HELOC Wyomissing, PA
A HELOC (or Home Equity Line of Credit) enables you to use the equity you’ve built up in your Wyomissing, PA home to help you pay for home improvements, a new roof, ongoing college tuition and other large expenses. Bellco FCU offers competitive rates, cutting-edge technology, and other valuable benefits.
About Bellco FCU
Bellco FCU is a member-owned, not-for-profit federal credit union that has been offering unique financial products and services to people and small businesses in Berks County since 1938.
Just like for-profit banks, we offer checking and savings accounts, personal loans, home loans, and credit cards, but with better rates and fewer fees. We provide a safe place to save and borrow along with exceptional customer service.
What is a HELOC?
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 or an interest-only 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 20 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.
Join Bellco FCU Today
If you are already a member of Bellco FCU, you can apply for a HELOC online. If you are not yet a member, but live, work, worship, or attend school in Berks County, consider opening a primary savings account with as little as $5, and become a member today!
When you join Bellco FCU, you will remain a member for the rest of your life, even if you change jobs, retire, or move out of Berks County. You also become a partial owner and have an equal voice in how your credit union is run, no matter how much money you have on deposit.
If you are looking for a HELOC (Home Equity Line of Credit) in Wyomissing, PA, Bellco FCU is a great option. We are continually focused on meeting the needs of our members and the communities we serve with the lowest possible loan rates.