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If you plan to move or refinance your Berks County, PA home within a few years, adjustable rate mortgages (ARMs) from Bellco Federal Credit Union can be an excellent option.

Before you visit your local bank to research home mortgage loans, consider the benefits of joining Bellco FCU, such as lower fees and more personalized service.

It has been nearly 80 years since Bell Telephone employees formed Bell Telephone Credit Union in 1938. Today, Bellco Federal Credit Union remains a member-owned, not-for-profit federal credit union, and continues to offer unique financial products and services to individuals and small businesses in Berks County, PA.

Our locally-knowledgeable loan advisors can help you establish an affordable home mortgage loan that suits your unique needs.

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Should You Consider an Adjustable Rate Mortgage?

An adjustable-rate mortgage features an initial interest rate for a defined term and then fluctuates over the life of the loan. If the interest rate rises or falls, your monthly payment will be adjusted to reflect that change.

You may see ARMs described in 3/1, 5/1, 7/1, and 10/1 terms. The “1” in the “3/1” ratio, for example, refers to how often the interest rate will adjust. The “3” in the “3/1” ratio represents the length of time during which the loan will remain at the initial interest rate. So, a 3/1 ARM has a three-year initial fixed-rate period and will then adjust every year after that until the loan is repaid.

The adjustable rate mortgage can be a solid option for your family because:

  • An ARM can be more affordable because the initial rate is often lower than other fixed-rate options.
  • If you’re uncertain about your long-term plans, an adjustable rate mortgage payment may be less expensive than paying rent.
  • Making monthly ARM payments on time can help you improve your credit so you can refinance at a 30-year fixed interest rate.

Get answers about adjustable-rate mortgages, 15-year fixed mortgages, 30-year fixed rate home loans, FHA, VA and USDA home loans from Bellco FCU to find out which option may be best-suited to your financial situation.

How to Become a Member

Bellco FCU offers membership to people who live, work, worship, or attend school in Berks County, including immediate family members, such as your spouse, children, siblings and parents.

By opening a primary Member Savings account with as little as $5 and following a few simple steps, you can become a member. And, once you join Bellco FCU, you may remain a member for the rest of your life, even if you change jobs, retire, or move away from Berks County.

Whether you are looking for adjustable rate mortgages in Berks County, PA, or a credit card, auto loan, or home equity loan, we are a great resource for competitive rates, easy terms, and affordable payments.