Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net
Comments are closed
GCTFCU Blog | Factors Affecting Home Loan Interest Rates In Killeen
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Factors Affecting Home Loan Interest Rates In Killeen

15. July 2016 Administrator Home Loans (0)
Everyone wants to get a home loan with the least interest rate so that it is easier to repay the amount. However, the actual cost of the loan depends on various factors. You need to compare quotes from different credit unions in Killeen, TX to know the best home loan rate that you can get.

Below are some factors that can help in determining the rate of interest that you can get on a home loan:

  • Tenure of the loan: Your loan term is one of the deciding factors when it comes to determining the rate of interest. You will generally have a lower rate of interest if you opt for a shorter loan term. However, the monthly payments are higher in this case and you need to plan your budget accordingly.
  • Location of the property: Credit unions have a specified criteria for determining the rate of interest depending on the location of your property. For instance, if your home is situated in an earthquake or flood prone area, you may need to make higher interest payments. The rates may also differ for properties in rural and urban areas.
  • Credit score: The credit score helps the lender get an idea about your ability to repay the home loan. It is determined after checking the details of your payment history of all the loans and credit card bills. Therefore, it is important to examine all your debts and ensure that you have a decent credit score before applying for a home loan.
  • Type of interest rate: There are two broad classifications of the interest rate that you may get on your home loan - fixed and variable rate of interest. While the rate of interest does not change throughout the loan term in the first case, it fluctuates according to the market scenario in the second instance. You can initially get a lower rate of interest if you opt for variable rate but it may increase afterwards.
  • Down payment: A higher down payment towards the home purchase can fetch you a lower rate of interest. This will lessen the amount of money you need to borrow which, in turn, will reduce the risk for the lender. So, make an effort to give at least 20% of your home’s value as down payment.
For affordable home loans in Killeen, consider Greater Central Texas Federal Credit Union. For details about the loan plans, you can call us at (254) 690 – 2274 or visit 3305 E Elms Rd, Killeen, TX 76542.

Comments are closed
GCTFCU Blog | Buying A New Car? Questions To Ask Yourself
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Buying A New Car? Questions To Ask Yourself

8. September 2011 Administrator (0)

The purchase of a new car can be a complicated decision which requires a lot of meticulous planning. There are several things that you need to consider while buying a new vehicle, as a significant amount of monetary investment is required for such a purchase. Several questions that an average consumer is likely to face have been mentioned below:

  • The first thing that you need to think about is whether you should go in for a brand new or a second hand model. This decision depends largely on the financial options available to you to finance the vehicle. If you have sources of funds at your disposal or are likely to get quickly approved for a large loan sum, you can opt for a new vehicle. However, if you are on quite a low budget and are unlikely to obtain a loan easily, it is better to stick to a used one. There are several dealerships that will be able to provide used cars in excellent condition to customers based in Texas.
  • If you are taking an auto loan, the kind of car that you purchase is going to have a significant impact on the monthly premium amount that you will have to contribute towards your auto loan. If you go in for a high end car model, your monthly premium is going to be high while if a vehicle in the medium range is opted for, the monthly payment that you have to make will be a reduced one.
  • If you are taking an auto loan to finance your vehicle in the state of Texas, another aspect that you need to consider is the kind of credit that you enjoy. Your credit history is thoroughly examined by the loan provider before granting or approving a vehicular loan for you. Those with a low credit rating generally have to pay high interest rates towards auto loans. So, if you have bad credit, it is advisable to wait for a while, improve your credit ratings and then apply for a car loan.

For all kinds of Auto Loans, contact us at Greater Central Texas Federal Credit Union at 3305 E Elms Road Killeen, TX 76542 or give us a ring at 254-690-2274.

Cheap Auto Loan - 72 Month Auto Financing

Comments are closed