Mortgage Refinancing Berks County, PA

If you are thinking about refinancing your existing mortgage, Bellco Federal Credit Union in Berks County, PA could save you thousands of dollars.

Bellco FCU is a member-owned, not-for-profit federal credit union. Since 1938, when we were known as the Bell Telephone Credit Union, we have provided unique financial products and services to individuals and small businesses. As one of the best mortgage lenders in Berks County, PA, we are committed to helping your family build a secure financial future.

How to Join Bellco FCU

You are eligible to join Bellco FCU if:

  • You live, work, worship, or attend school in Berks County, PA;

  • You are in the immediate family (spouse, parents, children, siblings, grandparents) of a Bellco FCU member, no matter where you live.

By opening a primary savings account with as little as $5 and following a few simple steps, you can quickly become a member. And, once you join Bellco FCU, you can remain a member for life, whether you change jobs, retire, or move out of Berks County.

About Mortgage Refinancing 

A refinance mortgage is a new mortgage taken out by a borrower to pay off his or her original mortgage. Refinancing is typically done to reduce monthly payments, lower your interest rate, or take cash out of your home equity for large purchases, such as to buy a car or reduce credit card debt. If you have a good credit history, refinancing can also be a good way to convert an adjustable-rate mortgage to a fixed-rate mortgage. 

A lower interest rate can have a big effect on your monthly payments, potentially saving you hundreds of dollars a year. Each time you refinance your mortgage, however, you will add more principal to the end of the loan and extend its term. For this reason, it’s important to decide if refinancing makes financial sense for you and your family.

In exchange for a reduced interest rate, you will pay mortgage points, also known as discount points, to the lender at closing. One point is equal to 1% of the loan amount (or $1,000 for every $100,000 you borrow). Before you decide to go forward, do the math and find your break-even point to see when you will start saving money.

Take your total expected savings per month and divide it into the total closing costs (points and other fees). If closing costs are $6,000, for example, and you plan to save $200 a month, it will take 30 months before you recoup the closing costs and start saving money.

Bellco FCU’s locally-knowledgeable loan advisors will be happy to evaluate your credit worthiness based on your income, assets, debts and past credit use. We can help you refinance your mortgage and determine how much you can afford to borrow. 

When you are ready to take advantage of competitive rates and terms on mortgage refinancing in Berks County, PA, contact Bellco FCU to learn more.