Home Equity Line of Credit Womelsdorf, PA

Life’s celebrations and life’s struggles often come with the same need: funding. Get through them both with the assistance of a Home Equity Line of Credit in Womelsdorf, PA. Bellco Federal Credit Union provides low rates and fees with simple application processes for your convenience.

The Bellco FCU Difference

Bellco Federal Credit Union is not your average financial institution. We are owned by our members with the goal of improving the community rather than building profits for shareholders in continuation of the tradition begun with Bell Telephone Credit Union in 1938.

Our members/owners have access to great interest rates, returns on investment accounts, and few or no fees on savings and checking accounts. The customer service team treats every member as a neighbor.

A Home Equity Line of Credit

Home equity is the value of your home less the cost to pay off the mortgage. This amount is the monetary value you own of your home, and you can borrow on this amount. Borrowing on home equity takes two forms: home equity loans or home equity lines of credit. Bellco FCU can provide both.

A home equity loan provides a lump sum of money that you’ll then pay back as a second mortgage in a monthly fixed sum for a set repayment term.

A Home Equity Line of Credit (HELOC) provides funds when you need them. The line of credit will have a limit, just as a credit card, and you’ll be able to spend the money, pay down the balance, and spend again, also like a credit card. The line of credit will have a specified “draw period” during which you can spend funds, followed by a repayment term that will require full payment by its end.

Homeowners can use HELOCs to cover a range of expenses, in particular those that are recurring. However, it’s always important to use a HELOC wisely because your home is the collateral for the borrowing, and if you fail to repay, your home could be forfeited.

The limit on your HELOC will depend on several factors - primarily the amount of the equity value you have. Borrowers can generally access up to 85% of the equity, but the exact amount will depend on credit score, income, assets, and other credit risk information.

Home Equity Lines of Credit interest rates are either fixed or adjustable. Homeowners that choose adjustable rate HELOCs should remember that rates will be adjustable depending on the prime rate.

Securing a HELOC through Bellco FCU

Bellco Federal Credit Union offers financial products and services to its members-owners, and membership is available for all residents, employees, worshippers, or students of institutions in Berks County, PA. The parents, children, siblings, and spouses of Bellco FCU members are also eligible for membership.

Becoming a member of Bellco FCU is simple. Deposit a small amount into a member savings account after establishing eligibility to access all of the perks of membership. Your membership will remain valid for the course of your lifetime regardless of your life’s circumstances.

If you need to access the value of equity you have in your Womelsdorf, PA, home, a line of credit from Bellco FCU will provide better terms, an easier process, and a customer service team that treats you as you deserve. For more information, contact us at your convenience!