Home Equity Loan Rates

When evaluating Home Equity Loans in Berks County, PA, it pays to shop around to ensure you get the best interest rates as well as low upfront and closing costs. Consider Bellco Federal Credit Union. 

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.

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 are a member, your immediate family members will also be eligible to join and take advantage of competitive rates for mortgages, personal loans, credit cards, and the many other services we offer.

Home Equity Loans 

The traditional Home Equity Loan is a second mortgage that is secured by the equity in your home. It provides funds in a lump sum at a fixed rate for a fixed term (up to 15 years). It is similar to refinancing your mortgage, but without many of the closing costs. 

Use the funds to replace the roof on your home, finance a home improvement project, assist with debt consolidation, pay off a major unexpected expense, and so on. The loan is repaid in budget-friendly fixed monthly payments, just like your original mortgage.

Home Equity Lines of Credit (HELOCs)

A HELOC works very much like a credit card and can be used whenever you need it. The interest rate on a HELOC may be lower than that of traditional fixed-rate mortgages, credit cards, and other types of personal loans.

During what is called the “draw period” (typically 5 or 10 years), you can make as many withdrawals as you like up to your credit limit, if and when you need the funds. As you pay off the principal, your credit revolves, and you can use it again and again for the duration of the draw period. When the draw period ends, your repayment period begins and continues until the loan has been paid in full.

Whether you are interested in a HELOC, a traditional Home Equity Loan, or another type of home loan, Bellco FCU’s locally-knowledgeable loan advisors will be happy to help! 

By evaluating your credit worthiness based on your income, assets, debts and past credit use, we can help you determine how much you can afford to borrow. Get in touch with us today to learn more.