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January 7, 2022
Choosing 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! We have plenty of mortgage options to choose from, with competitive rates (which are updated daily and can be found on our mortgages website) and reliable, local service from our real estate loan team.
Choosing a mortgage
There are lots of home loan varieties to choose from, but your main decision will be selecting either a fixed-rate or an adjustable-rate mortgage. What’s the difference?
Fixed rate: The fixed-rate mortgage is the reigning champion of home loans for a very good reason. Your rate is set permanently, and your monthly payments will not change. This is your best choice if you:
- Want the security of knowing your interest rate will not change, nor will your monthly payment (except for adjustments due to property tax and insurance changes).
- Plan to stay in this home for several years or longer.
- Don’t expect your income to increase significantly in the coming years.
Adjustable rate (ARM): Here, your rate is set for a certain period of time, then it adjusts, according to your loan structure and the state of the market. ARMs can be the best choice if you:
- Want to maximize your buying power.
- Want to keep your payments lower during the first few years of your loan.
- Plan to move into a different home within the next 10 years.
- Plan to pay off your mortgage within the next 10 years.
- Expect your income to increase significantly in the coming years.
We offer a number of loans that may fit your particular needs — fixed-rate options, ARMs, balloons, professional home loans, FHA, VA and others. Talk with us about your unique situation, and we’ll help find a loan that is right for you.
Choosing a lender
Just as important as which loan option you choose is which lender you choose. We know you have tons of options in the marketplace, so we seek to stand out. How? We take pride in providing the best local, friendly service, brought to you by our Real Estate Loan Officers. They’re the best in the business when it comes to helping you find the right home loan to meet your needs. Because we know it’s more than just a mortgage — it’s helping you find your dream home.
To find out more about a home loan through Grow, talk to us today!
Subject to credit approval.
Grow Financial mortgage loans are valid for the purchase of refinance of owner-occupied residential properties in the states of Florida, South Carolina, North Carolina, Georgia 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
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