Home Equity Loans Whitfield, PA

If you are thinking about using the equity in your home in Whitfield, PA as collateral for a loan, there are two types of loans to consider –HELOCs and traditional Home Equity Loans. Bellco Federal Credit Union can help you decide which one may be right for you.

Bellco FCU is a member-owned, not-for-profit federal credit union that caters exclusively to members and their needs and offers a variety of affordable loans and financial services. Our trusted and experienced professionals genuinely listen and offer solutions with the compassion of a true neighbor.

About Home Equity Loans

The traditional Home Equity Loan is a second mortgage that is secured by the equity in your home and provides funds to you in a lump sum at a fixed rate for a fixed term (up to 15 years). It is similar to refinancing your mortgage, but without many of the closing costs. You will repay the loan in budget-friendly fixed monthly payments, just like your original mortgage. 

A Home Equity Loan from Bellco FCU offers a variety of benefits:

  • Secured by the equity in your home

  • Fixed interest rate

  • Funds are paid to you in one lump sum 

  • Monthly payments remain the same over the life of the loan

  • No restrictions on use of funds

  • Useful for emergency funds, home remodeling, debt consolidation, unexpected major expenses like a large medical expense or a wedding

  • Local, Pennsylvania decision-making and processing

About Home Equity Lines of Credit

A Home Equity Line of Credit (HELOC) can provide you with a certain amount of money, usually between 80-90% of the value of your home equity. It works somewhat like a credit card, and 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 whenever you need them. As you pay off the principal, your credit revolves, and you can use the funds again and again for the duration of the draw period.

A HELOC from Bellco FCU offers a variety of benefits:

  • Secured by the equity in your home

  • Adjustable interest rate (with a cap)

  • Withdraw the funds you need when you need them

  • Monthly payments vary based on the amount borrowed and the current interest rate

  • No restrictions on use of funds

  • Useful for periodic expenses, such as emergency funds, debt consolidation, tuition, and home improvements

  • Local, Pennsylvania decision-making and processing 

Bellco FCU provides a safe place for members to save and borrow at reasonable rates with exceptional customer service from start to finish.

Join Bellco FCU Today

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, personal loans, credit cards, and the many other services we offer. 

To learn more about Home Equity Loans in Whitfield, PA, get in touch with Bellco FCU today. We have the tools and expertise to help you make the right decisions.