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

Home Loan: Checklist For Borrowers

19. November 2015 Administrator Home Loans (0)
More and more homebuyers are considering credit unions for their home loan needs. A credit union is more considerate towards the financial needs of its members. Thus, it offers loans at competitive interest rates and easy repayment options. The procedure is very simple, quick and requires least paper work.

Here is a checklist you need to consider before applying for a home loan.

Documents: You may be required to provide some legal and financial documents to apply for home loan through credit union. These documents include:

  • Sale Agreement: Before you apply for a home loan with your credit union, it is requisite to have the sale agreement or evidence of deposit. You will need to provide the registered title and location of the relevant property for the pre-approval procedure.
  • Salary Verification Letter: Whether you are a salaried person or self-employed, you need to provide your salary and income verification letter. You need to furnish pay stubs for at least a month’s period for the loan. You also need to attach the recent W-2 statements.
  • Tax Returns: To apply for the home loan, the credit union requires you to provide your completed tax returns including schedules and statements. You need to offer certificate of payment of taxes.
  • ID proof: You must add a copy of your date of birth certificates along with other ID proofs, as they are crucial for the verification of the identity.
  • Attach Credit Report: Your credit score is an important deciding factor, as it will determine the amount of loan that you can borrow from the credit union and the rate of interest that you will have to pay. Check your credit file before applying for the home loan.
Assess your ability to repay: Failure to pay the loan amount can lead to penalties and it will have adverse effect on your credit score. Make sure you have the ability and a steady source of income to ensure that you can repay the amount.

Choose the right loan period: Depending upon your budget, choose your loan period. If you choose a longer period, you may have to pay less every month, but the rate of interest may be higher, so decide the loan period accordingly.

Compare the prices: While applying for a home loan, you need to pay initial valuation and legal fee, which is included in APR, so compare the costs and fee to get the best deals.

We, at Greater Central Texas Federal Credit Union provide home loans at affordable interest rates. For more information, visit us at 3305 E. Elms Rd., Killeen, TX  76542 or call at (254) 690 – 2274. 
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GCTFCU Blog | Things To Consider When Shopping For An Auto Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Things To Consider When Shopping For An Auto Loan

14. May 2015 Administrator Auto Loans (0)
When planning to purchase a new car the most important factor to consider is financing option. Although auto loans have made it easier to buy a car, there are various factors that one must keep in mind to ensure that you get the best deal.

Here are some points to consider when applying for an auto loan:
  • Check Your Credit Score: This is an extremely important criterion to get approval for an auto loan. Make sure you have a good credit score, as it affects the interest rate that you will be charged for your loan.
  • Budget: Get a clear estimate of how much you can afford for the initial down payment as well as the monthly repayments. Calculate your monthly income from all sources and the indispensable expenses to know the money you can spare for the car loan.
  • Check The Interest Rates: Before deciding on your loan policy, compare the rates of interest quoted. Even a slight change in the interest rate could make a huge difference in your monthly payments. You must also decide between fixed and floating interest rates.
  • Select Loan Repayment Period Wisely: When you are shopping for a car loan, make sure you take the loan repayment period into consideration. Although long tenured loans may seem attractive in the first place, you may end up paying a lot more as part of the interest rate. Hence, it is always advisable to choose a short-term loan with 3 to 5 year repayment duration.
  • Skip a payment: You should confirm with the agent if you would be offered the option of ‘ skipping a payment’. You may be offered to skip one payment a year but it is helpful in times of a financial crunch. 
  • Secured Or Unsecured Loan: You also have the option to choose between secured or unsecured auto loans. In the former one, you have to put up collateral equivalent to the loan amount which, in most cases, is the car itself. The interest rates and monthly payments are quite low in these types of loans.
We, at Greater Central Texas Federal Credit Union, offer affordable auto loans in Killeen, TX. Our application process is simple and the loan is approved usually within a few days. For more details about our auto loan products, you can call at (254) 690 - 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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