HELOC Morgantown, PA

Do your financial plans include foreseeable intermittent expenses? Home remodeling, tuition, and other educational expenses, and wedding plans are just a few of the reasons to arrange for a HELOC secured through the equity of your Morgantown, PA, home. Bellco Federal Credit Union provides its members with local decisions and processing along with great service, fewer fees, and competitive rates. 

As a non-profit federal credit union, Bellco FCU exists to benefit the citizens and businesses of Berks County. We supply our members with a source for all of the financial products and services they might need, ranging from checking and saving accounts to HELOCs, auto loans, and various mortgage products. 

Membership in Bellco FCU is open to individuals 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 are a member, your immediate family members will also be eligible to join and take advantage of competitive rates for mortgages, HELOCs, Home Equity Loans, personal loans, credit cards, and the many other services we offer. 

Need to Know Info Regarding HELOCs

Requirements differ from lender to lender, but here are a few things you will typically need in order to qualify for a HELOC:

  • Income – Be prepared to show you have sufficient income to cover your mortgage payment and the new HELOC loan payment.

  • Strong Credit – Check your credit score. Lenders want to know you have a history of paying your debts on time.

  • Low Debt-to-Income Ratio – Lenders like to see a low debt-to-income ratio (DTI), or the ratio between your overall debts and your income.

  • Other Assets – Additional assets, such as a car, boat, rental property, or other investments, will make lenders feel more secure about lending you money.

Advantages of a Home Equity Line of Credit 

With a home equity line of credit from Bellco FCU, you can tap into the equity you’ve built up in your home and 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.

The line of credit has a set limit, somewhat like a credit card, and is made available to you for a limited time period (typically 5 or 10 years).

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

  • Pay interest only on the amounts you withdraw 

  • Multiple draw options include checks, online access, telephone access, and branch access

  • Repay the principal and reuse the funds over and over again during the draw period 

  • Use it for periodic expenses, such as emergency funds, debt consolidation, tuition, and home improvements

  • Local, Pennsylvania decision-making and processing 

  • Attentive, friendly service from start to finish 

  • Bellco Loan Protection is available

A HELOC secured by the equity in your Morgantown, PA, home can provide you with a credit line to see you through all of these occasions. Check out our online application, give us a call, or stop in at one of our locations to see how we at Bellco Federal Credit Union can be the ideal source for financial products and services.