HELOC Rates

Whether you need funds for home renovations, college tuition, a wedding, or another large expense, Bellco Federal Credit Union can help you secure a Home Equity Line of Credit (HELOC) with the lowest rates and fees. 

It has been 80 years since Bell Telephone employees formed Bell Telephone Credit Union in 1938. Today, Bellco FCU remains a member-owned, not-for-profit federal credit union, and continues to offer unique financial products and services to individuals and small businesses in Berks County, PA.

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 also be eligible to join and take advantage of competitive rates for mortgages, personal loans, credit cards, and the many other services we offer. The Bellco FCU team is ready to assist you with financing that best fits your goals.

About HELOC Rates

Different lenders have different rules. When considering a HELOC, your first thought may be to go to the lender that holds your first mortgage, but it usually pays to shop around. 

HELOCs have an adjustable interest rate that goes up and down in relation to an index, like the prime rate. Also consider upfront costs, closing costs, and any annual fees the lender may charge. They can all have a significant impact on the cost and suitability of your loan, so don’t be afraid to ask questions.

Some lenders offer low introductory interest rates. Be sure you know how long the low rate will last and how it will change after the introductory period.

Your HELOC may have a cap on how much the interest rate can rise, over a specific period of time or over the length of the loan. If interest rates are on the rise, this can be a significant benefit.

At the end of the HELOC “draw period” (typically 5 to 10 years), some lenders will require you to make a large one-time payment at the end of the term, known as a balloon payment. This may be something you can live with, but you will want to know it’s coming so you can plan for it.

As experienced HELOC lenders, Bellco FCU offers flexible solutions, unique account features, low-interest rates and fees, and face-to-face service.

Do You Qualify for a HELOC?

Here are a few things you will typically need in order to qualify for a HELOC:

  • Income – Be prepared to show you have sufficient income to cover your mortgage payment and the new HELOC loan payment.

  • Strong Credit – Check your credit score. Lenders want to know you have a history of paying your debts on time.

  • Low Debt-to-Income Ratio – Lenders like to see a low debt-to-income ratio (DTI), or the ratio between your overall debts and your income.

  • Other Assets – Additional assets, such as a car, boat, rental property, or other investments, will make lenders feel more secure about lending you money.

Bellco FCU is dedicated to helping members and their families build better lives with low HELOC rates. Contact us today to learn more!