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

Questions To Ask Yourself Before Buying A Home

20. June 2017 Administrator Home Loans (0)
Buying a home is a dream for everyone as you can customize it according to your lifestyle and taste. However, buying a home is a task that should not be done in haste without prior planning. It is imperative to buy at the right time so that the purchase does not have any serious consequences on your present lifestyle. In order to know if you are ready for buying a home, you need to ask yourself certain questions. These are listed below:

What is your financial standing?

Without a doubt, your financial status needs to be strong before you embark on the journey to buy your own home. You need to look at factors such as consistent monthly income, a stable job, savings as well as your credit history. Since your finances will be finely scrutinized by the credit union and real estate agents, it is wise to be prepared well beforehand.

How much can you afford to pay every month?

If you are looking to buy a high-priced home, be prepared to shell out a high monthly payment. Even if you get a loan approval, consider having a re-look at the price range. You must be easily able to pay the EMI without affecting your monthly expenditure. Create your monthly budget and jot down your expenses for payments as well as luxuries. Always finalize your mortgage payments depending on your budget so that you don’t face any financial issues later on.

Which location do you prefer?

Once you buy a home, you can make numerous alterations in the property but the location will remain the same. Therefore, pay attention to this important aspect before buying a home. Decide whether you prefer to live in the city or countryside. Weigh the pros and cons of both and don’t limit yourself to a particular area. Conduct a thorough research on the Internet to discover good places where you can buy an affordable home.

What are the things you absolutely need in your home?

While conducting your home search, you will come across certain properties that will have all the features you desire but with a higher monthly payment. Therefore, you need to make a prior list of ‘must-haves’ in your property. For instance, a backyard or a specific number of bedrooms etc. could be on your wish-list. Decide on a particular home only after calculating the monthly installments and do your home search accordingly.

Whose names will be mentioned on the lease?

You will be made to sign a lease agreement in order to complete the home buying formalities. It is the most important document declaring the owner of the property. Therefore, if you are planning to buy a joint property, it is best to talk about that with your partner in advance. In certain instances, it may be beneficial to have your parent as your co-signer.

We, at Greater Central Texas Federal Credit Union, offer affordable home loans. To know more about the interest rates and membership benefits, feel free to call us at (254) 690 – 2274.
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GCTFCU Blog | Why Credit Unions Are Important For The Community
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Why Credit Unions Are Important For The Community

17. June 2019 Administrator Blog (0)
The choice of banking institution preferred by people has a direct impact on the local community. The way credit unions operate and the fact that they strive to give back to the community in one way or another makes them a good choice. Below are some of the ways in which credit unions benefit communities:

  • Credit Unions Do Not Operate For Profits: Credit unions are non-profit institutions that are focused on providing affordable financial services to their members instead of lone purpose of making profits. The profits earned by credit unions are given back to the community in the form of dividends, low fee for various services, lower rates on loans and higher interest rates on savings. Credit unions invest their capital back in the community to support home equity loans, car loans, home loans, business loans and more at competitive rates.
  • Lower APR Loans: People can benefit from low APR loans offered by credit unions. It helps low-income members of the community in achieving their financial goals.
  • Financial Security: Credit unions provide financial security as they are insured by the National Credit Union Administration (NCUA). Members are protected from losses on their savings accounts and share draft products.
  • Equal Rights: Created by members for members, credit unions do not discriminate amongst its members. Every member enjoys equal voting rights for important decisions like choosing board members of the credit union. Decisions made by members of credit unions in higher positions are focused on the benefits of all other members.
  • A Variety Of Services: Credit unions offer a variety of services such as online payment of bills, 24 hour account access, payroll deduction, notary service, free and unlimited check writing, ATMs, regular share savings accounts, MasterCard gift cards, MasterCard cash advance, IRAs, Share Certificates of Deposits, Club accounts, overdraft protection plans and more.
  • Community Involvement: Credit unions foster a spirit of community involvement by organizing programs and events for community welfare. Members and non-members are encouraged to participate in these events & programs and the money raised through such events is used for a noble cause.
  • Spread Financial Literacy: Credit unions organize special events aimed at teaching financial skills such as saving, budgeting, good spending habits and investing to members of the community. Some credit unions even organize fairs at schools in the community to provide real life financial management guidance to students. They are trained and counselled to understand financial matters.
Greater Central Texas Federal Credit Union offers financial services like low interest auto loans, used car loans, savings accounts, checking accounts, etc. to its members. For more information on credit unions in Texas, call at (254) 690 – 2274. You can also visit 3305 E. Elms Rd., Killeen, TX – 76542.

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

Benefits Of Direct Deposit

25. January 2019 Administrator Blog (0)
In the age of emails, online banking, e-statements and mobile applications; the direct deposit system offers a convenient & fast mode of transferring payments. Direct deposit refers to an Automated Clearing House transaction in which payments are electronically transferred into one’s checking or savings account. The payments usually include pay checks, pensions, travel reimbursements, social security payments and more.                                                                                                                                                                         

Following is a list of benefits that direct deposit has to offer:

  • Easy To Set-Up: To activate direct deposit, inform your employer and fill out a direct deposit form. You will need your credit union account number, routing number and a voided check of the account in which you intend to receive the payment.
  • Fast And Convenient: With direct deposit, you are not required to wait in lines to deposit or cash a pay check. Your money is easily deposited to your account even when you are away on a business trip or vacation.
  • Good For The Environment: Direct deposit is environment-friendly as there is no paper involved.
  • More Secure: Direct deposit is a safe and confidential method of receiving payments. It reduces the chance of anyone sneak-peeking into your financial information as the funds are transferred discreetly into your account. Also, it eliminates the chance of your pay check being lost or stolen.
  • Digital Storage Of Financial Information: Online modes of payment like direct deposit have eliminated the need to keep a tab on your payroll history. You can easily access your financial information as it is digitally saved.
  • Facilitates Savings: Direct deposit makes you better at budgeting and saving. You can split the incoming payments between your checking, saving & retirement account. This set-up encourages savings. Also, it gives you time to pause and reflect on the expenses for a better budgeting.
  • Automatic Bill Payments: As you know when the payment will be directly deposited in your account, you can schedule automatic bill payments accordingly to avoid the hassle of remembering due dates.
  • Saves Costs And Energy: A lot of time and expenses are saved by relying on direct deposit for making payments. Preparing payrolls involves writing, signing, folding, delivering checks and expenses incurred on envelopes and checks. Sometimes checks have to be re-issued if lost or stolen. Direct deposits reduce such costs and channelize the energy of human resources towards more productive tasks.
  • Flexibility: Direct deposit is not just limited to pay checks but can also be used for expense reimbursements, unemployment benefits, receiving income tax returns, travel and cash advances, etc.
Greater Central Texas Federal Credit Union is a not-for-profit financial cooperative that operates for the common benefit and welfare of its member-owners. For more information on direct deposits, visit 3305 E. Elms Rd., Killeen, TX -76542 or call at (254) 690 – 2274.

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