Credit Union Home Equity Loans in Reading, PA
Within your financial package lies your largest asset, and if you’re a homeowner, your home is it. You can make use of this asset by contacting Bellco Federal Credit Union for Home Equity Loans to update your Reading, PA home, pay for educational expenses, or afford other significant life expenses.
Owned by members, Bellco Federal Credit Union has helped Berks County citizens and businesses with special financial facilitation, in one way or another, since its original conception as the credit union for Bell Telephone Company in 1938.
Far from the banking tradition that reaps financial rewards for shareholders, Bellco FCU turns the would-be profits back into member benefits including great interest rates, absent or minimal fees, and hometown customer service.
One of the products that we offer makes use of the equity you’ve accumulated in your home. It’s a Home Equity Loan.
Choosing between a Home Equity Loan and a HELOC
The two different products available for homeowners to use the equity in their homes include the Home Equity Loan and the Home Equity Line of Credit. The two both borrow based upon the home’s accrued equity, but they’re very different products.
The Home Equity Line of Credit functions as a credit card and is useful for a series of smaller purchases.
A Home Equity Loan provides one lump sum with a fixed rate and term for repayment. This loan is often referred to as a second mortgage.
Typically, homeowners use the home equity loan to advance their status financially. Consider these potential uses for your home equity loan:
Pay off high-interest debt - A home equity loan from Bellco FCU will have a lower, fixed interest rate to allow you to minimize the interest and fees accumulated with high-interest debt.
Consolidate debt - Get out from under a mountain of debt by paying it off and then repaying a single bill, your home equity loan with a low, fixed rate.
Remodel the home - Using your home equity to increase the value of that home is always a smart move, as long as the improvements will add enough value to justify the loan.
Add a home addition - As your life changes and your family grows, it might be a smarter move to make your home bigger than it would be to move to a bigger home.
Start a business - Chasing your dreams and establishing a commercial endeavor requires funding, and a home equity loan can provide these funds.
Make a down payment on a second property to use as an investment - Becoming a landlord is a great way to bring passive income streams into your financial portfolio, and a home equity loan can help make that possible.
The critical thing to remember about taking out a home equity loan is to prioritize repayment because your home serves as the security and will be up for foreclosure if you fail to repay.
The best home equity loans available to homeowners in Reading, PA are here at Bellco Federal Credit Union. If you have a residential, religious, educational, or employment connection currently with Berks County, or if you have an immediate family member who is also a Bellco FCU member, open a Member Savings account with a minimal $5 deposit to become a member and take advantage of the incredible terms and rates we can offer.