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

Affordable Home Loans In Killeen, TX

13. August 2015 Administrator Home Loans (0)
With the ever-increasing property prices and soaring interest rates, it is important to choose the right home loan to avoid any financial issues in the long run. Keeping this in mind, a lot of home buyers prefer a credit union over bank for their financing needs. This is mainly because of the considerably low interest rates and better customer service offered by them. Additionally, the process of applying for a home loan at a credit union is much simpler, with minimal documentation and paperwork.

Given here are some of the benefits of choosing a credit union for a home loan:

  • Low Interest Rates: Being a non-profit organization, a credit union is not liable to pay any taxes to the state or federal government. This, in turn, allows them to offer low interest rates on their home loan products. Thus, you will have to pay lower monthly installments and be able to save more.
  • Account Holders Have A Say: As members of a credit union are its part owners, they have a say in the important matters of the credit union. This may be concerned with the working of the credit union, interest rate of loans or other services offered to the members.
  • Less Income Requirements: A credit union usually does not have a strict income criterion for an applicant to be eligible for home loan. Thus, people who have not been approved for home loan by a bank due to low income are quite likely to get approval at a credit union.
  • Fewer Processing Fees: The loan processing fees charged by a credit union are usually affordable and lesser than many other financial institutions. In addition, it also offers several other membership services such as online banking, checks, wire transfer etc. at a nominal cost.  
  • Speedier Closings: When you apply for a home loan at a credit union, you can expect an instant approval for the same.
  • Flexibility: Working solely for the benefit of the members, a credit union is not much stringent when it comes to their loan conditions and policies. They offer considerable flexibility in terms of loan products and repayment options.
We, at Greater Central Texas Federal Credit Union, provide affordable home loans in Killeen, TX. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.
Comments are closed
GCTFCU Blog | Low Income Auto Loan In Central Texas
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Low Income Auto Loan In Central Texas

14. November 2015 Administrator Auto Loans (0)
Having a low monthly income can make it challenging for you to secure an auto loan. You need a loan plan that suits your budget requirements. A number of credit unions in Central Texas provide auto loans and refinancing options to people in the lower income group. Do a thorough research and compare the interest rates offered by these institutions to choose the one suiting your requirements.

Here are the factors that you need to consider while applying for an auto loan in Central Texas:

  • Period of job: In order to get a quick approval for the loan, you must have spent at least one year in your present job. However, if you did not stick to a job for a year, a credit union may check for at least three years of uninterrupted employment. At the most, you should have changed only 2-3 employers within this period.
  • Down payment: If you are applying for a low income auto loan, you will be required to pay some form of down payment to the lender. In case you don’t have any money at your disposal, you may inquire from your lending organization about the alternatives they can offer.
  • Credit profile: If you have a higher credit score or a longer credit profile, you can get a better rate of interest for a low income car finance program.
  • Duration of the loan: You can get your loan approved at a faster pace if you choose to repay within a shorter period of time. However, loans with shorter durations usually entail higher monthly premiums.
  • Debt to income ratio (DTI): Most of the lenders prefer a maximum DTI ratio between 40 to 50 percent. To calculate your DTI ratio, add up all your bills and divide the total amount by your monthly pre-tax income.
  • Payment to income ratio (PTI): For approving a low income auto loan, most lenders prefer a PTI ratio between 15 and 20 percent. In order to compute the PTI ratio, divide your new car payment by your pre-tax income.
  • Co-signer: There are a few lenders who approve convenient interest rates for low income auto loans in case you get a co-signer and have a good credit rating.
We, at Greater Central Texas Federal Credit Union, offer low interest auto loans in Central Texas. For more information, you can call us at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
Comments are closed