HELOC Interest Rates
Whether you need funds for home renovations, college tuition, a wedding, or another large expense, expect some of the best HELOC interest rates and lowest fees at Bellco Federal Credit Union in Berks County, PA!
It has been 80 years since Bell Telephone employees formed Bell Telephone Credit Union in 1938. Today, Bellco FCU remains a member-owned, not-for-profit federal credit union, and continues to offer unique financial products and services to individuals and small businesses in Berks County, PA.
Why a HELOC?
If you have equity in your home and need funds to remodel your home, consolidate debts, pay for a wedding, pay a tax bill, or another unexpected expense, Bellco FCU can help you get quick access to cash when you need it with a Home Equity Line of Credit (HELOC).
The interest rate on a HELOC may be lower than that of traditional fixed-rate mortgages, credit cards, and other types of personal loans.
A home equity line of credit works very much like a credit card and can be used whenever you need it. As you pay off the principal, the credit revolves, and you can use it again and again for the duration of the draw period.
How Much Can You Borrow?
Most lenders limit home equity borrowing to 80% to 90% Loan-to-Value (LTV). This is determined by dividing the balance owed on your mortgage (and any other loans secured by your property) by the appraised value of your home. Based on the following example, you may qualify for a Home Equity Line of Credit for up to $35,000:
Home’s current appraised value: $200,000
80% of appraised value: $160,000 ($200,000 x 0.8)
Amount owed on the mortgage: $125,000
80% of home’s value minus amount owed: $35,000 ($160,000 - $125,000)
The lender will also consider your credit score, monthly income, and debt-to-income ratio to determine how much equity you need for a HELOC.
Because Bellco FCU is smaller than a traditional bank and exists 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.
Not a Bellco Member?
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.
As experienced HELOC lenders, Bellco FCU offers competitive interest rates, flexible solutions, and face-to-face service in Berks County, PA. We are dedicated to helping our members and their families build better lives. Contact us today to learn more!