GCS Credit Union
618.797.7993
GCS is a full service financial institution serving the following counties in Illinois: Madison, St. Clair, Jersey, Macoupin, Montgomery, Bond, Clinton, Washington, Randolph, and Monroe.

Busting Common Mortgage Myths

Mortgage Myths

Buying your first home should be a little scary—after all, that’s part of the fun—but it shouldn’t be scary for the wrong reasons. Unfortunately, there are a lot of myths and misinformation surrounding home mortgage loans in O’Fallon that are frightening off many first-time homebuyers. If you’re overly concerned with some of the tales you’ve heard about home mortgage loans, this brief guide will ease your mind by busting some of the most common myths about home mortgages.

Myth: You Need Perfect Credit to Qualify
Although a high credit score will certainly help you get a better loan, less-than-perfect credit isn’t a deal-breaker when it comes to qualifying for a mortgage. Other compensating factors such as a larger down payment and a low debt-to-income ratio can offset some minor credit blemishes and financial scrape-ups to help you qualify for a home mortgage loan.

Myth: You Need to Put Down at Least 20 Percent
Speaking of down payments, one of the most recurring mortgage myths is that buyers need to put down at least 20 percent of the purchase price. Again, while it helps to have a sizeable down payment, many lenders offer loans that don’t require a down payment anywhere close to 20 percent.

Myth: Renting is Cheaper than Buying a Home
You’ve probably heard people say that renting is the better option if you’re looking to save money. While this may be true in the very short term, it’s almost always less expensive to pay a mortgage than to rent a comparable home. As a homeowner you will also build equity, whereas the money you pay over the course of a lease term belongs to the landlord.

With the right lender on your side, buying a new home can be one of the most joyous occasions in your life. GCS Credit Union offers a wide range of home mortgage loans and refinancing programs that help our members settle into their homes with manageable payments and flexible terms. Visit one of our branches to apply for a home mortgage loan, or call us at (618) 797-7993 to speak with one of our loan officers for additional information.

The Secret to Saving Money

Spending money is easy—it’s saving money that’s the real challenge. However, it’s important that you push ahead and start saving now so you’re prepared for a rainy day later on down the road. The secret to saving money is that it’s a choice. Your money won’t put itself in a savings account, so you need to take an active role in putting money aside. Watch this video to learn more about how you can grow your savings with a savings account.

If you’re serious about taking control of your finances, GCS Credit Union can help. We offer all the banking products and services you need to grow your savings. Visit our website to learn more about member-exclusive banking products and services in O’Fallon and throughout the Metro East, including our high-yield savings accounts, share certificates, money market accounts, and IRAs. For additional information, please call us at (618) 797-7993.

Highlighting the Benefits of Online Banking

Benefits of Online BankingYou already have enough to worry about without having to make time to stop at the bank each week. Fortunately, GCS Credit Union offers a revolutionary way to manage your finances anytime, anywhere, with complimentary online banking. After joining our O’Fallon credit union, you’ll be able to enroll in online banking and start enjoying these benefits right away:

Stay on Top of Your Bills
It can be hard to pay all of your bills on time, especially when you have to worry about different due dates and minimum payments. Fortunately, online banking from GCS Credit Union allows you to manage your bills so you never miss a payment again. You can schedule payments in advance to pay one-time or recurring bills with ease. Online bill pay is also much more secure than paper billing, so you won’t have to hold your breath and hope the check arrives on time.

Track Your Spending Habits
Another benefit of online banking is the ability to quickly and easily track your spending habits. This feature will allow you to see exactly where your money is going each month. If you want to increase your savings, knowing where to cut back is the first step in putting more away each month. With online banking, you’ll be able to see trends and habits in your spending that might have otherwise gone unnoticed. For example, you may be surprised to learn how much you’re spending each month on eating out and going to the movies.

If you want to bank from home, on the road, or on your smartphone or tablet, visit GSC Credit Union in O’Fallon to learn more about our online banking services. If you have questions about becoming a member, please visit one of our credit union branches in Illinois or call us today at (618) 797-7993.

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Is a Credit Union Debt Consolidation Loan Right for You?

Do you feel overwhelmed by all of the different bills you have? Are you being harassed by creditors and collection agencies? Would you like to make the phone calls stop and simplify how you pay your bills? If you answered yes to any of these questions, a debt consolidation loan from GCS Credit Union may be right for you. Our personal loan specialists can help you consolidate all those bills into one simple loan with one competitive rate.

Call GCS Credit Union at (618) 219-7091 to speak with one of our loan specialists and to find out whether a debt consolidation loan is right for you. We are one of the premier credit unions in O’Fallon, and we offer all the financial tools and resources to set you up for long-term financial success.

How to Understand Your Home Mortgage Loan

Understanding a Mortgage in O'FallonA home mortgage loan is one of the most complex and expensive investments you’ll ever make, so it’s important to fully understand what you’re getting into before you accept a loan from a bank or credit union in O’Fallon. There are numerous mortgage variations to choose from, and even more customizable terms. To help you understand your options, here’s a look at some of the most important factors to consider when shopping for a home mortgage.

Interest Type
Every mortgage carries interest, but how the interest is calculated and amortized over the life of the loan is different. There are two main types of interest: Fixed and variable. With fixed-rate mortgages, the interest rate remains the same for the life of the loan and the payment is split into equal monthly payments for the duration. The interest rate for variable mortgages, also known as adjustable-rate mortgages, can change from year to year.

Payment Structure
The primary factors determining your monthly mortgage payments are the size and term of the loan. The “size” of the loan refers to the amount of money borrowed, and “term” refers to the length of the loan. Because longer terms result in smaller monthly payments, 30-year mortgages are the most popular type of mortgage.

Other Terms
There are a lot of terms and phrases used with home mortgage loans. To fully understand your options when shopping for a mortgage, it’s a good idea to brush up on some of the important mortgage terms used by lenders and borrowers. A few important ones to know upfront are escrow, closing costs, principal, and private mortgage insurance. You can find mortgage terminology resources online to help you better understand the lingo.

Whether you’re buying a new home or want to take out a second mortgage, GCS Credit Union can help. We are one of the leading credit unions in O’Fallon, and we can help you secure a competitive rate on a home mortgage loan. Visit our website to calculate your monthly payments and view our current mortgage rates. If you have any questions, please call us at (618) 219-7091.

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Hours

  • Monday 8:30am — 5:00pm
  • Tuesday 8:30am — 5:00pm
  • Wednesday 10:00am — 5:00pm
  • Thursday 8:30am — 5:00pm
  • Friday 8:30am — 6:00pm
  • Saturday 8:30am — 12:00pm