Owning a house is a dream for most people but it takes a lot of effort to come true as it requires having a lot of cash in hand. Buying a home is one of the most important and biggest investments of one’s life and it can be made easier with home loans. The provision to have home loans makes it possible for anyone to make this dream a reality. Home loans are easy and a quick way to finance your purchase and banks and financial institutions offer home loans to help people buy the required property. Banks usually offer home loans at their own conditions and even require the applicants to collateral something for the loan. They have rigid terms and repayment conditions and they also consider the individual’s credit history before granting a loan which makes the process very difficult.

Credit unions are very popular for getting home loans and are a better alternative to banks. Credit unions are organizations that help their members manage the money. These organizations are non-profit, co-operative in nature and basically work for the benefit of the registered members. The union is run by the members through the process of voting. You can easily open a savings account in your union and apply for a home loan without huge credit checks and conditions. The credit unions offer banking and lending services similar to banks but offer many more benefits and ease in application.

The credit unions offer home loans at low interest rates which can be modified depending on individual circumstances. The credit union offers personalized services and is more concerned about your personal situation as compared to banks. They have a softer approach and their processes are not as rigid as bank procedures. They offer speedier closings and consider your case even if you have had some credit issues in the past. Using credit union is secure and safe as the members assure that their organization is strong and dependable.

We, at Greater Central Texas Federal Credit Union, have been helping people in Killeen, TX since 1957. We offer low interest loans to our members and strive to offer the most reliable services. You can create a checking account and a saving account with us. We offer debit card, credit card and other facilities similar to a bank. You can avail home loan, auto loan and other small loans from us at attractive rates with convenient repayment options. We offer loans at flexible terms and help you save a huge amount of time and effort. To know more please visit us at 3305 E Elms Road Killeen, TX 76542 or call at ( 254 ) 690 - 2274.

• Ask for quotes from various credit unions: Different credit unions will offer you varied rates of interests on home loans. Make sure you ask for a quote to have an idea about your monthly repayment amount. Apart from the rate of interest, you should be able to know the limit up to which you can borrow. Compare quotes from different credit unions and finalize the one that offers the lowest rate of interest.

• Fixed or adjustable rate loan: You can choose to get a home loan at a fixed rate of interest or an adjustable one. In case you select a fixed rate, the repayment amount remains constant throughout the loan term. On the other hand, the interest charged on adjustable-rate mortgage fluctuates over the time period of your loan. This eventually means your repayments will vary as well.

• Choosing the loan term: You can get to choose a customized loan term from a credit union. Therefore, you can decide the amount of time it will take you to return the home loan. Depending on your income and expenditure, you can settle for a particular number of years within which you will be able to repay your loan. Though a longer duration can lower your monthly payments, it would eventually lead you to pay more interest.

• Fees and charges: Check if you need to pay any fees or additional charges before getting a home loan approval. These may include ATM fees, loan fees, wire transfer fees etc.