- Personal Loans
- Personal Loans
- Home & Auto
March 12, 2020
Top Three Reasons to Buy Your Home
It’s no secret that here at Grow, we’d love to help you pick up the keys to your new dream home. We have lots of mortgage options to choose from, with competitive rates (which are updated daily and can be found at growfinancial.org/rates) and reliable, local service from our real estate loan team. But if you need a little convincing, that’s normal. Buying a home is a big decision, complete with innumerable benefits but also additional responsibilities. Read on to discover the top three reasons to own your home.
You’ve probably heard about building equity. But what exactly does that mean? Equity is the difference between what you owe on your mortgage and what your home is currently worth. For example, if you owe $100,000 on your mortgage and your home is worth $150,000, you have $50,000 of equity in your home. You can tap into equity in multiple ways, like selling your home and moving into an upgrade or remodeling your home to increase its value. With a Home Equity Line of Credit (HELOC), you can borrow against the equity in your home to fund other activities, such as a big expense like a kitchen renovation or adding an in-ground pool.
Put down roots.
Home ownership can bring a sense of stability and permanence. Plus, when you’re free from the restrictions that come with renting, you can customize and renovate within your home, creating the home of your dreams. You can be intentional with the choice of location and the home layout based on your unique preferences and goals. Maybe you need close proximity to a particular elementary school or want to be near a certain point of interest around town. Maybe you need a spare bedroom as you look toward expanding your family or extra acreage for homesteading. With tons of options out there to meet your unique list of priorities, buying a home gives you the freedom to chart your own course.
Reap potential financial benefits.
Real estate is generally considered a stable long-term investment, and your home’s value may increase over time. In many areas of the country, it can be cheaper, sometimes significantly, to own a home rather than rent. Though there may be upfront costs to overcome (such as a down payment and closing costs), it often makes sense to buy, especially if you plan to reside in the same area for several years. You can run the “break even” point for your individual situation by calculating what you currently spend on rental expenses (e.g. monthly rent, renters insurance and any additional fees) and comparing that to projected home ownership cost (e.g. mortgage payments, home insurance, upkeep costs and property taxes). Depending on the area and other factors unique to the home, you may find you can break even within as little as two years.
As a credit union, we can provide competitive rates for mortgages, since we exist to serve people, not corporate profit. To find out more about a home loan through Grow, talk to a local Real Estate Loan Officer today.
Grow Financial mortgage loans and HELOCs are 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, 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