Skip to content

If home repair costs and other large expenses have you thinking about tapping into the equity of your Wyomissing, PA home, consider home equity loans from Bellco FCU.

Learn More

{beginAccordion}

About Bellco Federal Credit Union

Originally known as the Bell Telephone Credit Union, Bellco FCU, a member-owned, not-for-profit federal credit union, opened its doors in 1938 and continues to provide unique financial products and services to individuals and small businesses in Berks County.

Like banks, credit unions accept deposits, make loans and provide a wide variety of other financial services. But as member-owned and cooperative institutions, we provide a safe place to save and borrow at reasonable rates with exceptional customer service.

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.

Two Types of Home Equity Loans

There are two different types of home equity loans, and it’s important to think about when and how you intend to use the funds before deciding which option will best suit your needs.

Conventional Home Equity Loan

This can be an excellent option if you are looking for a lump sum payment. 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 Line of Credit (HELOC)

This option provides you a greater level of flexibility. It works very much like a credit card and can be used when you need it, such as for financing an ongoing home-improvement project, paying ongoing tuition, or paying for recurring expenses.

Unlike the conventional home equity loan, the interest rate on the HELOC is adjustable (not fixed), which means it may change over the term of the loan.

The draw period (the allotted time to borrow on the loan) is typically 5 to 10 years, and minimum payments will be due on the amounts you draw out. As you pay off the principal, your credit revolves, and you can use it again and again for the duration of the draw period. When the draw period ends, you are responsible for repaying principal and interest on the loan.

You can apply online for home equity loans with Bellco FCU in Wyomissing, PA. Join today and take advantage of this valuable financing tool for home repairs, renovations and other large expenses.

{endAccordion}