Best HELOC Lenders Near Me

If you’re in Berks County, PA, and looking for the best HELOC lenders “near me,” stop searching. You’ve found what you seek with Bellco Federal Credit Union.

A HELOC, short for Home Equity Line of Credit, operates as a revolving line of credit, available for a specific amount of time and up to a particular limit. The security for the credit is the equity in your home. This source of borrowing usually has lower rates than unsecured credit card debt.

Why Bellco Federal Credit Union

In 1938, Bell Telephone employees came together to create Bell Telephone Credit Union, and in the time since, the organization has evolved into Bellco FCU. We’re still a member-owned nonprofit, working for the benefit of the community. We provide all of the typical products, services, and conveniences you’ll find at a bank but with better rates, more flexible terms, and a friendlier staff.

Whether you need a HELOC, a Home Equity Loan, or another product altogether, you’re free to apply if you’re already a Bellco FCU member. If not, Berks County residents, students, worshippers, employees, and immediate family members of current credit union members are free to join by opening a Primary Savings account with a deposit as low as $5.

Once a member, always a member - Bellco FCU membership is lifelong and doesn’t expire even if qualifying circumstances change.

The HELOC Option

A Home Equity Line of Credit, or HELOC, operates as a line of credit, like a credit card. The collateral for the credit is your home’s equity, and the HELOC itself includes a draw period followed by a repayment period. Let’s explore these two periods.

Draw Period

The draw period is usually either five or ten years. During this time, you can spend up to the established limit on the credit line. Since you’ll pay interest on what’s spent, not what you could spend, this form of borrowing is ideal if you’re unsure of how much you’ll need. You can spend when you need it, and you don’t have to spend if you don’t need to.

Throughout the draw period, you can also spend and pay down the balance to spend again. This feature allows you to spend intermittently, something a lump sum loan makes difficult.

Repayment Period

As it sounds, the repayment period is when you will repay what you have spent. This period will most likely span a decade and consist of monthly principal payments plus interest. Your balance must be entirely paid by the end of the repayment period.

HELOC Interest Rates

The interest rate of a HELOC isn’t fixed. When you take out a HELOC, you will have an adjustable interest rate that rises and falls with the index. Throughout your HELOC, this interest rate could be beneficial, or it could be pretty costly. Consider the potential rates as you apply for a HELOC. The team here at Bellco FCU will always be happy to answer any questions you have.

Bellco FCU is one of the best HELOC lenders “near me” for those in the area of Berks County, PA. Discover how we can help you put your home’s equity to work today. Click here to contact us online or call (610) 373-5192.