If you are looking for easy, fast, and convenient home loan options, then you can turn to a credit union in Killeen, Texas. Unlike banks, credit unions offer more advantages and competitive home loans. If you are an existing credit union member, then you can consider Credit Union’s home loan offers over other alternatives. People are often not aware about the home loan available with the credit unions, as these unions do not advertize much about their products.

What credit Unions are

Credit unions are non-profit banking organizations that work on limited budgets. These unions do not advertize their loan options vigorously; however, that does not mean they do not have much to offer potential borrowers. These lending organizations offer some of the most attractive loan packages. A credit union provides finance options to members only. Unlike other financial organizations that are run by investors and stockholders, members own credit unions and pool in money to finance loans to borrowers. So, their loans are not externally funded. A number of advantages of getting home loans from credit union in Killeen TX are listed below:

• Lower Interests: As the sole motive is to provide financial services to their members, Credit Unions offer low interest rates on home loans. Due to lesser interest rate, borrowers need to pay less monthly mortgage payments.
• Better customer services: In comparison to banks and other financial institutions, credit unions offer personalized and better customer services. They are responsive and helpful when you need more details.
• Quick closings: Credit unions do not require lot of paperwork and bureaucratic formalities. Unlike banks, they offer quick closing of your home loan.
• Qualify with Lower income: If your gross income is not sufficient, even then you can apply or qualify for a home loan from a credit union, as they have set their income requirements quite low. If you are a member of the union, you can avail the loan in spite of your meager salary.
• Better treatment: Being a member of the union, you get a better treatment from the credit union and have a say in important matters and issues, whereas, in banks and other lending institutes, you are just treated like a customer.

We, at Greater Central Texas Federal Credit Union provide quick and cheap home loans in Texas. For more details, you can visit us at 3305 E Elms Road, Killeen, TX 76542. You can also call us at (254) 690-2274.

• Prepare your credit report: Check your credit report for any errors and make sure you do not have any pending debts. Also, make sure that all your credit card payments have been duly made on time.
• Save regularly: Establish a good saving record by saving regularly so that you can build up security for your loan. Increased savings make it easier to borrow from a credit union.
• Get insurance: It is imperative to have insurance prior to applying for a loan. For example, if you are applying for a secured auto loan, you need to show that you are insured to drive a car.
• Income and employment verification: You will be required to provide details of your income during the last three months, wage and tax statement from your employer, latest tax return details as well as recent bank account statements. Keep all these documents ready beforehand so that you do not face any difficulty when applying for a secured loan.
• Ask for pre-qualification: Whenever you go to a credit union to apply for a secured loan, you should ask them about the estimate of the loan that you can be given and the interest rate for which you are pre-qualified. For this, you need to show your employment and income verification documents.
• Other documents: Apart from the above mentioned documents, you also need to submit a photo identity proof, your residential address, contact details of your insurance agent etc.