15-Year Mortgage Reading, PA

If you are looking for a way to save substantially on interest and build equity quickly, consider a 15-year mortgage from Bellco Federal Credit Union in Reading, PA.

Originally known as the Bell Telephone Credit Union, Bellco FCU, a member-owned, not-for-profit federal credit union, opened its doors in 1938 and continues to provide unique financial products and services to individuals and small businesses in Berks County.

In comparison to traditional banks, Bellco FCU is able to offer lower rates on loans and credit cards, higher rates on savings, and fewer fees for checking accounts and other convenient services.

Is a 15-Year Mortgage Right for You?

Many homeowners spend most of their adult lives in debt, primarily due to the very popular 30-year mortgage. 

Although the monthly payments on a 30-year fixed-rate mortgage will be lower, the longer loan term means that your overall interest payments will be substantially higher than on a 15-year loan.

For example, based on the current average interest rates, you can expect to pay roughly $956 per month on a $200,000 30-year fixed-rate mortgage and $144,160 in total interest. 

The payment on a 15-year fixed-rate loan for the same amount would result in a monthly payment of roughly $1,420 and total interest payments of $55,600. With a 15-year loan, you would pay 61% less interest compared to a 30-year mortgage.

When you can afford to make a somewhat higher monthly payment, a 15-year mortgage offers great savings potential and will enable you to own your home in half the time. 

If you are on a tight budget, however, and a 15-year mortgage is not the right fit for you, Bellco FCU can help you find a mortgage that will fit your budget.

Getting Started

You are eligible to join Bellco FCU if:

  • You live, work, worship, or attend school in Berks County, PA

  • You are in the immediate family (spouse, parents, children, siblings, grandparents) of a Bellco FCU member, no matter where you live

Open a Member Savings account with as little as $5, and establish your membership in a few simple steps. This is not a fee; it is a share in the credit union and provides you with voting rights and a say in any decisions we make. 

Once you become a member of Bellco FCU, your spouse, children, siblings, and parents will also be eligible to join and take advantage of our competitive rates for mortgages, personal loans, credit cards, and the many other services we offer. 

Even if you leave your current employer, retire, or move away, you can remain a Bellco FCU member for life. You will have access to your accounts from anywhere by mail, phone, fax, online, and at thousands of ATMs across the nation.

Finding the right mortgage in Reading, PA, whether a 30-year mortgage or a 15-year mortgage, Bellco FCU in Berks County, PA has the tools, information, and expertise to help you make the right decisions. Contact us today to learn more!