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Refinancing
Your HomeGet More Out of Your Home With Our Credit Union Mortgages
Refinancing your home helps you love it even more. So if you’re trying to get a lower interest rate or lower monthly payments, Grow can help make that happen. Refinancing through Grow can help make it happen. We’ll work closely with you to find the solution that fits your needs, with a new rate and terms that work for you and your budget. Grow offers some of Florida’s best credit union refinance rates, helping you get the most out of your home.
Already Applied?
View Your ApplicationReasons to Refinance
Why refinance? It may make sense if you can lower your interest rate or if the value of your home has increased. Refinancing can be a helpful tool for home improvement, debt consolidation or simply lowering your monthly payment.
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 over the life of your home 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 home payment could go down significantly.
Fewer monthly payments
When you refinance your home, you can also choose a new term for your loan based on your priorities.
Access to equity
A cash-out refinance on a mortgage allows 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.
The Mortgage Process
Whether you’ve refinanced before or not, we are sure your experience this time around will be easier, faster and altogether more clear. We’ve summarized our new process into simple steps. Follow these and you’ll be closing your loan in no time!
Select the type of loan you want
This part is easy. You answer some questions online in the Mortgage Center. Then you decide on the best loan for you. We provide a variety of loan options based on your monthly income, how much you owe, how much you have to put down and more.
Apply for the loan
We’ve pared our loan application down to require only the most essential information. This includes basic information about you and about the property you want to finance, the assets to you plan to use for the down payment and closing costs, your income and any liabilities.
Credit approval
In many cases, we can immediately credit-approve your loan request. This is a true loan commitment, not just a pre-qualification typically offered by other lenders. It approves a specific loan amount and loan program based on your income and debts. It is, however, legally subject to underwriting the home you are financing and verification of the information you’ve provided us on your application.
Processing your loan
When we process your loan, we verify the information you’ve provided us on your loan application. We will request minimum documentation to verify assets and income. Your new home, or existing home if you are refinancing, will be reviewed by ordering an appraisal, title report, and flood certification on the home. A prepaid processing deposit is required for these services and will be applied toward your closing costs. We also set up escrow for the loan closing and send out applicable disclosures so you have a chance to read through them.
Final loan approval
Final loan approval involves underwriting your new home or existing home, if you are refinancing and the information on your loan application. Once we’ve reviewed this information, we will give you a final approval, and then ready your loan for closing.
Closing
With final loan approval, we prepare the loan documents for you to sign and send them to an escrow company for signing. Once we receive the signed documents, we’ll transfer the money to the escrow company and they will disburse the loan and record the documents.
This part is easy. You answer some questions online in the Mortgage Center. Then you decide on the best loan for you. We provide a variety of loan options based on your monthly income, how much you owe, how much you have to put down and more.
We’ve pared our loan application down to require only the most essential information. This includes basic information about you and about the property you want to finance, the assets to you plan to use for the down payment and closing costs, your income and any liabilities.
In many cases, we can immediately credit-approve your loan request. This is a true loan commitment, not just a pre-qualification typically offered by other lenders. It approves a specific loan amount and loan program based on your income and debts. It is, however, legally subject to underwriting the home you are financing and verification of the information you’ve provided us on your application.
When we process your loan, we verify the information you’ve provided us on your loan application. We will request minimum documentation to verify assets and income. Your new home, or existing home if you are refinancing, will be reviewed by ordering an appraisal, title report, and flood certification on the home. A prepaid processing deposit is required for these services and will be applied toward your closing costs. We also set up escrow for the loan closing and send out applicable disclosures so you have a chance to read through them.
Final loan approval involves underwriting your new home or existing home, if you are refinancing and the information on your loan application. Once we’ve reviewed this information, we will give you a final approval, and then ready your loan for closing.
With final loan approval, we prepare the loan documents for you to sign and send them to an escrow company for signing. Once we receive the signed documents, we’ll transfer the money to the escrow company and they will disburse the loan and record the documents.
Apply For A Home Loan
To apply for your easy online loan, all you have to do is answer a few simple questions about yourself, your property and your income, debts and assets.
Already Applied?
View Your ApplicationReal Estate Loan Officers
Not sure which loan is right for you? Our Loan Consultant walks you through all the important steps of determining which mortgage best fits your needs.
Calculators
Fixed rate loan or variable? For how many years should we finance? Our wide range of calculators can help you answer these and many other questions before you start your application.
Fewer Fees, Better Rates
From offering lower interest rates on refinancing your home to helping you avoid fees, we always put people before profit.
Better Finances Start At Home
Our dedicated Grow team members have crafted a resource guide to help you through every step of refinancing your home.
See All BlogsFebruary 9, 2022Should 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?
August 8, 2019Three Good Reasons for Refinancing Your Home Loan
Want to retire the mortgage early? Refinancing for a shorter term can get you there faster.
January 7, 2022Choosing a Mortgage That’s Right for You
Looking to put down roots for a growing family or build equity over time instead of renting? Look no further than a home loan with Grow!
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.
Pay Online
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.
Log In
- 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 Now
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 60675-5466Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733You Are About To Leave GrowFinancial.org
At certain places on this site, there are links to other websites. Grow Financial Federal Credit Union does not endorse, approve, represent, certify or control those external sites. The credit union does not guarantee the accuracy, completeness, efficacy, timeliness or accurate sequencing of the information contained on them. You will not be represented by Grow Financial Federal Credit Union if you enter into a transaction. Privacy and security policies may differ from those practiced by the credit union. Click CONTINUE if you wish to proceed.