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March 10, 2022
Put Your Equity To Work With Debt Consolidation Refinance
When you think of getting cash out of your home, you probably think of a traditional Home Equity Line of Credit (HELOC) or a Home Equity Loan that you’d usually use to fund a major renovation, like a new roof or a bathroom remodel. What you might not think of is using the equity in your home to help you make progress toward paying down debt. Enter: the debt consolidation refinance.
What is a debt consolidation refinance?
Don’t just think “get money for a new roof.” Think: “Get my bills together under one roof.” What do we mean? If you’ve got equity in your home but still struggle under the burden of debt and high interest rates, you might be a good candidate to use the equity in your home to consolidate that debt. Moving your debt together under one roof — your mortgage — could potentially save you hundreds a month.
When is it a good idea to consolidate debt with your mortgage?
If you have tons of equity but are struggling to get by, debt consolidation refinance options might be worth a look. For many people, debt consolidation refinance can be a great way to put all your bills under one, low interest rate and use the equity in your home to knock out higher-interest debt for good. Making minimum payments on a large credit card balance is like moving a mountain of dirt with a toy shovel. Consider the benefits of a debt consolidation refinance:
- You could be paying off your credit card debt at a much lower interest rate.
- You may be able to raise your credit score more quickly.
- You may get a better rate on your new mortgage or a shorter term.
- Mortgage interest is potentially tax-deductible.*
- Moving revolving debt into an installment loan gives you a clear path to getting out of debt, freeing you from the minimum payment cycle.
- Most people find streamlining bills into one payment frees up significant time and minimizes financial stress.
With how hard you’ve worked for your home, let your equity in your home work for you. Wondering if a debt consolidation refinance is right for you? To find out more about a home loan through Grow, talk to 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 of refinance of owner-occupied residential properties in the states of Florida, South Carolina, North Carolina, Georgia 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.
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