Best Credit Union for a HELOC in Wyomissing, PA

A HELOC, or Home Equity Line of Credit, can be a solution for homeowners who need to finance expenses without the costly high interest that accompanies credit card debt. Here at Bellco FCU, the best credit union for a HELOC in Wyomissing, PA, we await the opportunity to help you determine whether a HELOC is right for you and to walk you through the application process. 

A HELOC, or Home Equity Line of Credit, is a way to borrow funds when you need them. Instead of providing one large sum at once, we’ll provide a credit limit (usually up to 85% of your available equity) for you to use. During the “draw period,” you’ll be able to spend the funds when and where you need them through in-person, phone, or online withdrawal or convenient checks.

Any payments due on the amounts you draw out are typically interest-only payments. As you pay off the principal, your credit revolves, and you can use it again and again for the duration of the draw period (typically 5 or 10 years).

Once the draw period ends, your repayment period begins. During this period, your payments will include both principal and interest, and continue until the line of credit has been completely repaid.

Pros & Cons of a HELOC

It’s important to consider the potential benefits and consequences of taking out a HELOC. 

HELOC Pros:

  • Borrow only what you need

  • Spend when you need it

  • Pay interest only on the amounts you withdraw 

  • Initial payments will likely be low

  • Lower interest rates than credit cards 

HELOC Cons:

  • Rising interest rates can increase your payment. 

  • Overspending can tap out the equity in your home and saddle you with the large principal and interest payments during the repayment period.

  • Failure to repay the HELOC could result in foreclosure. 

Get Your HELOC through Bellco FCU

Taking out your HELOC through Bellco Federal Credit Union is a great decision. If you aren’t already a member, it’s remarkably easy to become one. If you live, work, worship, or attend school in Berks County, PA, you’re eligible to become a part of the Bellco FCU family by making a $5 minimum deposit into a member savings account. Once you’re a member, your membership will make your immediate family eligible to join, and will last for the duration of your life. 

Once you’ve decided to put your home’s equity to work with a line of credit, Bellco FCU can guide you through the process. We will be attentive to your experience, recognizing that each situation is different. Being a not-for-profit credit union, Bellco FCU exists through membership and puts members first. We don’t have shareholders to answer to; we answer to our members. That translates to superior service and experiences. 

Regardless of your banking needs, Bellco FCU is the best credit union for a HELOC, home loan, checking account, or any other financial product or service in Wyomissing, PA. Our commitment to the community drives our practices and governs our decisions – all for your benefit.