Best Credit Union for a HELOC in Shillington, PA

While a HELOC, or Home Equity Line of Credit, takes advantage of the equity in your property in Shillington, PA, it is not the same as a Home Equity Loan. We’re happy to walk you through the differences, help you decide which is best for your financial plan, and guide you through the application process here at Bellco Federal Credit Union. 

Knowing whether you should use your equity through a HELOC requires some information about what a Home Equity Line of Credit is and how it works. Bellco Federal Credit Union is proud to offer the community a range of financial services and products – including HELOCs.

The long-term history we have here at Bellco Federal Credit Union began as Bell Telephone Credit Union in 1938. The community around Berks County, PA, continues to be served with high quality and compassionate customer care. Here, at Bellco FCU, you’ll find a financial resource upon which you can trust and rely for management, savings, and planning. 

What to Know about HELOCs

Home equity refers to the amount your home is worth after subtracting the amount you owe on the mortgage. A HELOC (Home Equity Line of Credit) is a revolving line of credit that is secured by this equity. It has a draw period and a repayment period.

During the draw period (typically 5 or 10 years), you can withdraw funds from the credit line up to your credit limit. Withdraw as much as you need, when you need it, and make a minimum payment on the amount withdrawn.

If you partially or completely repay the line of credit during the draw period, you may make additional withdrawals. However, even if you do not use all of the available funds, you will not be able to make withdrawals after the draw period closes.

During the repayment period, you will be required to make monthly principal and interest payments until the entire loan has been repaid (typically up to 10 years).

Before applying for a HELOC or a Home Equity loan, remember that failing to repay either could result in foreclosure.  

Uses for a HELOC

A Home Equity Line of Credit is a great option when your needs are small but frequent, such as for ongoing tuition, home maintenance, or wedding expenses. You can secure the funds with a lower interest rate than credit cards. 

If you need a lump-sum of money right away, such as to pay for a dream vacation or an unexpected large expense, you may want to consider a traditional Home Equity Loan. 

A HELOC Sourced through Bellco FCU

To secure a HELOC from us, you’ll need to become a member. Bellco Federal Credit Union membership is open to people who live, work, worship, or attend school in Berks County, PA. All that you need to do is open a member savings account with a small deposit, as little as $5. 

Once you are a member, your immediate family members will be eligible to join too and take advantage of competitive rates for mortgages, personal loans, credit cards, and the many other services we offer. 

Finding the best credit union for a HELOC in Shillington, PA, is as close as visiting one of our branches at Bellco Federal Credit Union, placing a call, or applying online. We are proud to offer you a competitive line of credit to make sure that your borrowing needs are met.