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December 2, 2020
HELOC 101: Making the Most of Your Home’s Equity
If you’re a homeowner, you probably already know that you’re building equity in your home over time. What you may not know is you can use the equity in your home to finance other things. That’s where a Home Equity Line of Credit (HELOC) can come in handy.
What is a HELOC?
Like the name says, it’s a line of credit, which lets you access only what you need, only when you need it. Think of it as a revolving source of funds that’s available to you, and you can access them through a Grow Visa® credit card, special checks, transfers to another Grow account or cash withdrawals.
HELOCs have the advantage of flexible repayment options (interest-only or interest and principal). Plus, Grow can close on most HELOC loan applications in as little as 15 days!
How can you use a HELOC?
The primary benefit of a HELOC is flexibility. Your lender isn’t micromanaging how you spend your loaned cash, so you can do what you like with the funds. A HELOC can be especially helpful if you plan to make a number of improvements to your home over time, and it can also be used for other purposes, such as paying for college tuition or paying down other debt.
Popular ways to use a HELOC:
- Home improvements. This is the most common reason homeowners get a HELOC. Generally, upgrades such as remodeling the kitchen and bathrooms pay off by adding value to your home when you sell, while making your home a more enjoyable place to live in the meantime.
- Pay for college. The interest on home equity may be lower than on student loans, so this may be an option for financing higher education. First, check out your other options.
- Pay off debt. Low interest is again the advantage here. But if you’re still running up credit cards after you’ve paid off the balances, home equity isn’t the solution. You may want to look at a balance transfer to a Grow Visa® credit card and stick to a debt repayment plan.
However, a note of a caution: don’t think of your home as an ATM. Remember, you’re borrowing against the value of where you live, so borrow wisely. Real estate is historically a safe investment, as home values generally rise over time, but there is no guarantee that home values will always be trending upward.
Need More Info? Call 800.839.6328, ext. 2694.
Want to learn more? Our team of professional Real Estate Loan Officers is here to help.
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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
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