Best Credit Union for a HELOC in Sinking Spring, PA

Instead of leaving your home’s equity unused, put it to work for your family. Whether you’re financing an emergency medical need, home remodeling, or other expenses, a HELOC provides a revolving fund secured through your home’s equity. The best credit union for a HELOC in Sinking Spring, PA, can be found here at Bellco Federal Credit Union.

Making Your HELOC Work for You

A HELOC gives you access to a line of credit with a set limit, somewhat like a credit card. The amount of the loan is determined based on the appraised value of your home, minus the balance due on your mortgage. 

Once your loan application is approved, a specified amount of revolving credit is made available to you for a limited time period (typically 5 or 10 years). 

During what is called a “draw period,” you can withdraw funds from the line of credit as you need them. As you pay off the principal, your credit revolves, and you can use it again and again for the duration of the draw period.

HELOC Benefits

In comparison to other loans that use the equity in your home as collateral, a HELOC offers a variety of benefits:

  • Draw out only what you need, when you need it

  • Pay interest only on the amounts you withdraw 

  • Multiple draw options include checks, online access, telephone access, and branch access

  • Repay the principal and reuse the funds over and over again during the draw period 

  • Use it for periodic expenses, such as emergency funds, debt consolidation, tuition, and home improvements

  • Local, Pennsylvania decision-making and processing 

  • Attentive, friendly service from start to finish 

  • Bellco Loan Protection is available

Being cautious when setting up a HELOC is essential. While the interest rate will be lower than borrowing with unsecured debt, you are using up the equity in your home, and you’re risking the lender’s foreclosure on your home if you fail to repay what you borrow.

Benefit from Membership with Bellco FCU

It’s the members who make up the Bellco Federal Credit Union, and they have a say in all of our operations. You are eligible to join Bellco FCU if you live, work, worship, or attend school in Berks County, PA, or 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. 

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.

The best credit union for a HELOC in Sinking Spring, PA, is right here at Bellco Federal Credit Union. Come in for a consultation, and we can discuss how you can make your home equity grow or put it to work!