Grow Financial Federal Credit Union


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 LoanHome Equity Line of Credit (HELOC)
A variable interest rate11
A fixed interest rate11
Lump sum of cash11
Draw money as you need it11
Can be used for consolidating debt11
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.


    Tax benefits

    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.