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May 2, 2024
Put Your Equity To Work With Debt Consolidation Refinance
Did you know you can use the equity in your home? When you think of getting cash out of your home, you might think of a traditional Home Equity Loan or a Home Equity Line of Credit (HELOC) that many people use to fund a home renovation, like a new roof or a bathroom remodel. What you might not think of is putting the equity in your home toward paying down other debt. That’s where a debt consolidation refinance comes in.
What is a debt consolidation refinance?
If you’ve got equity in your home but still struggle under the burden of other debt and high interest rates, you may be a good candidate for a debt consolidation refinance. It puts the equity in your home to work by consolidating debt into one monthly payment with your mortgage. So, when you think of getting money out of your home, don’t just think, “Get money for a new roof.” Think, “Get my bills together under one roof.” A debt consolidation refinance could potentially save you hundreds a month.
When is it a good idea to consolidate debt with your mortgage?
Making minimum payments on a large credit card balance is like moving a mountain of dirt with a toy shovel. Many people benefit from consolidating their bills under one low interest rate by using the equity in their home to knock out higher-interest debt for good. As part of a long-term, debt-reduction strategy, a debt consolidation refinance provides many benefits:
- Moving revolving credit card debt into an installment loan gives you a clear path to getting out of debt when paired with responsible credit habits.
- You can typically pay off credit card debt at a much lower interest rate.
- You may get a better rate or terms on your mortgage.
- Mortgage interest is potentially tax deductible.*
- You may be able to raise your credit score more quickly.
- Most people find that streamlining bills into one payment frees significant time and minimizes financial stress.
With how hard you’ve worked for your home, let the equity in your home work for you. Wondering if a debt consolidation refinance is right for you? Get in touch with us today!
Subject to credit approval.
*For specific tax advice, please consult a qualified tax professional.
Grow Financial mortgage loans are valid for the purchase or refinance of owner-occupied residential properties in the states of Florida, South Carolina, North Carolina, Georgia Alabama 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.
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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
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- 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.
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- 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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