Skip to content

If you are looking for a HELOC (Home Equity Line of Credit) in Sinking Spring, PA, enjoy the lowest possible loan rates and best service at Bellco Federal Credit Union.

Bellco FCU is a member-owned, not-for-profit federal credit union. Since 1938, we have provided unique financial products and services to individuals and small businesses in Berks County.

LEARN MORE

{beginAccordion}

How Does a Home Equity Line of Credit Work?

HELOC gives you access to a line of credit with a set limit, somewhat like a credit card. The amount of the loan is determined based on the appraised value of your home, minus the balance remaining on your mortgage.

When your loan application is approved, a specified amount of revolving credit is made available to you for a limited time period (typically 5 or 10 years).

During what is called a “draw period,” you can withdraw funds from the line of credit as you need them. As you pay off the principal, your credit revolves, and you can use it again and again for the duration of the draw period.

With a home equity line of credit from Bellco FCU, you can use the funds for large or unexpected expenses, such as home remodeling, a new roof, a child’s wedding, or to pay off high-interest debts, as well as for periodic expenses such as emergency funds, tuition and home improvements.

In comparison to other loans that use the equity in your home as collateral, a HELOC offers a variety of benefits:

  • Draw out only what you need, when you need it
  • Pay interest only on amounts you withdraw
  • Draw options include checks, online access, telephone access and branch access
  • Repay the principal and reuse the funds over and over again during the draw period
  • Interest may be tax deductible (consult a tax advisor)
  • Local, Pennsylvania decision-making and processing
  • Attentive, friendly service from start to finish
  • Bellco Loan Protection is available

If you need funds all at once, a traditional home equity loan may make more sense for you. The home equity loan is considered a second mortgage and may have a higher interest rate than that of your first (primary) mortgage. The funds are provided in a lump sum, and then you make monthly payments to repay the loan.

How to Join Bellco FCU

If you live, work, worship, or go to school in Berks County, PA, simply open a Member Savings account with as little as $5, and establish your membership in a few simple steps.

You are also eligible to join if you are an immediate family member (spouse, parents, children, siblings, grandparents) of a Bellco FCU member, no matter where you live.

No matter if you leave your current job, retire, or move out of the area, you’ll be able to remain a Bellco FCU member for life and can access your accounts from anywhere by mail, fax, telephone, online and at thousands of ATMs across the nation.

Whether you need a home equity line of credit (HELOC) or a conventional home equity loan in Sinking Spring, PA, get in touch with Bellco FCU. We are eager to help you accomplish your goals!

{endAccordion}