, every member has an equal right to vote for the leadership position of the union. However, to become a member, one needs to qualify. For this:
- You should live, work or worship in a particular city or area,
- Be a member of a certain group e.g. the same college, armed forces, a church, etc.
You will have to fill out an application form, prove your eligibility, provide the name of a relative, employer or organization you work for and personal information such as your place of residence and work.
Thereafter you will have to choose the financial services you are interested in.
Once you are eligible for being a member of the credit union, the next requirement is to open an account with it.
Credit unions are federally insured or protected by National Credit Union Share Insurance Fund (NCUSIF).
They consist of an upper management body which formulates strategies, makes policies and so on. This board generally comprises of elected volunteers.
Service precedes profitability in credit unions and this is the reason for which they offer competitive rates for their services and products.
Most credit unions offer savings and loan accounts to their members along with other additional products and services.
Credit unions provide services such as Checking Accounts, ATM Cards, Credit Cards, Auto Loans, Payroll Deduction, Direct Deposit, Notary Service, Mastercard Cash Advance, On-Line Access, Mastercard Gift Cards, Wire Transfer, ACH Origination, Bill Pay etc.

You can become a member of Greater Central Texas Federal Credit Union to avail the services offered. For more information, visit at 3305 E Elms Road, Killeen, TX 76542. You can also call at (254) 690 – 2274.

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

Home Loan Process In Killeen, TX

16. June 2016 Administrator Home Loans (0)

Buying a home is a big decision which may get a bit overwhelming if one does not understand the mortgage process. There are some tangible preparations that need to be made while deciding on a home loan. A credit union works towards making the process as easy and smooth as possible for its members.

Here are the steps involved while applying for a home loan in Killeen:

Get a pre-approval: A pre-approved loan will let you know the type of home you can afford to buy. It also assures the seller that you are a responsible buyer and genuinely interested in buying the property. The lender will assess your total income, debts and other financial liabilities to evaluate the loan amount you can be pre-approved for. Once the amount is known, you can go about scanning for a suitable home in Killeen that suits your requirements.

Keep all documents ready: All the important financial documents like bank statements, employment letter, salary proofs, home insurance, tax returns etc. must be kept ready. These may be reviewed by your loan officer to assess your borrowing ability and submit the application.

Understand loan type: One must decide if he needs a fixed rate mortgage (interest rate stays the same during the entire tenure of the loan) or flexible mortgage rate (interest rate fluctuates according to the market trends). This choice may depend on your current and future financial condition.

Closing the loan: Once all the paper work is done with the credit union, the next step is to go through the terms and conditions of the loan plan all over again. You may need to submit a copy of the property documents and a few postdated checks to close the deal.

Your search for your dream home in Killeen will be fulfilled if you have invested enough time in understanding the loan process and making viable decisions.

Contact Greater Central Texas Federal Credit Union for hassle free home loans in Killeen, TX. For details, call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX 76542.

Benefits Of Getting Loan From A Credit Union

10. June 2016 Administrator Blog (0)

A credit union is a financial cooperative for the people of a community. Since the purpose is to work for the benefit of the members, it offers home and auto loans at fairly simple terms that can efficiently work in everyone’s interest. Following are some upsides of getting loan from a credit union:

Willingness to give loans: Credit unions understand their members‘ needs to take loans and patiently assess their credit history and financial ability to provide them the required amount. The loan eligibility requirements are not so stringent at a credit union which increases the likelihood of getting an approval.
Low fee and rates: The purpose of a credit union is not to make profits but to offer financial aid to the members to its members. Thus, they offer low interest rates and processing fees on all loan plans.
Personalized service: The credit union board of directors consists of the members and thus you can expect to receive personalized services. The staff reviews your concerns regarding loan term, repayment flexibility and financial needs to offer a customized loan plan.
Provide proper education: Credit unions provide complete assistance to the members regarding the financial tools and resources available. Thus, you can seek guidance regarding how much money you should borrow or the premium amount you should settle on as per your financial position. Credit unions have professionals to guide you through the loan process.
Unions are stable: Market fluctuations do not make your monthly repayments volatile when you have get a loan from a credit union. This is because the source of their finance is the deposits of other members. This make the credit unions a stable source to finance your home or vehicle purchase.
Other benefits: Besides simplifying the loan process, the credit unions also offer many other services for the benefit of its members. These may include wire transfer, savings and checking account, MasterCard, ACH origination etc.

A credit union provides the required convenience and stability that every loan seeker looks for. You may compare the terms and rates from other available options too before making up your mind. It is not a problem if you aren’t a member of a union yet. It is easy to gain membership and reap the benefits of the financial services offered by a credit union.

If you are looking for an auto or home loan in Killeen, TX, consider Greater Central Texahicon-comment">(0)

Roth IRAs are individual retirement accounts which promise tax-free income on retirement. Roth Individual retirement accounts are the best option for those interested in lower taxes and more retirement savings. Thus, you save after paying your taxes. It is a great form of investment for people of all ages. In addition to the tax advantage, Roth IRA’s allow you to use the money for different purposes other than as a retirement fund without being taxed or charged for the same. You can visit a nearby credit union for more information on Roth IRA’s.

If you are wondering whether a Roth IRA is a good investment option for you, here are some reasons in favor of this investment option:

Easy Withdrawal: The best thing about Roth IRA’s is that there are no restrictions on withdrawing money like in other retirement plans. You are free to withdraw any amount of money at any time for any purpose. This is helpful in case of emergencies when you might need quick cash.
Tax-Free Retirement Income: You are not expected to pay any taxes on the amount saved for decades. That translates into tax-free income in retirement. Credit unions offering Roth IRAs, charge tax only at the time of making the deposit but not at the time of withdrawing the principal amount and earnings. This also protects investors from future income tax raises.
Benefits To Your Heirs: Roth IRA’s are not only beneficial for you, but also for your heirs. The money in your account can be used by your heirs as tax-free income for the rest of their lives. However, the heirs will be subject to minimum distributions depending on their age at the time of the original account holder’s demise.
No RMDS (Required Minimum Distributions): Roth IRA’s do not impose any restriction on making contributions after a certain age (70 ½ years). Investors can keep on adding to their Roth IRA accounts irrespective of how old they get. They are not required to take distributions and pay taxes.
No One-Time Investment Amount Required: With Roth IRA’s there’s no pressure to invest a huge sum of money in one go. Most credit unions these days encourage members to pay steadily and comfortably by setting up automatic deposits. So you are saving without making much effort on your part.
For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542 or call at (254) 690 – 2274.

If you are planning to finance your next car, there are different kinds of loan options available. The two most common of them are: secured and unsecured loans. Both types of car loan options have their own advantages as well as disadvantages. Read on to decide which one is better for you.

Secured Car Loans:

Definition: In this case, you need to put a collateral against the loan amount which, in most cases, is the car itself. If you fail to repay the loan in the specified time period, the lender has the legal right to sell off the collateral to recompense the principal amount along with the interest.
Rate of interest: The rate of interest offered for a secured car loan is usually less as compared to an unsecured car loan. It poses a lower risk for the lender as putting the car as the collateral reassures that the loan will be repaid in time.
Premiums: Secured loans are generally offered on a fixed interest rate, i.e. your premiums will remain constant throughout the loan term. The monthly payments may also be higher to pay off the loan in a shorter period of time.
Borrowing limits: A secured loan tends to have a higher borrowing limit. Therefore, you can borrow more money to purchase the car you want without having to invest much out of your pocket.

Unsecured Car Loans:

Definition: In an unsecured loan, you do not need to provide any security to the lender. The loan is approved on the basis of your income, credit history and other related parameters.
Rate of interest: The interest rate quoted for an unsecured car loan varies for each borrower. It may depend upon your income, amount of loan and credit record. The interest is usually higher as compared to secured loans because there is no collateral associated and hence offers no security to the lender.
Premiums: An unsecured car loan can be offered either on a fixed or variable interest rate. Hence, your premiums may remain constant or vary according to the fluctuating market rates.
Borrowing limits: The loan amount that may be sanctioned depends upon the value of the car to be purchased, your credit history and income. You can finance a certain percentage of the total cost of the car and the rest needs to be invested from your side.

We, at Greater Central Texas Credit Union, offer both unsecured and secured car loans in Killeen, TX. For more information, you can call us at (254) 690 – 2274 or visit 3305 E Elms Rd, Killeen, TX 76542.

Getting a loan for your dream home can be tricky because you need to be aware of all the procedures and documentation involved. Before applying for a home loan in Killeen, TX, be clear about your budget and the term period for which you want the loan. Below is a detailed list of various do’s and don’ts that you must follow:

DO’S:

Know what you can afford: Before submitting the application, you need to finalize the home that you want to buy. The value of your home will have a direct impact on your monthly loan payments. Evaluate all your expenses to determine the amount that you can easily pay towards the home loan every month. Make sure you choose a home that suits your budget.
Conduct thorough research: You need to conduct proper research while choosing your loan. Check all the options and available loan plans from various financial institutions before making any decision. It is wise to choose a loan that allows you to prepay the amount at any point of time without levying any additional charge.
Keep your EMIs unaltered: It is best to choose a loan which has unaltered EMIs as you will not have to worry about variation in interest rates during the tenure of the loan. If you are in a position to prepay the loan at any point of time during your loan period, request for a reduction in the number of your EMIs. Therefore, always settle on an EMI that you can comfortably pay without putting a burden on your pocket.

DON’TS:

Change jobs before closing the home loan: It is imperative not to change jobs till your home loan is closed. Make sure you talk to your mortgage provider before taking this step of changing your job and ask if it would have any effect on the terms and conditions of your loan.
Ignore additional costs: Apart from the home loan and interest, you may also have to incur other charges such as brokerage fees, loan fees, stamp duty etc. Therefore, do not forget to keep a check on the additional costs while finalizing your budget for the home loan.
Make a hasty or uniformed decision: It is best not to make a hasty decision while deciding the loan plan. Get a quote from at least three home loan providers in Killeen before choosing the one that suits you the best.

We, at Greater Central Texas Federal Credit Union, offer low interest home loans in Killeen. For more information, you can call us at (254) 690 – 2274.

Credit unions are non-profit organizations that provide low interest loans and work towards providing maximum benefits to the members. The high quality of services offered to the members is one of the major advantages that draw people towards credit unions in Killeen, TX.

Listed below are some other membership benefits associated with a credit union:

Low rates of interest: The home and auto loans offered at a credit union are quite affordable which helps the members in saving a lot of money. Also, credit unions generally put forward higher returns on savings and certificates. A credit union can provide better rates of interest because it gives all the profits directly back to the members. There are no stakeholders who need to be given a share in the profits. Apart from the low rates of interest, credit unions also offer low-rate credit cards to the members. This also adds up to a significant amount of savings.
Equal rights: A credit union is basically member-based organization where every member shares an equal right to select the board of directors. The right to vote does not depend on the amount of money you have in your account.
Superior quality of service: The staff at a credit union provides personal attention to each client and work towards achieving maximum client satisfaction. The service representatives are extremely well-informed and help the clients in resolving any issues associated with financial transactions.
Well-developed online system and ATM network: A credit union offers various online services for the convenience of their members. You can obtain all the information pertaining to your account with just a click of the mouse. You can even make online bill payments easily. Apart from this, a broad network of ATMs located in thousands of locations across Killeen allows you to withdraw money whenever required.
Community Service: There are a large number of credit unions that organize different kinds of activities to make the members aware about effective management of their finances. Therefore, they are extremely helpful as a community service organization.

Be a member of Greater Central Texas Federal Credit Union to have access to low interest loans and various other financial services. For more information about the credit union in Killeen, TX, call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX 76542.

A credit union is basically a financial cooperative that offers home loans on membership basis at very low interest rates. It is customer-centric and works towards providing benefits to the members. Moreover, there are no minimum balance requirements, very less charges and all the accounts are federally insured.

Besides providing affordable financial services, a credit union has a number of benefits to offer as far as home loans are concerned. Low interest rates and minimal or no additional charges make credit unions a suitable option to get mortgage for your home. So, if you are also looking to apply for a home loan in Killeen, read on to know the advantages that you can enjoy as a member of a credit union:

Customer satisfaction: A credit union is a non-profit organization which works solely for the contentment of its members and give out all the monetary benefits to their members. Therefore, in order to get a home loan from a credit union, all you need to do is become its member and fulfill the specified terms and conditions. Once you become a member of the credit union, you are entitled to get lifetime benefits.

Get lower interest rates: If you apply for a home loan at a credit union, you will get the advantage of paying a lower rate of interest. This eventually means higher savings in the longer run. You can also compare the interest rates offered by various c

All About Credit Score

How Do Credit Unions Work

Ways To Get Out Of Credit Card Debt

Home Loan Process In Killeen, TX

Benefits Of Getting Loan From A Credit Union

Tips To Finance Your Next Car: Secured Vs Unsecured Loans

Do's And Don’ts For Home Loan In Killeen, TX

Credit Unions In Killeen: Membership Benefits

Credit Union Killeen - Apply Home Loan At Low Interest Rate