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

Tips When Applying For A Home Loan In Killeen

20. January 2016 Administrator Home Loans (0)
When buying a house in Killeen, TX, make sure you have also done enough homework on the long term liability that it entails. There are some important things to keep in mind so that the process is smooth and you can buy your dream home without any financial constraints.

Improve your creditworthiness: The lender must see that you are worthy of the credit you are seeking. This means that how you are managing your other debts, i.e. if you are paying installments on time or before due dates. If a lender sees a positive behavior with regard to your other debts, he may extend certain advantage in your current loan.

Consider pre-approval: Before you start looking for a house, get a pre-approved loan so you can have a realistic idea about how much you can spend. A pre-approval will determine how much money you are qualified to borrow for a purchase.

Keep all documents ready: When applying for a loan, the lender may ask for certain financial documents. Spend some time in getting all paperwork in order so the loan process is accelerated. Your bank statements, salary slips, tax papers etc. are some examples of documents you may need.

Explore the entire market: There are many players offering home loans in the market and thus it is wise to explore all the options. Lenders may provide discounts, better interest rates or additional benefits which must all be considered before making the decision.

Decrease your loan value: Try to make as much down payment as you can. Bringing down your liability will improve your creditworthiness and lower your monthly payments. You could use the existing funds to fuel this payment.

See your financial situation: It is important to do your number crunching before you set out looking for the right loan against your home. See your financial position for next few years, exact value of the property you plan to buy, monthly expenses etc. before you fix the amount.

Understand loan types: One should know the difference between fixed and adjustable rate loans. While the former doesn’t change even if there are fluctuations in the market, the latter may depend on the prevalent base rate. See your own situation and decide which of the above will better cater to your needs.

Be patient: See the financial market and then decide if it is feasible and sensible to take a loan. Do not make any desperate decision as you may get higher rates or fewer benefits on your loan.

It is always better to take advice from an expert so you are better prepared before you set out to seek  home loan.

We, at Greater Central Texas Federal Credit Union, offer affordable home loans in Killeen, TX. For more information, you can call at (254) 690 – 2274.
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GCTFCU Blog | How To Save On Your Home Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

How To Save On Your Home Loan

20. November 2014 Administrator Home Loans (0)

Whether you need a home loan for buying a new home or remodeling an existing home, you can save a huge amount of money by getting home loans from credit unions. They offer better interest rates, are more flexible with re-payment terms and offer excellent customer service. Credit unions are considered a cross between a bank and a co-operative and often, people who share similar interests, set up a credit union to save money and avail low interest loans. The credit unions have become highly popular among people who seek auto and home loans.

Credit unions are community organizations that are run by the members and help each other by offering financial assistance. They function like banks but are more flexible as compared to banks and other financial institutions. The members are offered loans at very competitive prices with a possibility of altering the re-payment terms.

The members of the credit union either live in the same community, work together or have some other common bond. They can also be members of a trade union or a church. The credit unions function on non-profit basis and they use the profits to improve their services and reward their members. The credit unions range from small to large depending on if they have a few or thousands of members. The unions are regulated and they abide by certain rules which are pro customers and aim to extend the profit to their members.

A credit union offers home loan on the basis of the income of the member, his or her savings with the union and some other terms. They offer loans on lower interest rates as compared to banks and other financial institutions.  
If you apply for a home loan to a bank, you may have to fulfill a number of formalities and provide huge documents. However, while applying with a credit union, you can expect flexibility and leniency. Banks consider your credit score and offer home loans at high interest rates. They are even strict about the repayment terms and require you to pledge collateral. On the other hand, a credit union is flexible regarding credit score and you can discuss your individual case with them. It is much easier to apply and get a loan approved at a credit union than a bank or other financial institution.

We, at Greater Central Texas Federal Credit Union offer quick and convenient home loans at affordable interest rates. For more information, call us at (254) 690 – 2274 or visit our office at 3305 E Elms Road, Killeen, TX 76542.

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