Founded in 1935 during the Great Depression, GTE Federal Credit Union is one of the largest locally owned and operated financial institutions in Tampa Bay, Florida with $1.8 billion in assets.
Like most credit unions, they are a not-for-profit, member-owned banking institution. The nice thing about these sort of credit unions is that they don’t have bottom-line oriented shareholders. In fact, with GTE Federal Credit Union, the members are the effective shareholders. A committee is appointed to ‘serve’ as the board, however, derived profits from their business operations are always funneled back into the institution in the form of better product offers (be it lower mortgage and loan rates, higher savings rates, or enhanced products and account capabilities).
Along with enhanced account offers, GTE FCU is also known for charitable contributions. Their employees and members support a number of worthy causes through donations and volunteering.
If you are looking at investing in bank CD’s with GTE FCU, your funds will be insured by the NCUA which is the FDIC equivalent for community credit unions. As with the FDIC, your funds are federally insured up to $250,000.
Mortgage Rates offered through GTE Federal Credit Union:
*Rates accurate as of July 2010. Visit our mortgage center for today’s updated rates and special offers in your neighborhood!
- 30 year fixed rate home loan with an APR of 4.626% and discount points of 0.250.
- 30 year fixed rate home loan (no closing costs) with an APR of 5.368% and no discount points.
- 15 year fixed rate home loan with an APR of 4.306% and discount points of 0.250.
- 15 year fixed rate home loan (no closing costs) with an APR of 5.032% and no discount points.
- “Prime Line Preferred” with an APR of 4.250% and no discount points.
- 15 year equity loan with an APR of 7.301% and no discount points.
- 10 year equity loan with an APR of 6.402% and no discount points.
- 5 year equity loan with an APR of 6.756% and no discount points.
- Home construction loan with an APR of 3.733% and 0.250 discount points.
GTE Federal Credit Union Mortgage Reviews:
Here is a customer testimonial that was filmed in 2011.
GTE Federal Credit Union also has an A+ Rating on BBB (Better Business Bureau) despite having 36 registered complaints. Of the 36 registered complaints all have been resolved to date. The breakdown of the complaints are as follows: 2 were in regards to misleading or false advertising (presumably dealing with promised interest rates), 16 were regarding issues with billing and collections and just 1 had to do with deliver issues.
If you have experience in opening a home loan or refinancing a mortgage through GTE Federal Credit Union, please share by leaving a comment.