Construction Loans Sinking Spring, PA
If you are planning to build a new home in or near Sinking Spring, PA, you may be interested in construction loans that enable you to draw out money during the construction period to pay your contractor and subcontractors. Bellco Federal Credit Union offers affordable construction loans and flexible terms.
About Us
Bellco FCU is a member-owned, not-for-profit federal credit union. We are not in business to maximize profits for shareholders and, instead, utilize earnings from interest on loans and credit cards to provide members with better rates and fewer fees on construction and mortgage loans, personal loans, checking accounts, and other convenient services.
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 establish your membership in a few simple steps.
Joining a credit union like Bellco FCU makes you a partial owner and gives you a say in any decisions we make. Open a Member Savings account with as little as $5, and establish membership in just a few steps. This is not a fee; it is a share in the credit union and provides you with voting rights.
Your Bellco FCU membership lasts for a lifetime, no matter where you live. Your spouse, children, siblings, and parents can also join and take advantage of our competitive rates for mortgages, personal loans, credit cards, and the many other services we offer.
In addition to loans, credit cards, no-fee checking accounts and many other services, Bellco FCU also provides members with nationwide access to thousands of surcharge-free ATMs; fast, free and easy to use online banking and bill pay services; and three convenient forms of mobile banking via web browsing, app download, and text banking.
About Construction Loans
There are two main types of home construction loans.
Stand-alone construction loan: This loan pays only for the construction of your home. When it's time to move in, you will have to get a separate permanent mortgage. This is two separate loans and will require you to pay for two closings and two sets of fees. It may be worthwhile, however, if you own a home and don't have much cash for a down payment until your new home is built and the other home sells.
Construction-to-permanent loan: Instead of obtaining a construction loan and a separate home mortgage, this single loan is designed to take you from purchasing your lot through completion of construction. During construction, you pay interest-only monthly payments. Your lender will convert the loan balance into a permanent home mortgage when construction is finished and a certificate of occupancy is issued, without additional closing costs.
Bellco FCU offers affordable construction loans and flexible terms. Loan decisions, processing, and draws are all done in Berks County, PA. We’ll work closely with you during the entire process to help you save time and money.
We are committed to helping members and their families in Sinking Spring, PA build better lives. Contact Bellco FCU today about our construction loans and other services.