Choosing a Credit Union for a Home Equity Loan

Are you considering taking out a second mortgage to make it through some financial challenges ahead? Choosing a credit union like Bellco Federal Credit Union for a Home Equity Loan provides several benefits that you wouldn’t otherwise experience with a traditional banking institution.

Why Bellco Federal Credit Union

If you have a close connection, personally or commercially, to Berks County, PA, Bellco Federal Credit Union should be your choice for financial products and services. Since 1938, when we originally started as the credit union for Bell Telephone Company, we have worked to better the financial situation of our members. We continue this legacy today as a member-owned, non-profit federal credit union.

Just like a bank, Bellco FCU offers checking and savings accounts, lending options, credit cards, and more. However, we are motivated by helping our members instead of making a profit. All of our joint owners/members have a voice in our operations, and we offer these members a secure source for financial management with super competitive rates and hometown, friendly, respectful service.

Becoming a member with Bellco FCU is simple for those who reside, work, worship, or go to school in Berks County, PA. Verify your qualifications for membership, establish a savings account for members with a minimal deposit, and complete a bit of paperwork.

These steps will establish a lifelong membership that will not change even if your qualifying factors change. Further, your immediate family becomes qualified to open an account as well.

Using a Home Equity Loan

Home equity lending leverages the equity accrued in your property. The equity in your property is essentially the value of the home minus the balance on your mortgage. This figure is the financial dollar amount that you own of your home’s value, and it can be borrowed against with a Home Equity Loan or Line of Credit.

A Home Equity Loan comes as a single lump sum and is often referred to as a second mortgage. This lending product is repaid at a fixed term over a fixed period of time.

Homeowners will typically use these funds for substantial home repairs or improvements, to consolidate high interest unsecured debt, or to cover other significant expenses.

The one factor you must remember if you take out this type of loan is that it is secured with your home. Failure to repay will result in foreclosure, so be sure of your ability to repay what you borrow.

While this secured debt comes with risk if you fail to repay, you gain lower interest rates and better terms because you have plenty of motivation to repay. Bellco Federal Credit Union offers competitive rates as well as local processing and decisions. Throughout the application process, you can expect respectful, considerate treatment from your neighbors at Bellco FCU.

Choose Bellco FCU for all of life’s financial milestones - from your first checking account to your first home purchase and beyond. We want to be your go-to financial service provider, whether you need to save or borrow.

If you have major life events that require financing, consider choosing Bellco Federal Credit Union for a home equity loan as a solution. Learn more or apply online today by calling (610) 373-5192 or clicking here.