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May 12, 2025
How to Tap into Your Home’s Equity with Confidence
Good news, homeowners! With home values rising steadily over the past few years, many people now have a significant amount of equity built up in their homes. But what’s the best way to access that equity responsibly? Let’s talk about Home Equity Loans and Home Equity Lines of Credit (HELOCs).*
Home Equity Loan
Did your insurance company tell you to replace your aging roof? Think about a Home Equity Loan. This option gives you a cash lump sum upfront, which you pay back in fixed monthly installments over a set term. It’s ideal for a large, one-time expense, like a major renovation or paying off high-interest debt.
Advantages:
• Fixed interest rate means predictable payments
• Great for budgeting and long-term planning
• One-time funding, perfect for big-ticket itemsHome Equity Line of Credit (HELOC)
A HELOC works a bit like a credit card. You receive approval for a maximum amount but only borrow what you need, when you need it. This flexibility makes it a solid choice for ongoing projects or future expenses.
Advantages:
• Variable interest rates and flexible repayment terms
• Option to pay interest only, or both interest and principal
• Fast closing in as little as 10 daysLearn more about choosing between a Home Equity Loan and a HELOC here.
Popular ways to use home equity
The funds can technically be used for anything, but it’s important to be strategic. Here are two common ways to put equity to good use:
Home improvements
Think about upgrades that add value, such as a kitchen remodel, bathroom renovation or energy-efficient window installation. These improvements might boost your home’s resale value in addition to improving your quality of life.Consolidating debt
Using home equity to pay off other high-interest debt can save you money as part of a long-term debt-reduction strategy. This works if you commit to better spending habits moving forward.Borrow with purpose
Tapping into your home equity can be a smart move when it aligns with your bigger financial goals. Just make sure every dollar you borrow has a job to do, whether that’s improving your home, reducing higher-interest debt or supporting your family’s future. While tapping into equity can be a smart financial move, it’s still debt — secured by your house. So, always borrow with purpose, not on impulse.
Have questions about whether a Home Equity Loan or HELOC is right for you? Let’s talk it through. Call us at 800.839.6328, ext. 2694, or send us a message today and our Real Estate team will reach out.
*Subject to credit approval. Not all will qualify.
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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
Incorrect Phone Number Alert
We’ve identified an incorrect phone number listed in a letter sent to a select group of new members with auto loans. The incorrect number is NOT affiliated with Grow. Please be sure to use our official phone number, 800.839.6328, which you can verify on our Contact Information page. For your security, keep your personal information safe and avoid sharing it over the phone, email or text message. We will never ask you for your credit or debit card security code, expiration date or PIN, login security codes, or your online banking password.
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, consumer Mastercard® and Visa® debit cards with a convenience fee of $4.95, or commercial Mastercard® and Visa® debit cards with a convenience fee of 2.95% of the payment amount. 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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