Home Equity Line of Credit Flying Hills, PA
Finance your dreams with a Home Equity Line of Credit in Flying Hills, PA. Whether you dream of becoming a pilot, an entrepreneur, or a magician, you’ll need funds to make it happen, and Bellco Federal Credit Union provides the lending required with competitive interest rates and few fees.
The Bell Telephone Company employees established a credit union in 1938. That financial community organization evolved into Bellco Federal Credit Union, and we continue to help the community by providing financial services and products to its individuals and businesses. We are a non-profit federal credit union with members who are part owners in the credit union.
Anyone who resides, works, attends religious services or school, or has an immediate family member who is already a member can become an owner/member of Bellco Federal Credit Union. Joining is as easy as depositing a small amount into a Member Savings Account.
Members of Bellco FCU are able to take advantage of the unique services we offer including checking, savings, home equity borrowing, and other services and products you’d find at a traditional bank. However, we operate in a manner that prioritizes our members rather than shareholders because we’re owned by our members, and each member has a say in how we operate.
Qualifying for a Home Equity Line of Credit
The first thing you’ll need to secure a Home Equity Line of Credit is home equity. Equity is the value of your home minus the amount left owing on your mortgage. It’s basically the profit you would make if you were to sell your home. When you borrow against your home, keep in mind that your home is the collateral for the lending product and could be at risk if you find yourself unable to pay back what you spend plus the interest accrued.
If you’re wondering why anyone would choose this form of borrowing instead of a credit card that wouldn’t put their home at risk, consider that secured borrowing with collateral acting as “security” for the loan usually comes with lower interest rates, so you’ll save money in the end.
Most borrowers will be able to access up to 85% of their home equity in an intermittent fashion. You can borrow what you need when you need it rather than an entire lump sum as you would with a home equity loan.
The benefits of this option include being able to pay down the balance and borrow again, up to the credit limit, as well as paying interest only on what’s spent rather than the entire amount you could spend.
The period of time during which you can spend is usually called a “draw” period and lasts 5 or 10 years, and when that ends, you’ll begin a repayment term where monthly repayment installments will begin. At the end of this period, the full amount borrowed should be repaid.
To qualify for a HELOC, you’ll need to demonstrate:
The ability to repay the HELOC and your original mortgage
A decent credit score
A low debt-to-income ratio
Additional assets and signs of creditworthiness
Finance your dreams, celebrations, home improvements, or car repairs with a Home Equity Line of Credit in Flying Hills, PA. Bellco Federal Credit Union awaits the opportunity to service your financial needs with a neighborly smile and a compassionate ear!