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July 11, 2018
How to Tap & Use the Equity in Your Home
Good news, homeowners! Ten years after the crash of the housing market when values took a deep dive underwater, many homeowners are now swimming in equity. What to do with it? Let’s take a look at your options.
Tapping Home Equity
Home Equity Loan. Here, you get a lump sum of cash up front and pay it back in regular, monthly installments over a period of years. It’s a good choice if you’re making a big one-time purchase or home improvement.
• Fixed rate, so the interest on the loan stays the same
• Predictable, monthly payments
Home Equity Line of Credit (HELOC). Like the name says, it’s a line of credit giving you the flexibility to access only what you need, only when you need it. Consider this if you plan to make a number of improvements to your home over time, or as a reserve for future expenses such as college tuition.
• Flexible repayment options, (interest-only or interest and principal)
• Grow can close on most HELOC loan applications in as little as 10 days
Using Home Equity
Yes, you can spend the cash on anything. 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.
• Home improvements. Generally, upgrades such as remodeling the kitchen and bathrooms pay off by adding value to your home. A big, flat-screen TV? Nice, but as an investment, you’re wasting your money.
• 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.
Need More Info? Call 800.839.6328, ext. 2694.
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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