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If you are evaluating home equity loans, Bellco Federal Credit Union can help. We offer low rates and exceptional customer service from start to finish.

Bellco FCU is a member-owned, not-for-profit federal credit union. For 80 years, we have provided unique financial products and services to individuals in Berks County, including traditional Home Equity Loans, Home Equity Lines of Credit, fixed rate mortgages, and more.

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How to Tap into Your Home Equity

If you need cash for any reason, such as to remodel your home, pay college tuition, buy a car, or pay off debt, your home may be the best place to find it. With a home equity loan or line of credit or a cash-out refinance, you can use your home as collateral and get the funds you need.

Although home equity loans and cash-out refinancing are similar, they’re not the same.

Home equity loan: Home equity loans are “second mortgages.” The funds are provided to you in one lump sum, and then you make monthly payments to pay it back. Home equity loans typically come with higher interest rates than cash-out refinances. If today’s mortgage interest rates are higher than the rate on your existing mortgage, however, a home equity loan may make good sense.

Home equity line of credit (HELOC): A HELOC works very much like a credit card and you can withdraw what you need, 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. The loan can be particularly convenient when you need to borrow smaller amounts over a longer period, such as for college tuition payments or an ongoing home renovation project.

Refinance a first mortgage:  A cash-out refinance replaces your current mortgage with a new loan term, interest rate and monthly payment. In general, this can be a good option if you can take some cash out while lowering the interest rate on your first mortgage, especially if you plan to use some of the cash to get rid of higher-interest accounts like credit card debt.

The knowledgeable loan professionals at Bellco FCU will evaluate your credit worthiness based on your income, assets, debts and past credit use and help you determine how much you can afford to borrow.

How to Join Bellco FCU

Anyone who lives, works, worships, or attends school in Berks County may join Bellco FCU, including immediate family members, such as your spouse, children, siblings and parents.

Simply open a Member Savings account with as little as $5, and set up your membership in minutes. This is not a fee; it is your share of the credit union.

If you are interested in low-rate home equity loans in Berks County, PA, the locally-knowledgeable loan advisors at Bellco FCU will be happy to help!

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