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.

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

Credit Union: Benefits Of Membership

27. December 2016 Administrator Blog (0)
Since many years, credit unions have become a preferred choice of people who are looking for affordable and reliable financial services. Though they seem similar to other organizations, membership at a credit union comes along with many additional benefits to maximize benefit for the clients. Whether you are looking for an affordable home/auto loan or looking for beneficial savings and investment options, credit unions can offer you the most liable solution.

Given below are some of the benefits of becoming a member of a credit union in Killeen, TX:

Low interest financing options

The most significant benefit of joining a credit union is that you can avail home and auto loans at low interest rates. Being a non-profit organization, credit unions are exempted from paying the state and federal taxes which allows them to offer affordable financing options. Also, there are no stakeholders to share the returns and all the profits are directly returned back to the members.  

Easy application process

The process of applying a loan at a credit union is quite simple and straightforward. It does not involve extensive paperwork and the staff provides complete assistance through the entire process. You just need to fill out the form and submit the necessary documents. The processing charges and other fees are also minimal.

Quick loan approval

When you apply for a loan at a credit union, you can expect to get approval within a few days. In case of a secured auto loan, there are no rigorous background checks to be performed. The collateral provided by the borrower serves as a security against the loan amount. Therefore, such loans are usually approved within 48 to 72 hours.

Quality customer service

The staff at the credit union works with the sole purpose of providing convenient and superior services to the members. They provide personal attention to each client and help in resolving their queries regarding financial transactions. The customer service representatives are very knowledgeable and responsive to the clients’ concerns as well as feedback.

Volunteer board of directors

Unlike banks, credit unions are member owned and operated organizations. The board of directors are elected and nominated by the members every year. The board then formulates the policies and monitors the working of the credit union.   
Equal rights

Being a member of a credit union makes you a part-owner along with the right to say in the governance matters. All members can share their opinion and provide suggestions regarding new policy, irrespective of the amount of money in their account.

No stringent rules on minimum account balance

Credit union members are not liable to maintain a minimum balance in their account. They have complete freedom to withdraw as much money they want from their account any time. Also, the checking and savings accounts are federally insured by the National Credit Union Administration (NCUA) to provide complete security for your deposits.

Dividend on savings

At the end of every year, credit union members are entitled to attractive dividends on their savings account. All the profits earned by the organization are returned to the members in the form of dividends and attractive loan rates.

Hassle free account access

Credit unions in Killeen have a well-developed ATM network that allows you to withdraw money anytime and anywhere. You can even avail personalized services during the office hours or opt for online account access to view your loan summary and the financial transactions related to your account.

Lifetime benefits

Credit union membership offers lifetime benefits. You can continue availing the financial services even if you change your job, or place of residence. Some credit unions even allow you to nominate your immediate family members to become a member and avail the same benefits.

Additional services

Apart from loans, credit unions also offer a wide range of other financial services to the members. Some of these include low rate credit cards, payroll deduction, ACH origination, direct deposit, notary service, MasterCard gift cards, wire transfer etc.

Be a member of Greater Central Texas Federal Credit Union to avail a wide range of financial services. 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 | Credit Unions: A Friendly Alternative To High-street Finance
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Credit Unions: A Friendly Alternative To High-street Finance

13. September 2014 Administrator (0)

Financial loans, whether secured from a personal or public source, are the first port of call in a situation where you need to borrow money to gain ownership of a house or vehicle. A loan is based on the fact that the bearer will repay the amount with the said interest over a fixed term. While bank loans are the most popular kind, local credit unions are fast gaining popularity as the preferred alternative to high-street financing companies. With a compelling list of advantages credit unions are more cost friendly and easier to apply to. Some of the benefits of dealing with credit unions are mentioned below.

  • The number one pull of credit unions is the fact that they offer loans at a substantially cheaper rate as compared to traditional banks. The primary reason behind the existence of a credit union is to be able to help the community and all the credit union members. Thus the staff at credit unions helps their members in fulfilling their dreams by providing quick financial assistance at cheaper rates.
  • Credit unions are non-profit organizations and the interest you pay is used to help other community and credit union members. This gives a feeling of helping others while your own needs are addressed simultaneously.
  • Securing loans are not the only purpose that credit unions help with. You can use them just like a regular bank in order to deposit funds, withdraw them, to use locker services, financial advice and many more services. As a credit union is an easy and cheap source to secure loans they stand out distinctly as a more favorable financial institution.
  • The staff at credit unions has a subtle yet different approach to dealing with their clients. They are helpful and focus on addressing all your queries at once, especially the ones related to taking certain necessary measures to qualify for a loan successfully, should you fail in the first attempt.  

There are several other advantages that come with taking your financial dealings to a credit union like access to a well spread network of ATM's and personalized customer support.

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