Owning a house is a dream for most people but it takes a lot of effort to come true as it requires having a lot of cash in hand. Buying a home is one of the most important and biggest investments of one’s life and it can be made easier with home loans. The provision to have home loans makes it possible for anyone to make this dream a reality. Home loans are easy and a quick way to finance your purchase and banks and financial institutions offer home loans to help people buy the required property. Banks usually offer home loans at their own conditions and even require the applicants to collateral something for the loan. They have rigid terms and repayment conditions and they also consider the individual’s credit history before granting a loan which makes the process very difficult.

Credit unions are very popular for getting home loans and are a better alternative to banks. Credit unions are organizations that help their members manage the money. These organizations are non-profit, co-operative in nature and basically work for the benefit of the registered members. The union is run by the members through the process of voting. You can easily open a savings account in your union and apply for a home loan without huge credit checks and conditions. The credit unions offer banking and lending services similar to banks but offer many more benefits and ease in application.

The credit unions offer home loans at low interest rates which can be modified depending on individual circumstances. The credit union offers personalized services and is more concerned about your personal situation as compared to banks. They have a softer approach and their processes are not as rigid as bank procedures. They offer speedier closings and consider your case even if you have had some credit issues in the past. Using credit union is secure and safe as the members assure that their organization is strong and dependable.

We, at Greater Central Texas Federal Credit Union, have been helping people in Killeen, TX since 1957. We offer low interest loans to our members and strive to offer the most reliable services. You can create a checking account and a saving account with us. We offer debit card, credit card and other facilities similar to a bank. You can avail home loan, auto loan and other small loans from us at attractive rates with convenient repayment options. We offer loans at flexible terms and help you save a huge amount of time and effort. To know more please visit us at 3305 E Elms Road Killeen, TX 76542 or call at ( 254 ) 690 - 2274.

• Account Agreement: The agreement that determines membership eligibility, conditions for share accounts and other banking operations.
• Accrued Interest: Interest that is due but has not yet been paid to an account holder of a share account. It can also be due interest that has not yet been paid to the credit union by borrower of a loan.
• Adjustable-Rate Mortgage: A mortgage without a fixed interest rate. The rate fluctuates on the basis of market conditions such as index rate.
• Annual Percentage Rate: Percentage indicating the cost of credit on a yearly basis.
• Annual Percentage Yield: A percentage indicating the total amount of interest paid on a share account. The amount is based on the interest rate and frequency of compounding for the year.
• Annuity: Life insurance contract sold by brokers, insurance companies and other institutions as retirement investment.
• Automatic Bill Payment:  An automated system for an account holder to pay recurring bills.
• Available Credit: The remaining amount of funds in a line of credit or account that a member can borrow.
• Closing Costs: Expenses incurred by sellers and buyers when transferring the ownership of property.
• Collateral: Assets offered by a borrower for securing a loan or some other form of credit.
• Drawer: A person/entity who writes a check or draft asking the drawee to pay another.
• Drawee: The credit union or financial institution expected to pay a check or draft that is presented for payment.
• Escrow: The act of holding money or documents by a neutral third party prior to closing the property.
• Foreclosure: Legal process of selling property and using the proceeds for covering a mortgage debt.
• Open-End Credit: A credit agreement allowing members to borrow against pre-approved credit line for purchasing goods and services.
• Overdraft: When the amount in an account falls short of the amount being withdrawn from a checking account or share draft account.
• Payee: A person or organization to whom a check, draft or note is made payable.
• Payoff: Complete repayment of a loan.
• Share Draft Account: Checking accounts are called share draft accounts by credit unions. They are transaction accounts.
• Uncollected Funds: A part of a deposit balance that is due to be collected by the depository financial institution.