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.

Buying a car is not easy for most people and requires a heavy investment. Thus some important points like budget, type of car, after sales service and maintenance cost should be taken into consideration when making a car purchase.

Used cars

If you don’t want to invest a lot of money you can choose to get a used car financed. Credit unions have various programs to adjust to your need of financing and offer low interest rates. When you have qualified for a used car loan, you will need to fill a form and your financier will check your credit rating. Based upon this, they will decide the amount that you can borrow and give you different options of the monthly repayments that you can choose according to your preference. After you have finalized the car you want to buy, its details will be sent to the financier who will pay the amount to the seller. It is advisable to have your financing plan ready with you before going to the showroom to make the purchase. Your negotiating skills also come handy while purchasing an old car, as the better your skills higher the chances that you pay less for the car.

New cars

Purchasing a new car is a very huge investment and involves a lot of money. However, most lenders offer a longer repayment time for new car loans as they perform better and stay in good condition. New car loans are often secured against the car itself and the interest rates are also lower than those for used car loans.

The auto industry is rapidly growing and there are a number of car loan plans that are coming out every day. Thus, it is very important that you make a very careful decision regarding which one do you want to buy, new car or a used one, after having considered the pros and cons of each one.

If you want to apply for affordable new and used car loans, you can visit us at Greater Central Teas Federal Credit Union. We offer amazing plans for auto loans to all our customers. For more details, you can call us at(254) 690-2274. You can also visit our office at 3305 E Elms Road, Killeen, TX 76542.

If you are looking for a home loan, then there are a number of reasons that you should consider home loan from a credit union. For all those who are not aware about this option, credit unions are financial, non-profit organizations that offer checking and saving accounts, accept deposits, and provide credits for buying vehicles, homes, etc. The credit unions are member owned financial cooperatives that are entrusted with the responsibility of building up the local community. These unions do not have to pay taxes or other operating costs like other profit earning organizations.

Credit unions are exempted from most of the federal and state taxes and are carefully regulated.  These unions do not have to pay taxes or other operating costs, unlike other profit earning organizations, which helps them provide better services to their members. The National Credit Union Administration keeps a watch on all the credit unions and insures that the interest of the members is safeguarded. Credit unions have minimum operating costs and this makes them offer home loans at low mortgage rates as well as low closing costs which provides them a competitive edge over other organizations.

There are a number of benefits of getting home loan from credit unions and some of them are

•  No fee
• Low mortgage interest rates
• Quick closings
• Personalized service

Most of the credit unions offer a full range of mortgage solutions for buying a home, refinancing and even renovating a home. The credit union does a credit check once you join it and if you have a consistent income and maintain good credit then you can easily qualify for a home loan. Unlike conventional loans, the credit unions do not indulge in many formalities and follow lenient underwriting guidelines. To avail home loan from a credit union, firstly you will need to find a union that can offer you a reliable banking experience. You should research extensively to find a union that can help you and suit your requirements. You can enquire and find out about all the services offered by the credit union. Once you become a member of the credit union you will be provided with financial support and personalized services. By applying for a loan at a credit union you can be sure of easier credit check, low interest rates and personalized customer interaction.

 To avail home loan from a credit union, first you need to find a union that can offer you a reliable banking experience. Research extensively to find a union that can help you and suit your requirements. Find out about all the services offered by the credit union. Once you become a member of the credit union, you can get financial support and personalized services. Unlike conventional loans, the credit unions do not indulge in many formalities and follow lenient underwriting guidelines.

Buying a home is a big investment which requires a lot of hard work. If you have made up your mind to own a house then there is a list of things that you should consider. Home buying can be quite a lengthy process and it would be a safe bet if you have good knowledge about the whole process. Listed below are some of the most important things that every buyer must know before initiating the process of owning a home.

Pre-approval is necessary

Even if you have a huge amount of cash in hand, you will need the help of a lender. It would be good if you consult your home loan financier before even starting searching for a home. During this, you may be asked to provide detailed information about your income and finances.  With the help of this information, your lender will be able to provide you an outline of the cost that you will be able to afford which will be your first guideline to search a home.

Take the help of an agent

Taking the help of an agent is purely up to the personal choice of every buyer. However, hiring an agent can assist you throughout the process of buying. They have a fair idea about the available properties and their estimated market prices while helping you sign a reasonable deal. The realtors will also work out all the price negotiations with the seller.

Signing the agreement

Once the buyer and seller agree upon a price, the agent makes them sign an agreement. This will secure the deal for both the buyer and the seller and will include all the details about the property like the agreed price and the legal description of property.

Financing and Mortgages

You should make sure that you have selected the best home loan option. Credit unions are a better option when it comes to financing a loan. They provide instant approval for various types of secured as well as unsecured loans.

Keeping all the above point in considerations, you can’t go wrong while buying a home for the first time. But, it is important that you choose the correct and reliable home loan plan for you. We, at Greater Central Texas Federal Credit Union, provide all types of secured and unsecured home loans in Texas. For any information, you can call us at 254-690-2274.

Buying a car is one of the most important decisions that people make in their lives. It is a one-time investment which needs careful planning and preparation, down to the last little detail. Due to the high expenses involved most people go for financing when they think of buying a car. If you are thinking of taking out an auto loan, you need to find the right place where you can get the best rates and the best repayment terms. Credit union is one of the best options for an auto loan as they offer low interest rates and minimum credit checks.

There are various palpable and distinct advantages of applying auto loans from a credit union To name a few are:

• Easier Approval – A credit union is one of the easiest places from where you can get your auto loan approved. If you have different needs or are in a unique situation, a credit union is more than likely to listen to you and try to understand your issues. Credit unions are usually more open to making adjustments in their rates and their repayment process while keeping the actual underwriting procedure and same loan application procedure.
• Lower Interest Rates – If you take out your auto loan from a credit union you can expect a much lower rate of interest than if you approach any other institution. With those significantly lower interest rates, you stand to make long-term savings that you can successfully use in other areas.
• Customized Services – Since credit unions are in essence non-profit organizations, they attach great importance to customer service. Instead of a corporate office making decisions credit unions have a board of volunteers. This makes credit unions much more accessible and personable as compared to other institutions. You get a friendly vibe and camaraderie with the belief and trust that the credit union has your best interests in mind all the time.
• Information – Most credit unions have attached resource and education centers with the sole purpose of educating customers about different kinds of financing schemes and decision making. When you are looking to an auto loan financed with a credit union you can be sure to gain the knowledge and the insight to make a learned decision.

To apply for affordable auto loan in Killeen TX, kindly visit us at Greater Central Texas Federal Credit Union. We have amazing deals on auto loans for all our customers. For more information, visit us at 3305 E Elms Road, Killeen, TX 76542 or call at 254-690-2274.

Buying your dream car is an important investment which needs a lot of careful thinking and planning for everything to go smoothly. It is a large, one-time investment which involves large amounts of money, and in most cases, the requirement to take out an auto loan. Car loans can be very expensive with interest rates being consistently on the higher side. With such a significant outlay of money, it is prudent to be careful when it comes to high interest rates and to find a deal where you do not have to spend so much extra. If high interest rates on your auto loan causes you to lose sleep and you decide to refinance your auto loan, a credit union in your locality might be the best option. Switching to a credit union can bring you major savings and can help you get your finances in order while you can still enjoy the benefits of your dream car.

How Credit Unions Can Help

Credit unions are nonprofit organizations and with that status they are in a position of strength when it comes to offering members deals of great value. Credit union members can save thousands of dollars when they choose to refinance their car loans. The procedure involves simple steps and a hassle-free agreement, and you could be on your way to making large savings on your auto loan. Re-financing your auto loan works exactly like re-financing any other kind of loan – you borrow the money from your local credit union to pay off your auto loan, with terms and rates which are remarkably more favorable and friendly.

The application process is quick and easy, and there is not even the need for your car to be appraised for you to get approval. If you are simultaneously paying off other loans, refinancing will almost certainly lessen your financial burden. Savings can range from a few hundred to a few thousand dollars- money that you can productively use elsewhere. Also, the earlier you refinance your auto loan with a credit union, the more you can save.

If you want to cut down on your monthly payments, you can change the terms of your loan when you refinance, and spread it out over a wider duration of time which gives you the option to pay lower EMIs. All things considered, switching to a credit union for refinancing your car loan can well be a smart move which brings home major savings.

To refinanace your auto loan in Killeen, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at (254) 690 - 2274.

Before considering applying for a home loan, there are a few things that need to be understood to get the loan you want. Carefully thinking about what might adversely affect your home loan can save you from a lot of hassles like irregularities in payment of installments, unpaid balance on credit cards etc.  Applying for a loan for home can be very stressing and therefore, after carefully analyzing your financial position and credit history should one consider applying for a home loan. Below are some of the do's and don'ts that must be followed to make the home loan process smoother.

Dos

• All the loan and debt payments should be made on time to keep your credit history clean. Not adhering to this rule deliberately reduces the credit score. This credit score determines what amount of home loan you will get if you manage to get one.
• Credit card payments can be missed but payments of installments of other mortgages like auto loan should be prioritized. It shows that you pay installments on time. After looking at the performance of similar mortgage loans, the credit scoring system will assign you the score. Credit card payments can be made later as they have fluctuating balances.
• To avoid raising any red flag, your credit card transactions should be normal like before and should not be stopped immediately.
• Any inconsistencies, inaccuracy and missing information should be removed from the credit reports to make it clean of negative data.
• Unpaid balance in credit cards should be paid off to the point that  balance ratio becomes less than 30%.

Don'ts

• Loan approval process can be impacted by your job stability. If you are constantly changing jobs and changing positioning in a company it might hurt the approval of your home loan.
• Any major purchases like car, lines of credit for furniture, expensive gadgets should be avoided. This also impacts your credit score and hamper your chances to get your loan approved.
• Purchase of clothes for family should be limited. Instead of buying clothes at every occasion, they can be bought at one or two occasions.
• A new credit card should not be opened. New credit card adds additional inquiry into your credit score which kills chances of getting a home loan.
• Previous credit card accounts should not be closed either. It has a negative impact on your credit score.
• Some people get a new loan while applying for a home loan. It looks bad with the underwriters and must be avoided.

Home loans applications can be rejected if the borrower doesn't comply with some of the tips mentioned above. No change in number, accounts, address should be made to avoid getting the applications rejected.

We, at Greater Central Texas Federal Credit Union, offer home loans at very low interest rates. Interested individuals can contact us at (254)-690-2274 for more information or visit us at 3305 E. Elms Rd., Killeen, TX  76542.

Credit unions are non-profit organizations that provide savings, credit and financial services to their members including savings and checking accounts, loans, mortgages etc. Rather than depending on outside capital, they pool deposits from their members and finance loans to their borrowers. They are different from other institutions in the way that they are member owned institutions. Getting a home loan from a credit union is a better option for those looking out for low interest rates. They provide affordable financial services to their customers.Credit unions keep their mortgage loans in their own investment portfolios and do not have to follow any regulations about keeping those loans. They are a great way of saving money and offer some of the best loan packages in the industry. The following points discuss why using a credit union for a home loan can be enormously beneficial -

• As a member owned institution, their focus is different than other institutions and look for the best interest of their credit members.
• They have been exempted from paying any taxes because they do not invest their borrower’s money in the market which makes them non-profit. This gives them an edge as they provide competitive rates and due to this, the borrowers can get low interest rates when financing through a credit union on home loans, mortgages and higher rates on savings accounts.
• Credit Unions charge low or no fee from their customers for applying for a home loan.
• They are more service oriented towards their customers. They offer personalized services to their borrowers and help them conveniently apply for a home loan. They maintain communication with them by responding to their phone calls, emails/letters and understanding their requirements. 
• Credit Unions set their own income requirements and there is a higher possibility of approving home loans for those who have minimum income but wish to apply for a home loan. As a member of a credit union, chances of approval of a home loan are high.
• They offer a full range of mortgage solutions while applying for a home loan. There is a variety of conventional home loans options available and borrowers can choose whichever applies to them.
• Credit Unions help make applying for home loans faster, especially if the borrowers have a history with them. Securing a home loan becomes easier and good financial relationships are made.

Moreover, there are no penalties for paying the home loan amount early and home loans can be paid back through a variety of channels, like direct from your salary via payroll deduction.

Home loans enable you to purchase your dream house while not having to make a large one time investment. It helps you instead by letting you stagger payments monthly over a set duration of time. Taking out a home loan can be a relatively complicated process, depending on market conditions and your own requirements. There are a lot of things to consider, including the amount of the loan, the conditions and duration of repayment, the rate of interest you will be charged and the amount of the monthly payments you will have to make. While for most people, the procedure might go off without a hitch, there are a number of mistakes that can significantly increase the amount of time and hassle involved. Avoiding these mistakes will surely put you in a better position to get your home loan processed smoothly and fast.

1. Getting a Credit Score – The one thing you should never forget while applying for a home loan is to get a comprehensive credit score. You should use the service of a reputed and effective credit rating agency to get your credit evaluated and to make sure that your credit score is free of errors. In fact, it is a good idea to get a credit score sheet out periodically so you can stay on top of your credit records.
2. Avoid other Loans –While applying for a home loan, make sure that you do not apply for other kinds of credit at the same time. For at least a time period of six months before your home loan application gets through, you need to ensure that you do not apply for other kinds of credit like personal or auto loans. This might lead to your loan application getting cancelled.
3. Check your Source – When applying for a home loan, make sure that you perform thorough checks on the institution that you are considering for the loan. Carefully check the terms of the loan and go through all the documents carefully before deciding on a particular loan. You can also hire the services of Greater Central Texas Federal Credit Union that helps get secured home loans and provides assistance through the entire process.
4. Consider Pre-approval – If you have had a successful and long relationship with an institution, you might be eligible for a pre-approved home loan. These loans take less time and paperwork to process, and make the processes much smoother altogether. You should not miss the chance to grab a pre-approved home loan offer if you can get your hands on one.

To procure quick and affordable home loan in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at (254) 690 - 2274.

More and more prospective homebuyers are relying on credit unions for home loans these days, as the credit unions offer a variety of plans and benefits to the members. Besides competitive rates, the credit unions offer low closing costs and their loan programs are ideal to meet typical financial needs. Here are some reasons that make credit unions a good source for home loans in Killeen TX.

• Better Chances of home approvals: It is a fact that the credit unions are more considerate towards you as a member. They listen to your reasons and offer a quick approval. Even if you had problem with your credits in the past, credit unions are ready to make adjustment in the loan terms for the members.  This definitely is one of the major reasons that people seek loan from credit unions now a days.
• Lower rates of interests: The major reason that people are counting on credit unions for their home loans is lower rate of interests. Besides lower banking fees, they require lower balance. This makes them the first choice of union members who want to apply for home loan, or any other loan.
• Personalized service: Credit unions are members oriented. They are nonprofit organizations that help the members for the growth of the community. The aim of a credit union is to provide members with quality customer services. As, all the decisions are made by the volunteer board members, so they have a personalized approach. You can easily tell them your concerns about your loan and flexibility that you desire in your payment options. The credit unions often consider your issues and work with your best interests in focus.
• Low closing costs and time: Getting home loans from credit unions involve less paper work and bureaucratic formalities. It takes less time to get the loan from the credit union and it involves low closing costs.
• Guidance: The credit unions have their resource centers where you can get all the required information regarding your home loan. The guides available there at the center help you take better decisions. Whether you have already taken a loan or applying for the first time, you can get reliable answers to your queries here.
• Non-profit: The credit unions have non-sales approach, as they do not work for profits. The unions work for the advantage of members and are not driven to make profit by selling anything. Their all profits return to the members in the form of lower rates

• 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.
  

• 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.
  

• 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.
  

• 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 credit unions in Killeen and make a decision accordingly.

• Large network of branches: Most of the credit unions belong to larger networks and therefore have several branches as well as ATMs available for the convenience of their members. So, the clients can easily handle their financial transactions from multiple locations across the city.

• Lower fees: A credit union offers flexibility in terms of rates and fees charged for the home loan. The aim is to keep the fees as low as possible. You will be generally paid higher yields on savings and certificates.

• Do online transactions: You can pay your monthly home loan installments either through check or online. You can also obtain all the loan information online and make bill payments. This means you can handle your accounts conveniently from anywhere.

• Gather detailed information about your credit history: Get copies of your credit reports to know your eligibility for applying for a car loan. Keep this information handy as you may be required to present the document when applying for the loan. Every credit union has a different eligibility for a car loan, so it is better to inquire beforehand. The interest rates you will be offered will depend a lot on your credit score.
• Do your homework: It is imperative to shop around in order to look for the best deal on a car loan. Compare the interest rates offered by various credit unions in Killeen and opt for the one that complies with your budget. Do not forget to thoroughly read the terms and conditions of the loan plan you are considering. This will clarify all the rules and regulations of your car loan as well as avert any problems in the future.
• Choose a shorter loan term: Although a long term loan will reduce your monthly cost, it will significantly add up to the total interest payments. So, it is better to limit your auto loan to the shortest time period that you can afford as this will help you repay your loan faster. Compare the loan terms of various credit unions to make a wise decision.
• Concentrate on the total cost: It is important to focus not only on the monthly payments but on the total cost of the loan, including the interest payments. In order to cut down on your loan amount, you can consider paying a higher down payment towards your new car purchase.
• Ask for cash discounts: You can ask for cash discounts from your car loan dealer. These discounts can contribute towards the down payment for the car. It is better to go in for cash discounts rather than asking to lower your monthly EMI.  
  

• Chances of approval are more: Credit union is open to listening to the back stories of its members and then deciding on the loan terms. If you are worried about little or no credit history, you may discuss your concerns with the staff and figure out the best way to get the desired loan amount.

• Convenience: The inter-personal approach of the credit union makes it convenient to apply for the loan even before you make the purchase. A pre-approved loan in your hand helps you to fix the budget for the car and spend prudently.

• Competitive interest rate: Credit union offers low interest rates which keep your monthly payouts on lower side. Since they know credit history of their members closely they are likely to keep their interests in mind before sanctioning the loan.

• Bundling: If you have an ongoing loan with the credit union , such as for your home, your interest rate may further be lowered, making it a better deal for you as they encourage bundling.

• Personal touch: A credit union is a non-profit organization that works for the community. You can get proper knowledge and education about all financing tools in a personal manner at a credit union. The staff takes the time to help clients understand the loan details in order to make a well-informed decision.

• Educated advice: Credit union has dedicated financial experts who are committed to provide information about financial products to the members. Their aim is to keep everyone informed of new policies and rates. This non-sales approach helps the members to build confidence.

• Provide stability: Credit union is operated by the members and for the members. They plough back all their profits back in to improving the services for members. This gives them stability and they are not likely to be affected by profit motives.

• Research: It is important to conduct a thorough research regarding the loan plans being offered by various credit unions. Browse through the internet and read the reviews to decide from which lender you want to get a loan. Compare the plans from at least three providers before making a decision.
• Interest rate: Interest rate is a crucial factor when applying for a car loan as it eventually decides the EMI that you need to pay every month. A minimal increase in the interest rate can cause a major jump in the monthly installments. Identify the best deal and it is better to opt for a floating rate of interest if you want a loan for a short period of time. On the other hand, go for a fixed rate of interest if you want to opt for a longer tenure loan.
• Processing fee: Every credit union has its own method of calculating the processing charges for a car loan. Some credit unions use fixed percentage of their loan as processing fee. On the other hand, many lenders also have flat rate processing fee. Decide on what suits your requirement and the amount you can easily afford to repay.
• Down payment: Down payment is the lump sum money that needs to be paid at the commencement of the loan term. Therefore, you need to have some amount of cash ready for down payment. Take note that lesser down payments will eventually increase your monthly EMIs. So, you need to decide according to the financial resources available to you.
• Loan term: It is best to avoid long term loans as this can lead to an increase the interest payments made during the loan tenure. On the other hand, a short term will help you in saving on the interest cost. Depending on your financial standing, you can decide on the car loan term.
• Prepayment charges: The lender can levy prepayment charges if the borrower is able to return the complete or partial loan amount before the end of the loan term. Therefore, you need to be aware if your credit union levies any such charges.
  

• Income Proof: This is the most important document to be presented by the loan applicants. If you are a salaried individual, you may need to submit at least two of your recent pay stubs from the employer. For self-employed applicants, a copy of the tax returns of the last two financial years may be required. A bank account statement for the past 6 months may also be needed. If you have any source of sizeable income, such as rental properties, alimony, legal settlements etc. do provide the documents for validation.
• Identity Proof: You must submit a valid identity proof and a recent photograph along with the application for the secured auto loan. The ID proofs that may be accepted include social security card, birth certificate, passport, driver’s license etc. It is recommended that you confirm the identity proof required by your credit union beforehand to avoid any trouble later. 
• Proof Of Residence: You may also need to submit proof of present and permanent address to apply for the loan. The document you provide should have an address consistent with that on your proof of identity as well as the loan application. 
• Vehicle Information: If you are buying a new vehicle, you may need to give the vehicle identification number (VIN) to the lender. You may also be asked to submit he sales agreement from the dealer which may include the type, make, model, year and purchase price of the vehicle. For buying a used vehicle, get information about the original title, vehicle model and disclosure of no pending liens from the dealer. 
• Proof Of Insurance: The credit union may also want to ensure that you have a valid insurance policy for your vehicle. The coverage options that you have chosen may also be considered while approving your loan application and deciding the interest rate.
  

• Principal Amount: This is the amount that you are looking to borrow. This may not be the actual price of the home as some investment needs to be done by the buyer in the form of down payment and only the rest will be extended as loan. The amount you can afford as down payment must be carefully decided keeping your financial position in mind.

• Interest rates: There are two types of interest rates that you can opt from. Variable rate depends on the situation of the market and suits a borrower who can afford the volatility of the rate. Fixed rate remains the same for the entire tenure as agreed at the time of loan approval.

• Eligibility: It is important to review your credit history so you are aware how much loan amount you are eligible for. You can also get a co-applicant for a loan that has a steady income to improve your combined eligibility and up the amount you can take as loan.

• Time Period: After evaluating your current and future financial requirements, decide on the time period for which you will repay the loan amount. This may vary from 10 to 20 years and will affect your monthly payouts.

• Processing Fees: Ask the agent at the credit union if there is any processing fee for the loan you are applying for. In some cases, this fee is waived off for customers depending on schemes offered by the lender and in other a percentage of the loan amount is charged.

• Pre payment charges: Check if you will have to pay some extra charges in case you wish to pay your loan amount before the actual date. This may be a possibility if your financial condition improves and you are in a position to pay-off the loan.

• Check all papers: Once the application has been processed, read all documents carefully. Every minute detail must be clear to you so there are no disputes in the future. You must also save all correspondences for reference.

• Save money: The terms and conditions for getting a home loan approval keep on changing from time to time. Therefore, if you are planning to apply for a home loan, make sure you have enough cash reserve. You may need to pay the down payment right away once your loan is approved.

• Get pre-qualified: Knowing how much you can afford is a key step in getting pre-qualified for a loan. Your lender may ask questions pertaining to your monthly income, estimated down payment and the assets you own. Pre-qualification helps in determining your borrowing capacity but it does not guarantee an approval for your loan.

• Get pre-approved: In order to get pre-approved for a housing loan, you need to submit your recent bank statements, proof of income, and income tax return papers along with employment information. This will help your lender in cross-checking if you have sufficient funds to repay the loan amount.

• Compare housing loan rates: Compare the various housing loan rates being offered by different credit unions to select the most suitable plan. Most of the credit unions in Killeen offer flexible loan terms thereby making it easier for customers to get approval.

• Know your credit score: It is important to review your credit score before applying for a home loan. This is a critical factor in deciding your eligibility for a home loan. Also, it is imperative to pay all your bills on time, lower your debts and have a good credit report.