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Home Sweet Mortgage
Buying a home is a huge life event. Whether you’re buying your first home or your dream home (or maybe you lucked out and found both!), you’ll probably need a mortgage. That’s where we come in. We offer a variety of home loans to fit your needs at competitive rates. Fixed-rate and adjustable-rate options. FHA, VA and USDA Loans. Jumbo loans, professional loans and mortgages with down payment assistance. We’ve got you covered no matter what you need.
The Homebuying Process, Simplified
The homebuying process might seem complicated, especially if you’re a first-time homebuyer, but we’re here to make it simple. Wondering what the process involves? Here are the six primary steps to buying a home:
Build your credit score and save for the down payment.
Get preapproved for a mortgage.
Find a real estate agent and go house hunting.
Make an offer.
Have the home appraised and inspected.
Close on your new home!
Choosing A Mortgage
Our professional Real Estate Loan Officers can help you along the way, explaining all the complicated parts and working with you to find the ideal mortgage type for your situation. Because we don’t just want to help you get a mortgage. We want to help you find your way home.
Your One-Minute Guide To Buying a HomeWatch Video
As homebuying has become more competitive in a fast-moving market, potential buyers will want to show that they’re qualified for financing before beginning to visit homes. By getting preapproved, you and your real estate agent will know exactly how much house you can afford and be ready to move quickly when you choose to make an offer.
The exact amount you’ll need to buy a home depends on a few factors, primarily the price you can afford and the type of mortgage you choose. You’ll typically need cash on hand for closing costs, which range from 3-6% of the purchase price. Plus, you’ll need funds to cover the down payment. How much do you need for a down payment? In general, having 20% of the purchase price as your down payment will allow you to avoid paying for private mortgage insurance (PMI), but that doesn’t mean everyone must have 20% saved up before buying a home. There are a variety of mortgage options with down payments of 10%, 5% or even lower depending on what you qualify for. At Grow, we also offer a 100% Financing Home Loan.
Of the many mortgage options, they all generally fall into two categories: fixed-rate or adjustable-rate. Fixed-rate mortgages are the traditional option for most home loans. The interest rate doesn’t change throughout the life of the loan, so your payment won’t change (aside from fluctuations in taxes or insurance), and you can choose the length of your loan term. Adjustable-rate mortgages, also known as ARMs, on the other hand offer a lower starting interest rate and a lower monthly payment for a fixed time frame of the loan, then the rate and payment may increase over time.
That depends on what you want to prioritize. To help you choose between fixed-rate or adjustable-rate, consider the potential benefits of each option.
Benefits of a fixed-rate mortgage:
- Level principal and interest payments for the full term of the loan
- No risk that changing market conditions will increase your monthly payments
This may be the best choice if you prefer stable monthly payments and plan on staying in the home longer than a few years.
Benefits of an adjustable-rate mortgage:
- Lower monthly payments and lower interest rate, for the first part of the loan
- Can allow for a higher loan amount and enhanced buying power
This may be the best choice if you want to keep the payment as low as possible for the first few years of the loan, you plan to sell the home within the next few years, or you expect your income to increase significantly over the next few years.
When it comes to real estate, escrow is the legal arrangement where a neutral third party temporarily holds onto all the paperwork and funds until all parties involved in the transaction fulfill their obligations under the contract. You’re said to be “in escrow” and “under contract” during the period of time between having your offer accepted and closing on the home.
This is a common question, and it’s smart that you’re asking it. Before looking at listings, it’s important to know how much home you can afford. This will mainly depend on your income compared to your debts, known as your debt-to-income ratio (DTI). Lenders find your DTI by taking the sum of all your monthly payments and dividing that by your gross monthly income. Let’s say you make $2,000 of payments every month on a combination of miscellaneous debts, and you bring in a gross income of $6,000. In this scenario, your DTI would be 33%. Generally, a DTI of 50% or lower is needed for most mortgages. If you’re unsure how much home you can afford, talk to us. We’ll help you look at your whole financial picture to figure out which mortgage option is right for you.
Important Information About Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: when you open an account we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
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, South Carolina, North Carolina, Georgia, Alabama and Tennessee 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