- Personal Loans
- Personal Loans
- Commercial Loan Officers
- Online & Mobile Banking
- Additional Services
- Member Testimonials
- SBA PPP Loan
- Home & Auto
Use Your Home’s Equity to Update, Renovate and Consolidate
For many of us, our home is the most valuable thing we own. But after years of mowing the lawn and cleaning the gutters, we might forget that it’s been appreciating in value. That home equity can provide fast cash when you need it. Use those funds to update your master bathroom, renovate your kitchen or even consolidate your debt. With a Grow Home Equity Loan or Home Equity Line of Credit (HELOC), you’ll get a fast and simple way to pay for the big and small things, with competitive rates and an easy online application.
Put Home Equity to Work
You can do a lot with your home’s equity, like adding that pool you’ve been dreaming of or consolidating high-interest debt into one, low interest rate through a debt consolidation refinance. Home Equity Loans provide a lump sum of cash, while HELOCs act as a revolving source of funds, like a credit card. So don’t just sit on that equity — put it to work for you.
Home Equity Loans vs. HELOCs
Home Equity Loan Home Equity Line of Credit (HELOC) A variable interest rate A fixed interest rate Lump sum of cash Draw money as you need it Can be used for consolidating debt Best choice if:
- You are making a one-time purchase or improvement.
- You want your monthly payments to remain fixed over the life of the loan.
- You plan on staying in the home long term.
- You would like to pay off the loan balance quickly.
- You want access to a revolving line of funds.
- You plan to do additional projects.
- You need flexibility around when you access the funds.
- You aren’t sure exactly what dollar amount you’ll need.The Benefits of Renovating Your Home Using a HELOC
Low interest rates
The rates you’ll get on HELOCs are usually lower than the rates on personal loans or credit cards, so they can be a great way to access funds fast.
Flexible repayment options
Our HELOCs are structured with either interest-only or interest and principal repayment options.
Return on your investment
Updating your home typically increases the home’s value, so when you go to sell your home, you may see a return on the investment you made through renovations.
If you use the funds to substantially improve the home that secures the loan, you may be able to get tax benefits off the interest you pay on your HELOC.*
We have both 10-year and 15-year terms available with stable monthly payments throughout the duration of the loan and no prepayment penalties.
HELOCs offer great flexibility for use of the funds. If you’d like to use your equity more like a credit card, where you only pay interest on what you use, then a HELOC could be the best option for you. If you want a lump sum loan, then a Home Equity Loan may be the better choice. Not sure? Talk to our Real Estate Team! We’d be happy to help you understand your options.
HELOCs have a draw period, usually 10 years, during which you can access the funds up to your credit limit and make payments on only the interest (interest-only HELOC) or on the interest plus a portion of the principal (standard HELOC). Then, there’s the repayment period, also 10 years, where you repay the outstanding balance.
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.
*For specific tax advice, please consult a qualified tax professional.
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