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

Eligibility For Home Loan In Killeen, TX

21. December 2015 Administrator Home Loans (0)
A home loan is a perfect way to purchase your dream house in Killeen, TX. However, before applying for a loan from a credit union or any other financial institution, it is important to know whether you are eligible for the same or not. It will help you save time and simplify the home loan process.

Listed below are some eligibility criterion set by most financial institutions in order to apply for a home loan in Killeen:

  • Age:  Age is an important consideration for home loan approval. Younger people are more likely to get a loan as compared to those who are nearing retirement.
  • Source of income: Your source of income along with its stability is an important factor taken into account by a credit union. For instance, having a salaried job can fetch you a higher loan amount because of your job stability.
  • Additional debts: If you have an existing loan repayment, it can affect your chances of getting a home loan from credit union. It is better to pay off all your smaller loans (if any) before applying for a home loan. Additionally, having a good repayment history may also increase your chances of getting a home loan.
  • Proof of income: You will be required to show at least three of your recent pay slips to your lender. If not, you may be asked to submit a letter from your employer which states your annual salary. In case you are self-employed, you may be asked to provide the financial accounts for the past two years.
  • Debt to income ratio (DTI): Your debt to income ratio is another factor considered by a credit union before approving a home loan. It is basically a measure of your ability to manage monthly payments and repay debts as well. DTI is calculated by dividing total recurring monthly debt by gross monthly income. You should calculate it prior to deciding how much loan you want.
  • Credit score: Having a good credit score increases your chances of getting a home loan approved easily. Therefore, it will be beneficial if you maintain a decent credit score by paying all your installments and loans on time.
We, at Greater Central Texas Federal Credit Union, offer affordable and convenient home loans to our members in Killeen, TX. To know more about our services, feel free to call us at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
Comments are closed
GCTFCU Blog | Member Benefits: GCTFCU
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Member Benefits: GCTFCU

27. December 2023 Administrator (0)
Credit unions go beyond being just financial institutions; they serve as dedicated financial allies, actively contributing to the financial success of their members and the communities they operate in. Their unwavering dedication to ethical and inclusive banking positions them as indispensable resources for individuals and families striving to realize their financial aspirations.

The following are the benefits of credit union membership:

Tailored Financial Solutions

When opting for credit union services, you are not just another statistic. Credit unions provide customized financial solutions. A dedicated team invests the time to comprehend your objectives and dreams, assisting you in attaining financial success.

Economical Fees and Competitive Rates

Credit union membership delivers a significant advantage with competitive rates and fees. Renowned for their commitment to offering financial services with minimal fees, credit unions present highly competitive rates on savings accounts, loans, and credit cards.

Community-Centric Approach

Credit unions are deeply ingrained in their local communities. They prioritize their members and the communities they serve. Their dedication to community engagement sets them apart as they reinvest in the areas where members reside and work.

Member Ownership and Decision-Making:

What distinguishes credit unions is their member-centric ownership model. Upon joining a credit union, you become an owner with a say in decision-making. Your satisfaction is of foremost concern to a credit union.

Financial Education and Support

Financial literacy is the gateway to financial empowerment. Credit unions provide members with comprehensive financial education resources and personalized guidance to assist them in making well-informed choices and planning for a more secure financial future.

Loan Terms

Credit unions adopt a member-first approach, prioritizing the financial well-being of their members over profits. This often results in more favorable loan terms, encompassing lower interest rates and flexible repayment options.

Enduring Relationships

Credit unions aim to cultivate enduring relationships with their members, extending continuous financial support and guidance. Recognizing that financial needs evolve, credit unions stand ready to offer guidance and support at every life stage.

Diverse Account Options for Member Convenience

Credit unions prioritize member convenience, offering diverse account types like Money Market, Share Savings, Certificates of Deposit, and more. This array allows members to align their banking experience with unique needs, be it higher yields, secure savings, or flexible investments.

Credit union members experience a multitude of advantages. Beyond fortifying the financial underpinnings of their members, credit unions actively contribute to developing thriving and robust communities. Greater Central Texas Federal Credit Union is committed to empowering members by providing diverse financial services meticulously crafted to suit their distinctive needs.

For additional information on credit unions in your vicinity, feel free to visit Greater Central Texas Federal Credit Union at 3305 E. Elms Rd., Killeen, TX 76542, or call (254) 690-2274. You can also browse www.gctfcu.net 

Comments are closed