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

Steps To Applying For A Home Loan

17. March 2017 Administrator Home Loans (0)
A credit union is a non-profit cooperative that provides home loans at low interest rates to its members. The organization aims at passing on the profits to the members and therefore adds a lot to their savings. It is important to be clear about the home loan requirements so that you can easily purchase the home of your dreams.

Below are some steps that you need to follow while applying for a home loan:

  • Get pre-approval: In simple terms, pre-approval is a written application that states how much amount the lender will let you borrow. This document is necessary so that you know exactly how much you can borrow and how much money you need to put from your side. This will help you divide your budget according to the monthly expenses. Various factors such as employment history, credit score, down payment etc. are taken into account while pre-approving a home loan.
  • Make the offer: After zeroing down a particular property, you need to prepare an offer in consultation with your real estate agent. Offer contains details such as purchase price, closing date and the time period for which the offer holds good for you. This is given to the seller who can accept or reject it. If your offer is accepted, you need to get home inspection done from a qualified professional. 
  • Complete the loan application: After coming to a conclusion regarding the price, you need to complete the loan application formalities. The lender will determine the terms and conditions of your loan, ask you to complete the loan documents and may also demand additional documents. These can include: pay stubs for the past few months and tax return details etc.
  • Get the interest rate locked: Locking the interest rate with your lender ensures that it does not go up while your loan is still getting processed. This is imperative because home loan interest rates can fluctuate on a daily basis and you would want the lowest interest rates for big financial savings.
  • Go through loan processing: In this step, your home will be evaluated to judge its market value. Apart from this, the lender will review your loan application, cross-check the documents, verify the financial information and also check the title details to ensure that all the legalities are in place.
  • Closing: During the last stage, your home loan documents will be sent to a title company so that you and the seller can duly sign them. A photo identity proof along with the down payment amount is required for closing. Apart from this, many other documents such as loan note and deed etc. need to be reviewed and signed.
We, at Greater Central Texas Federal Credit Union offer affordable financing services in Killeen, TX.  To know more about our credit union, call us at (254) 690 – 2274.
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GCTFCU Blog | Home Loan Process In Killeen, TX
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Home Loan Process In Killeen, TX

16. June 2016 Administrator Home Loans (0)
Buying a home is a big decision which may get a bit overwhelming if one does not understand the mortgage process. There are some tangible preparations that need to be made while deciding on a home loan. A credit union works towards making the process as easy and smooth as possible for its members.

Here are the steps involved while applying for a home loan in Killeen:

  • Get a pre-approval: A pre-approved loan will let you know the type of home you can afford to buy. It also assures the seller that you are a responsible buyer and genuinely interested in buying the property. The lender will assess your total income, debts and other financial liabilities to evaluate the loan amount you can be pre-approved for. Once the amount is known, you can go about scanning for a suitable home in Killeen that suits your requirements.
  • Keep all documents ready: All the important financial documents like bank statements, employment letter, salary proofs, home insurance, tax returns etc. must be kept ready. These may be reviewed by your loan officer to assess your borrowing ability and submit the application.
  • Understand loan type: One must decide if he needs a fixed rate mortgage (interest rate stays the same during the entire tenure of the loan) or flexible mortgage rate (interest rate fluctuates according to the market trends). This choice may depend on your current and future financial condition.
  • Closing the loan: Once all the paper work is done with the credit union, the next step is to go through the terms and conditions of the loan plan all over again. You may need to submit a copy of the property documents and a few postdated checks to close the deal.
Your search for your dream home in Killeen will be fulfilled if you have invested enough time in understanding the loan process and making viable decisions.

Contact Greater Central Texas Federal Credit Union for hassle free home loans in Killeen, TX. For details, call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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