Skip to content

If you have been thinking about Home Equity Loans in Shillington, PA, to get the cash you need to pay for unexpected expenses, Bellco Federal Credit Union can help.



About Bellco Fedeal 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 in Berks County, including HELOCs, traditional Home Equity Loans, fixed rate mortgages, and more.

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 be eligible to join too and take advantage of competitive rates for mortgages, personal loans, credit cards, and the many other services we offer.

Conventional Home Equity Loans

Home Equity Loan can be an excellent option if you are looking for cash all at once. It is a second mortgage that is secured by the equity in your home and provides funds in a lump sum at a fixed rate for a fixed term (up to 15 years).

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)

Home Equity Line of Credit offers you a greater level of flexibility. It can provide you with a certain amount of money, usually between 80-85% of your home equity value. It works somewhat like a credit card and the funds are made available to you for a limited time period (typically 10 years).

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

Do You Qualify for a HELOC or Home Equity Loan?

Requirements differ from lender to lender, but here are a few things you will typically need in order to qualify for a loan secured by the equity in your home:

  • Income – Be prepared to show you have sufficient income to cover your mortgage payment and the new loan payment.
  • Strong Credit – Check your credit score. Lenders want to know you have a history of paying your debts on time.
  • Low Debt-to-Income Ratio – Lenders like to see a low debt-to-income ratio (DTI), or the ratio between your overall debts and your income.
  • Other Assets – Additional assets, such as a car, boat, rental property, or other investments, will make lenders feel more secure about lending you money.

You can apply online for home equity loans on your home in Shillington, PA, with Bellco FCU. Get in touch with us to take advantage of this valuable financing tool for home repairs, renovations and other large expenses.