Home Equity Loans Kenhorst, PA
Are you considering available sources for home equity loans near Kenhorst, PA? Bellco Federal Credit Union is a smart choice. Not only do we provide great rates and terms with considerate customer support, but we also offer a comprehensive collection of financial services and products.
Bellco Federal Credit Union offers all of the products and services that you expect from a bank with some significant differences. First, we’re owned by our joint member-owners, so we serve the customer directly as the owner. In addition, rather than existing to make profits for shareholders, we exist to improve the finances of citizens and businesses of Berks County.
Making Use of Home Equity
When families face situations that require a significant chunk of change, the equity in their homes can provide an avenue to afford what might otherwise be problematic. Home equity offers security for the needed financial resources.
Home equity is the value of your home minus the balance on your mortgage, and this equity provides security for various home equity borrowing. Let’s break down the different options.
A home equity loan, or second mortgage, provides borrowers with one large amount with fixed monthly terms for repayment. While similar to cash-out refinancing, the interest rates of the products will be different depending on the current mortgage rates versus those of the primary mortgage.
A HELOC, or Home Equity Line of Credit, is similar to a credit card in that you’ll be able to spend intermittently rather than receive one big sum. You’ll pay interest only on what’s spent rather than the entire credit limit. This product has two periods: spending period (draw) and repayment. During the draw period, users can spend and pay down the balance and spend again, up to the credit limit. Once the draw period ends, homeowners will have a contractual term amount to repay the balance.
Mortgage Refinancing - When refinancing a mortgage, homeowners can take cash out based on the equity in the home. The refinanced version of the mortgage replaces the first. This product allows you to take cash to pay down debt, upgrade the home, or pay for other items while securing a better rate than was on your initial mortgage.
When you decide to borrow against the equity in your home, bear in mind that failure to repay the loans will forfeit your home. Be positive in your ability to repay what you borrow.
At Bellco FCU, the financial professionals can guide you toward the best product, consider the suitability for borrowing, and help you through the process with professionalism and consideration.
Bellco FCU Membership
If you’d like to join the Bellco FCU family, it’s easy to do for anyone who resides, works, worships, or goes to school in Berks County, as well as any immediate family members of current credit union members.
With a minimal $5 deposit into a Member Savings account, eligible candidates can establish membership, buying into the credit union as joining owners and members.
Looking for the best way to put your home equity to good use through loans, lines of credit, or refinancing in Kenhorst, PA? Choose Bellco Federal Credit Union for guidance and financial products. With the power of your home equity, you can get through the challenges of life; allow us to show you how.