Seven Reasons Why People Like Credit Unions Better For Home Loans

Considering buying a home? If so, you will want the best home loan you can find. The place to look for that perfect loan is no farther than GO Federal, a Dallas credit union. Reasons to consider a credit union over a bank will become evident after you read this!

1. Credit unions in Dallas are small entities. Unlike the larger corporate banks in town, credit unions are community focused. Their members are their customers. This is not forgotten in the member service experience.
2. Banks and credit unions do follow the same laws regarding lending practices. The difference is the relationship. Because Dallas credit unions are smaller, they build strong relationships with their members. 
3. The needs of the people are at the forefront of a credit unions business model. Because they are working for a specific geographic group, they understand the needs of their members. This understanding allows credit unions to guarantee members get a loan that will provide the best benefit for each member. 
4. Banks will approve a home loan and then sell that loan to another financial entity once the underwriting is complete. Credit unions in Dallas keep their loans within their own portfolio. This keeps members from dealing with the stress of wondering why their payments now go to a bank they have never heard of. 
5. Credit union profits always transfer back to their members. Unlike banks, Dallas credit unions are able to offer lower loan rates because profits are transferred back to their members through better loan rates, higher interest paid on savings accounts and better credit card rates.
6. Approval of a home loan is more likely at a credit union because credit unions will look at the overall package, not just a credit score. 
7. Credit union members are loyal because they are treated like family. Bank customers will always be searching for a better option. A side note to consider; a credit union has yet to need a federal bailout. 

To answer the question of are credit unions better than banks for a home loan is your choice, yes or no, but there are many benefits of credit union membership to consider.

Federally insured by NCUA and Equal Housing Lender

Is a Credit Union a Good Place for Loans?

So, you need a loan. There are two options that you know that you can take advantage of; the bank or a credit union. You have started to go through the pros and cons, but the main question that you need to answer is why should you borrow with a credit union instead of a bank?

Exceptional Member Services
GO Federal Credit Union in Dallas County is known for having exceptional member services which makes people feel good about using GOFCU for their loan needs. If you are not already a member, you can easily become a member with GO Federal Credit Union if you live, work, or worship in Dallas County. Once you become a member, a representative can discuss the different types of loans available for your needs.

More Generous Terms
The cost of borrowing money to buy a home, an automobile or anything else will likely be much less for credit union members. This is because credit unions charge their members lower interest rates than traditional financial institutions do. Credit unions don’t have shareholders to please with massive earnings reports. It is their mission to help their members get more from their money. This means the cost of loans tendto be lower, interest returns on savings are likely to be higher and the terms of obtaining credit may be less stringent for members.

When looking for ways to make your money go farther, you will find that GO Federal Credit Union provides a way to do so. Come in and speak with a loan specialist today at one of our branches. Call us at 214-742-6551 or visit us online.We look forward to talking with you and helping you reach your financial goals.

Federally insured by NCUA and Equal Housing Lender

Health Savings accounts from GO Federal Credit Union

Are you searching for a Texas credit union offering a Health Savings Account? Look no further than GO Federal Credit Union. With this Dallas based credit union, each member receives unique benefits to suit their needs. Members gain access to GOFCU’s amazing products and services, unmatchable customer service, low fees, and better rates.

About Health Savings Accounts
GOFCU offers a Health Savings Account (HSA) that helps you save on medical expenses and earn dividends. These HSAs are specifically tailored to each member’s needs. They provide help to people with health insurance plans that have a high deductibles and pay for approved health care costs on a tax-free basis. An HSA can help pay for both current and future medical costs.

Any HSA funds that are unused after a year will roll over. This gives you the opportunity to increase your balance and help cover expensive medical costs in the future. The account follows you everywhere, even if you change jobs.

Opening an Account 
An account can be opened with a minimum deposit of $25. There is no service fee attached, and no minimum balance required in the account.

You can easily access your account with a VISA debit card, ACH, check, or a physical transaction with a teller at one of their branches. Enjoy the no service fee for point of sale transactions and free printed checks with your first order.

There are no transaction restriction amounts; however, each account holder must follow IRS regulations.

Account Benefits
With a Health Savings Account, you will be earning dividends annually when you have an average daily balance of at least $100. GOFCU provides monthly account statements so you can keep track of your spending and saving. 

Other Account Options
GO Federal Credit Union offers savings account options for every member. Each account comes equipped with time-saving features. You can easily earn competitive dividends while you are federallyinsured up to $250,000.

Federally insured by NCUA and Equal Housing Lender

4 Reasons to Open a Christmas Club Account

Jingle bells, jingle bells, jingle all the way to your local Dallas credit union and start a Christmas Club account. If you are wondering why, then let us introduce you to 4 reasons to open a Christmas Club account.

Deck the Halls Stress-Free

There is enough stress at Christmas time already, let’s not add anymore wondering how we are going to purchase all those presents. GO Federal Credit Union in Dallas allows all members the opportunity to become a part of the club. All you need to do is make an initial deposit of $5.00 into a club account. You can also make payroll deductions become deposits. Sit back and sip hot cocoa while dividends are paid monthly at this Dallas credit union.

Avoid getting Nuttin’ For Christmas

Christmas Club accounts at credit unions in Dallas such as GOFCU make it possible for all your loved ones to get a gift for Christmas by protecting you from yourself. If you place your savings in a piggy bank at home, you are more likely to pop the stopper and use the money for something else. When this happens, there is nuttin’ for Christmas.

Santa Claus is Coming to Town Without a Credit Card

Every year we do the same old thing. Put all Christmas purchases on the credit card and then spend the next year paying it off. Why? A Christmas Club account at your local GO Federal Credit Union can help you, and Santa leaves the credit card at home.

We Need a Little Christmas 

Everyone needs to experience a little Christmas joy! GO Federal Credit Unions in Dallas are helping do just that with the Christmas Club account. This account will allow you not to worry and enjoy Christmas. On November 1st, your funds are deposited directly into your share savings account. Letting you set aside funds easily is helping you, and yours have a little Christmas joy!

Federally insured by NCUA and Equal Housing Lender

Using Credit Unions for Mortgage Loans

Most people want to retire mortgage-free, and that means they want to avoid paying a monthly mortgage payment after they retire. Thankfully, a local Dallas credit union can help its customers retire mortgage-free by creating and adjusting a mortgage loan that fits into the long-term plans of each of their members.

A Dallas credit union like GO Federal Credit Union takes the time to understand the needs of their members first. They help their members through the pre-approval process and will also determine what size loan the member will qualify for. Helping members determine their budget in advance makes the home buying process much easier, giving members the confidence that the down payment and subsequent payments can be made without trouble.

Other Benefits of a Credit Union

Using GO Federal Credit Union for all of your Texas credit union loan needs is the right choice, because they provide the following benefits to their members:

● GO Federal Credit Union offers fixed-rate term rates up to 30 years and/or adjustable rates, ensuring that their members have all their bases covered when it comes to repaying their loan.
● CU Home Advantage is a service offered by GO Federal Credit Union to ensure members can take advantage of every single available discount. This means that a home can be sold, bought, or both, while saving money for its members.
● In addition, GOFCU mortgage calculators can help membersfigure out which loan amount works best for them by calculating the monthly payment, the benefits of making additional payments, and the savings they could realize based on how long they want their mortgage to last.

GO Federal Credit Unions in Dallas and surrounding areas offer flexible payment plans, competitive rates, and control over the entire mortgage loan process. This ensures that no matter where you are in the loan process or what you want to do with your home once you retire, you’ll have a solid plan that you can depend on no matter what life throws your way.

Federally insured by NCUA and Equal Housing Lender

Ways to Benefit from a Savings Account

When’s the last time you honestly used your savings account? Aside from putting extra money that you want to keep for a rainy day or emergency, it mostly just sits there. However, savings accounts from a credit union have several benefits that make them superior to other types of saving methods.

Benefits of a Savings Account:

Most savings accounts are very easy to liquefy, meaning that the money in the account can be easily withdrawn for cash, so saving accounts are often used as emergency funds to have money on hand when problems erupt. These emergencies can be either bad, like car accidents or medical bills, or good, like a surprise vacation or splurging on a gift for yourself.

Other benefits include:

• Keeping money separate from the checking account: As much as we all want to say that we can save money in our checking account, savings account can help us avoid overspending and keep our savings account growing.

• Earning interest: Savings accounts allow you to grow your money with interest over time, making your money work for you. Credit unions tend to offer higher dividends because they funnel their profits back to their members.

• Easy transfer between accounts: Either access your account online or through your mobile app, , money can be moved from checking  to savings and vice versa, allowing you to move your funds easily where you want them.

So, is your savings account actually helping you? A savings account at your credit union can maximize your money and help you can get a better handle on your funds to use your money much more effectively. 

Federally insured by NCUA and Equal Housing Lender

Top 5 Benefits of a Free Checking Account

Most banks charge a monthly fee to have a checking account. In most cases, this can total up to over $100 per year.  Most credit unions don’t! Getting a free checking account can give you the peace of mind that you get to keep your hard-earned money to yourself.
 
Make sure you get all the benefits your free checking account has to offer.

The Five Benefits

1.     Easy access to finances: Have you ever wanted to buy something, but just didn’t know if you had the money to spare in your account?  With a free checking account, checking your balance on your phone can be done in seconds, allowing you to move on with the purchase.

2.     Notifications: Security is very important in today’s world, and having notifications pop up when a large withdrawal has hit your account or when you have less than $100 in your account can keep you feeling secure that all your funds are where they should be.

3.     Support with other sites: Some websites like Paypal or Amazon allow you to use your debit card for purchases, and by having your checking account linked to those sites you can safely and securely follow your money.

4.     Overdraft protection: This feature ensures that you always have some money in your account by taking the extra money needed from a different account or your savings account to cover a purchase without any fees.

5.     Digital document protection: Everything from receipts to checks can be uploaded online and easily accessed so you can manage your finances.

Just because you have a free checking account from your credit union doesn’t mean that you don’t get any conveniences with that account.  Free checking accounts offer the same great conveniences and benefits as any other checking account that you have to pay a service charge for.  That is peace of mind worth every cent.

Federally insured by NCUA and Equal Housing Lender

Obtaining an Auto Loan is made Easier with GO Federal Credit Union

Buying a brand new car, whether it’s actually new or used, can be difficult. On top of figuring out what model of car you want, other factors to consider are the features, where exactly to buy it, and most importantly, the price. The most likely choice is to take out a loan, and the safest and most reliable way is by taking out an auto loan at a credit union. In Dallas, Texas, GO Federal Credit Union is there to assist customers to provide an easier car-buying experience.

When it comes to auto loans, two choices to make is either getting one through the bank, or through a credit union. The difference between the two is through their services. Banks are for-profit organizations that make money for their stockholders, while credit unions are not-for-profit institutions owned by their own members where they use their own earnings towards their members which include lower loan rates than you would find at a bank. Becoming a member and taking out an auto loan with a credit union is more beneficial.

Making a Clear Decision is Key

Credit Unions offer car buying services to help with the process.  Letting your credit union know what kind of car you want is important as they will work closely with car dealerships to find the exact car that you want to get, and at the best price. Things to consider would be:

·         The size and model of the car

·         What the car will be used for

·         What kind of safety features you are interested in

·         Fuel economy

·         Any other features that are important to you

Taking the Next Step

The most important decision of all, though, is the price range. Getting pre-approved is helpful for members. The credit union can supply cost information, find the best deal with the right dealer, provide the dealer’s information, and most importantly, provide a pre-approval letter. The pre-approval letter contains specific instructions that informs the dealer that the purchase of the vehicle will be through the credit union, and also protects their members from being coerced into other payment methods that are not beneficial.

Obtaining an auto loan at a credit union creates many benefits that far outweigh getting a loan anywhere else. Talking with a credit union first can pay off in the long run for members seeking flexible terms, lower rates and personalized service.

Federally insured by NCUA and Equal Housing Lender

Credit Unions: Improving the Lives of Others

Through Caring and Compassionate Customer Service One Person at a Time

We may have to look a little harder to find it, but chivalry is not dead and buried. Neither is caring and compassionate customer service. Simply head to your nearest GO Federal Credit Union and you will find:

• Sensitive ears that listen and hear
• Understanding eyes that see the big picture
• Intelligent brains that break down that big picture into smaller steps that solve problems and help members to prosper

In short, credit unions put their “members” first.

Credit Unions as Communities

Credit unions are member-owned, not-for-profit organizations improving the lives of others, one person at a time. Credit union employees are extremely passionate about assisting their members. What does this mean?

• Credit union employees devote themselves to putting their members first
• They go that extra mile when they listen and understand their member’s short- and long-term goals
• They avoid shortcuts and quick fixes because, in the long run, these never work for their members
• Credit unions put themselves aside when it’s necessary to help their member.
• A credit unions’ members are not numbers to tally
• A credit union puts together all heads to brainstorm and review possible options for a personalized plan to improve their member’s overall financial situation

All of the above, in turn, creates a better, more relaxed, more joyful life for the individual members of the community. Simply put, all of the above makes for a better overall financial partnership.

Attaining financial freedom is one of the absolute best ways to eliminate stress from life. Let your GO Federal Credit Union alleviate some of your stress today.

Federally insured by NCUA and Equal Housing Lender

Save on Income Taxes While Saving for Future Medical Expenses with GO Federal Credit Union

High-deductible health plan participants save money on taxes, whether itemizing or taking the standard deduction, after opening an HSA (Health Savings Account) with GO Federal Credit Union

A Health Savings Account (HSA) is available to those taxpayers enrolled in a high-deductible health plan and allows an individual or family to take an “above-the-line” deduction on their tax returns for the amounts contributed to the account. “Above-the-line” means that the amount contributed to the savings account reduces a participant’s taxable income. It is not necessary to itemize your deductions to claim this tax deduction on the federal income tax return.

Other benefits of an HSA with GO Federal Credit Union include:

●    Participant flexibility in shopping around for healthcare services
●    Account owners make more informed decisions regarding their own healthcare
●    Earn annual dividends at competitive rates (must maintain an average daily balance of $100)
●    Unused funds are rolled over each year, allowing the account owner to save for future medical expenses
●    Only takes $25 to open the account
●    No service fee charged and no minimum balance required
●    Easy access to the account with a debit card, check, ATM, ACH, or teller transactions
●    No fee for point of sale (POS) transactions
●    Free first check order
●    No transaction limitations (the account owner is to comply with IRS tax regulations)
●    Timely annual reports of the account balance, withdrawals, and deposits
●    Mandatory GO Federal Credit Union membership ($25 minimum deposit in Share Savings Account)
●    The account is mobile, which means it moves with the account holder, regardless of any job changes

It may be possible to save for retirement once the account owner turns 65 years old. Generally, HSA funds may be utilized for any purpose, penalty-free, after the assessment of income tax, once the owner attains age 65.

To be further eligible, a participant may not:

●    Be covered by any non-HSA-compatible plan for your health, including plans like Medicare
●    Be covered by Tricare
●    Have accessed any VA medical benefits in the previous 90 days
●    Be claimed as a dependent on another’s tax return.

Federally insured by NCUA and Equal Housing Lender

Credit Union in Texas On-Line Banking

It can be quite intimidating and nerve-racking for those who are making the switch from traditional branch banking to on-line banking. (Texas credit union)Tellers say that some of their members tell them that they feel skeptical about the security and confidentiality of on-line banking although it would offer a convenience to be able to bank from home.

Home or on-line banking offers many perks and advantages.The Federal Reserve conducted a poll, which showed that 71% of the American population understand its benefits and have made the switch to home banking.

It's simple

In this age, where competition is tough, financial institutions are now working towards making the lives of their members, simpler and easier. Credit unions design their e-banking portals to be simple to navigate and use. Funds are easily transferred and payments are made seamlessly.

After you’ve logged in, you will find all of your banking options, statements and account balances, structured in one place,just a few clicks away. If you experience any trouble, you can always call for support.

It's secure

Your e-banking portal sits in a secure section of the credit union’s website and protects your account against any fraudulent activity. If you see https:// in your browser bar – the “s” stands for secure. Security measures are put into place to prevent any unauthorized access. You can turn on the ability to receive transaction alerts and notifications.You are also able to update your password and check your login history. If you feel that there is any suspicious activity on your account, you should report it at once to your credit union.

It's convenient

Since you can now bank on-line, you don’t have to fight traffic to make a trip to your local Texas credit union. Not only that, you eliminate waiting in line for every transaction you need to make.  

The best part about home banking is that you can make your money transfers, or pay your bills and taxes, in the comfort of your home. You can also set up your account to make recurring paymentsso that all of your bills are paid on time, eliminating the hassles of remembering to mail those checks.

It's always open and assessable when you need it

Credit union locations are open certain hours each day. This means you must get all your banking done before the credit union closes for the day. When using on-line banking, you can handle your transactions anytime during the day or night.You can eliminate rushing from your office to get to your credit union before it closes. Being able to access your accounts on the weekends means not having to wait for Monday to come for your credit union branch to open.