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June 13, 2019
How to Choose the Right Loan for Financing Your Home
Finding your dream home is easy. You’ll know it when you see it. Your dream home loan? That won’t be so obvious. About one in five homeowners experience buyer’s remorse because they got stuck with the wrong mortgage, or the wrong mortgage lender.1 Here’s what you’ll need to know so you can walk into your new home with no regrets.
Mortgage Interest Rates
A surprising number of homeowners don’t know what rate they’re paying. Big mistake. Even at today’s low rates, a small percentage point can save or cost you thousands in interest over the life of the loan. It definitely pays to shop around and compare rates from several lenders.
Basically, your choices come down to either a fixed-rate or an adjustable-rate mortgage. What’s the difference?
Fixed Rate The 30-year fixed-rate mortgage is the reigning champion of home loans for a very good reason – security. Your rate is set forever, and your monthly payments will not change. Plan on living in your home for a long time? This is your best option.
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. That’s good when rates go down, because your monthly payments also go down. The advantage of an ARM is that, generally, your interest rate and monthly payments are lower at the start, but it’s a little risky, so consider this option carefully.
Look, all mortgage lenders want your business, including us. However, some just want to get you into any loan they can, and not the best loan for you. That’s when you have to trust your instincts. Are they attentive? Do they take the time to explain all the confusing mumbo jumbo and answer your questions? Even though you may never see the person you’re talking to, it still comes down to people. Go with a lender you’re comfortable with, someone you trust.
To start, why not talk with a Grow Real Estate Loan Officer? Call us at 800.839.6328, ext. 2694. And if you like what you hear, let’s get you home!
1Bankrate, January 29, 2018.
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 and South Carolina, 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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