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February 9, 2022
Should I Refinance? Benefits of Refinancing Your Mortgage or Auto Loan
You may love your car or your home, but how much are you paying for it? Is your monthly payment more than you think it should be? Are you asking yourself Should I refinance? Consider refinancing your auto loan or mortgage to take advantage of one or more of these benefits:
- Lower interest rate: Market rates are constantly changing. Whether you got your loan two months ago or two years ago, better interest rates may be available today! Refinancing with a lower rate means you’ll pay less in interest, saving you money over the life of the loan.
- Lower monthly payment: One of the most popular reasons for a refinance is to get a lower monthly payment. If you’re able to get a lower rate but keep the same term on your loan, your monthly payment could go down significantly, lowering your regular expenses.
- Fewer monthly payments: When you refinance, you can also choose a new term for your loan. If you’re not concerned about lowering your monthly payment and ditching debt fast is more your style, choose a shorter term. You’ll decrease the total number of payments you’ll have to make, getting you closer to paying off the loan completely.
- Access to equity: A cash out refinance on a mortgage will allow you to access the equity you have built up in your home. You can get a chunk of cash to help pay for a renovation or other major expense, giving you more flexibility in your spending.
Ready to refinance your auto loan or mortgage?
Apply today! You can contact our team of Real Estate Loan Officers who will walk you through a mortgage refinance and begin the application process, or you can apply for a loan with us and get approved for an auto loan refinance in as little as 60 seconds. We’ll be happy to serve you.
REFINANCE YOUR CAR REFINANCE YOUR HOME
Subject to credit approval.
Grow Financial mortgage loans are valid for the purchase or refinance of owner-occupied residential properties in the states of Florida and South Carolina, including single-family detached, condominiums and townhomes. Not valid for the purchase of investment properties. Grow Financial mortgage loan rates are updated daily and available at growfinancial.org
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733
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