HELOC from a Credit Union
A home equity line of credit -- or HELOC -- from Bellco Federal Credit Union is a great way to finance major expenses like home improvements or education costs.
Bellco FCU is a member-owned, not-for-profit federal credit union in Berks County, PA, that caters exclusively to members and offers a variety of affordable financial services. We provide a safe place to save and borrow at reasonable rates with exceptional customer service.
Membership in Bellco FCU is open to people who live, work, worship, or attend school in Berks County, PA. Simply open a Member Savings account with as little as $5, and set up your membership in a few simple steps.
Once you become a member, your immediate family members will be eligible to join too and take advantage of competitive rates for mortgages, personal loans, credit cards, and the many other services we offer.
How Does a Home Equity Line of Credit Work?
A HELOC gives you access to a line of credit with a set limit, somewhat like a credit card or other type of open-ended credit. The amount of the loan is determined based on the appraised value of your home, minus the balance remaining on your mortgage.
When your loan application is approved, a specified amount of revolving credit is made available to you by the lender for a limited time period (typically 5 or 10 years). A HELOC is usually an adjustable-rate loan, so your monthly payments will change based on your outstanding balance and fluctuations in the prime rate.
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 the funds again and again for the duration of the draw period.
With a home equity line of credit from Bellco FCU, you can use the funds for large or unexpected expenses, such as home remodeling, a new roof, a child’s wedding, or to pay off high-interest debts, as well as for periodic expenses such as emergency funds, tuition and home improvements.
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
Make transfers in person, over the phone, or online
Pay interest only on amounts you withdraw
Repay the principal and reuse the funds over and over again during the draw period
Local, Pennsylvania decision-making and processing
Attentive, friendly service from start to finish
Bellco Loan Protection is available
It’s hard to beat the low interest rates of a HELOC from Bellco Federal Credit Union. We can help you understand your options and make the right decisions. Contact us today to learn more!