Grow Financial Federal Credit Union

Refinancing
Your Home

Get 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.

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Reasons 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.

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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.

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Fewer monthly payments

When you refinance your home, you can also choose a new term for your loan based on your priorities.

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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.

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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.

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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.

Step 2 icon

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.

Step 3 icon

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 Application

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Real 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.

Get Started
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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.

View Refinance Calculators
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Fewer Fees, Better Rates

From offering lower interest rates on refinancing your home to helping you avoid fees, we always put people before profit.

See Our Rates

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.

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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.

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