• Lower Fees And Better Rates: Credit unions operate with the sole objective of working for the welfare of their members. All profits that they earn are returned in the form of lower rates of interests, better services, and minimum fees.
• Volunteer Board of Directors: Unlike banks, the functioning of credit unions is administered by a volunteer board of directors. When a member opens an account, he/she is immediately given certain share in the credit union. Every member has an equal say in the governance matters, regardless of the size of their account.
• Board Elected By Members: Every year, the credit union conducts elections where the members are free to choose who would be serving on the board of directors. The elected members, then, formulate and implement the policies of the credit union.
• Flexible And Convenient Loans: Members of a credit union can avail convenient home and auto loans with easy repayment options. Also, filing for and getting approved for a loan is a very easy process. It does not involve much paperwork and the application is approved within a few days.
• Dividend On Savings: The profits earned by a credit union are usually returned by way of attractive dividends on the savings account of the members. The dividend rate may vary from year to year.
• Members Have Common Interests: Members of the credit union share a common bond of owning a share in the union. To be a credit union member, the individual must fulfill certain eligibility criteria, such as area of employment, place of residency or affiliations with other institutions. This implies that each of them holds something in common.
• Convenient Access To Your Money: Most credit unions offer online account access so that the members can easily view complete summary of their financial transactions. Thus, you either opt for 24X7 access or personalized services during the office hours. 

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.

• Reduces the monthly installments: Refinancing can significantly bring down the monthly payments towards your car loan. Having low monthly payments allows you to manage your household finances more efficiently and make savings at the same time. You can even invest your money to receive significant monetary returns in the long run.

• Can decrease the interest rate: Apart from low monthly payments, car loan refinancing can also help in decreasing your interest rate. You can get the new loan at a lower rate of interest from another lender. The lower rate of interest brings down your overall repayment amount you owe to the lender.

• You can alter the length of loan: Though long term loans equate to lower monthly payments, you end up paying more interest to the lender. However, if you opt for refinancing your car loan, you can change the loan term and the monthly payments that go with it.

• You can own a car previously on lease: If there is an instance where the lease on your car is about to finish, you can purchase it by choosing the option of auto refinancing. The loan obtained from refinancing can be utilized to buy out the lease and give the payments to the lender. You will be the owner of the car when the loan term ends.

• Willingness to give loans: Credit unions understand their members‘ needs to take loans and patiently assess their credit history and financial ability to provide them the required amount. The loan eligibility requirements are not so stringent at a credit union which increases the likelihood of getting an approval.
• Low fee and rates: The purpose of a credit union is not to make profits but to offer financial aid to the members to its members. Thus, they offer low interest rates and processing fees on all loan plans.
• Personalized service: The credit union board of directors consists of the members and thus you can expect to receive personalized services. The staff reviews your concerns regarding loan term, repayment flexibility and financial needs to offer a customized loan plan.
• Provide proper education: Credit unions provide complete assistance to the members regarding the financial tools and resources available. Thus, you can seek guidance regarding how much money you should borrow or the premium amount you should settle on as per your financial position. Credit unions have professionals to guide you through the loan process.
• Unions are stable: Market fluctuations do not make your monthly repayments volatile when you have get a loan from a credit union. This is because the source of their finance is the deposits of other members. This make the credit unions a stable source to finance your home or vehicle purchase.
• Other benefits: Besides simplifying the loan process, the credit unions also offer many other services for the benefit of its members. These may include wire transfer, savings and checking account, MasterCard, ACH origination etc.

• 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.

• 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.
  

• Higher chances of approval: If you have a lower income, you stand a higher chance of getting an auto loan approved at a credit union than at a bank. The staff at a credit union is inclined towards adjusting the terms of the loan to suit the needs of each client. Pre-approved auto loans may also be extended to make your vehicle purchase a hassle free exercise.
• Competitive rate of interests: The biggest benefit of getting an auto loan from a credit union is that the interest rates are quite competitive. As these institutions are not liable to pay any state or federal taxes, they are able to offer loans at much lower interest rates.
• Non-Sales Approach: Since a credit union works for the benefit of its members, the staff does not compel the clients to purchase the loan. Instead, they help the clients compare different loan plans and choose the one that best suits their requirements.
• Profits are ploughed back: All the profits earned by the credit union are returned back to the members by way of low interest rates, higher dividends and more returns on savings accounts.
• Friendly service: The management team of a Credit union comprises of members from the organization itself. You may have one to one sessions with loan officers and discuss your queries while your loan is being processed. Unions are flexible and comforting to their member’s concerns.
• Membership is easy: Becoming a member at a credit union is quite easy. The eligibility criterion to be approved for an auto loan is also not too stringent at a credit union.
  

• Lower interest rates: Credit unions, being non-profit organizations are not liable to pay any taxes to the state or federal government. As a result, they offer considerably lower interest rates on car loans. This means that your monthly payments will be low and you can save more.

• Flexible terms and conditions: The terms and conditions of car loans are usually flexible at a credit union. Working with a client centered approach, the credit unions are more considerate towards the financial needs of the members. Their policies are flexible enough to adjust the repayment options and loan duration according to the convenience of the clients.

• Better customer services: The credit union is easy to approach and there are lesser formalities involved in the car loan application process. Their staff provides complete assistance to the clients in filling out the application form and getting the paperwork ready.

• Convenient loan process: The process of getting loan is more relaxed at credit unions. The clients can even apply for a car loan through the credit union’s website. This eliminates the need to be physically present at their office.

• Membership benefits: The credit unions also offer various other banking and financial services to their members. This includes wire transfer, payroll deduction, notary service, savings accounts, direct deposit, ATM, ACH origination, MasterCard Gift Cards etc.

• Members have a say: All the members are stakeholders and part owners of the credit union. Therefore, they are given the right to choose the board of directors and vote on the important matters concerning loan rates, terms and working of the credit union.

• Payroll Deduction: We provide our members with the most convenient way to make loan payments, save money, deposit money into children’s account etc. We will automatically deduct a specified amount every month from your paycheck without you having to visit the branch personally.
• Direct Deposit: When you sign up for our direct deposit service, you can get your payroll, pension, social security, tax refunds or retirement benefits check deposited directly into your credit union account. You need to fill up a form to avail direct deposit and specify the account details where payments need to be sent.
• Notary Service: This is a service provided to all our members to easily get their documents attested and certified. We provide notary services for all types of affidavits, title transfers, power of attorneys, deeds etc. 
• MasterCard Cash Advance: At the credit union, we aim to make it easier for you to obtain cash, whenever you need. Hence, we offer Cash Advance service at minimal interest rates on your MasterCard credit card. You can avail the service at any of our ATMs or at the branch itself. 
• On-Line Access: We offer several options to our members to manage their finances and access their account online, at any time of the day. You just have to log in with your username and password to avail a host of banking services. 
• MasterCard Gift Cards: Our MasterCard Gift Cards are a wonderful option to make your loved ones celebrate their special day the way they want. 
• Wire Transfer: Transferring funds from one financial institution to another is safer and convenient with our wire transfer service.