With a Home Equity Line of Credit (HELOC) from Bellco FCU, you can tap into the equity you’ve built up in your Wyomissing, PA home and use the funds for large or unexpected expenses.
Bellco FCU is a member-owned, not-for-profit federal credit union that caters exclusively to you and your needs and offers a variety of affordable financial services. We offer competitively low rates for home purchase, refinance, or construction, and have a number of home loan programs available.
About the Home Equity Line of Credit (HELOC)
Equity is the portion of your home that you own compared to the portion you owe to the lender. In other words, if your home is valued at $200,000 and you owe $150,000, you have $50,000 in equity – or 25%. When you apply for a Home Equity Line of Credit, your equity serves as collateral for the loan.
A HELOC works very much like a credit card and can be used when you need it. The interest rate may be lower than that of traditional fixed-rate mortgages, credit cards, and other types of personal loans.
During what is called a “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. This may be the perfect solution if you need to borrow small amounts over a longer period, such as for an extensive home renovation project or to pay ongoing tuition fees.
A Home Equity Line of Credit offers a variety of benefits:
- Draw out only what you need, when you need it
- Make a minimum payment on the funds you withdraw
- Multiple 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
- Use it for periodic expenses, such as emergency funds, debt consolidation, tuition, and home improvements
- 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
Whether you are interested in a Home Equity Line of Credit or any other type of home loan, our 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.
How to Get Started
You are eligible to join Bellco FCU if:
- You live, work, worship, or attend school in Berks County, PA
- You are in the immediate family (spouse, parents, children, siblings, grandparents) of a Bellco FCU member, no matter where you live
Open a Member Savings account with as little as $5, and establish your membership in a few simple steps. This is not a fee; it is a share in the credit union and provides you with voting rights and a say in any decisions we make.
Even if you leave your current employer, retire, or move away, you can remain a Bellco FCU member for life. You will have access to your accounts from anywhere by mail, phone, fax, online and at thousands of ATMs across the nation.
Whether you need a Home Equity Line of Credit in Wyomissing, PA, or a different type of home loan, Bellco FCU has the tools, information and expertise to help you make the right decisions.
Contact us today to learn more!