HELOC Mount Penn, PA

One of the many benefits of homeownership is the equity that accrues as you pay down your mortgage. A HELOC, or Home Equity Line of Credit, can provide you with easily accessible loans with good terms. Bellco Federal Credit Union offers a friendly face, personal service, and flexible decisions.

A longstanding institution of Berks County, Bellco Federal Credit Union began as Bell Telephone Credit Union in 1938 when employees banded together to help everyone finance a better lifestyle. We continue that tradition today as a member-owned, non-profit federal credit union that serves residents, worshippers, students, employees, and businesses of Berks County.

Understanding Home Equity Lines of Credit

A HELOC is a revolving line of credit that is secured with the equity in your home. It has a draw period and a repayment period.

During the draw period (typically 5 or 10 years), you can withdraw funds from the credit line up to your credit limit. Borrow as much as you need, when you need it, and make a minimum payment on the amount borrowed.

If you partially or completely repay the line of credit during the draw period, you may make additional withdrawals. However, even if you do not use all of the available funds, you will not be able to make withdrawals after the draw period closes.

During the repayment period, you will be required to make monthly principal and interest payments until the entire loan has been repaid (typically up to 10 years).

To determine the amount of your Home Equity Line of Credit, your lender will consider the estimated appraised value of your home, the amount of your current mortgage, and any other loans secured by your property. 

Because we are smaller than a traditional bank and exist only to serve the members of our community, decisions on lending and other services are made internally, right here in Pennsylvania, which can speed up the lending process.

Bellco FCU offers a variety of other financing options, including the traditional Home Equity Loan. This loan provides funds in a lump sum at a fixed rate for a fixed term, similar to refinancing your mortgage, but without many of the closing costs. 

Becoming a Bellco FCU Member

Becoming an owner/member of Bellco Federal Credit Union is simple. Those who reside, work, worship, and attend school in Berks County, PA, simply need to open a Member Savings account. The minimum deposit is only $5 and sets you on a lifelong path of financial partnership with a local non-profit federal credit union. Even if you move away, change jobs, or retire, your Bellco FCU membership will continue. 

Whether you’re already a Bellco FCU member or qualified to join, visit our website and apply for a HELOC to put the power of your home equity to use. Upgrade your home, continue your education, or simply navigate the expenses of living with a low-rate line of credit you can count on!