HELOC Reading, PA

Looking for a Home Equity Line of Credit (HELOC) in Reading, PA? Large for-profit banks are not your only option. Consider Bellco Federal Credit Union!

Bellco FCU is a member-owned, not-for-profit federal credit union. Since 1938, we have provided unique financial products and services to individuals in Berks County, including HELOCs, traditional home equity loans, fixed-rate mortgages, and more.

If you live, work, worship, or attend school in Berks County, you are eligible for membership in Bellco FCU. We know you’ll love our personalized service, better rates on loans and credit cards, and the ability to save hundreds of dollars on fees.

Advantages of a Home Equity Line of Credit 

With a home equity line of credit from Bellco FCU, you can tap into the equity you’ve built up in your home and use the funds for large or unexpected expenses, such as home remodeling, a new roof, a child’s wedding, or to pay off high-interest debts.

The line of credit has a set limit, somewhat like a credit card, and is made available to you for a limited time period (typically 5 or 10 years).

In comparison to other loans that use the equity in your home as collateral, a HELOC offers a variety of benefits:

  • Draw out only what you need, when you need it

  • Pay interest only on the amounts you withdraw 

  • Multiple draw options include checks, online access, telephone access, and branch access

  • Repay the principal and reuse the funds over and over again during the draw period 

  • Use it for periodic expenses, such as emergency funds, debt consolidation, tuition, and home improvements

  • Interest may be tax-deductible (consult a tax advisor)

  • Local, Pennsylvania decision-making and processing 

  • Attentive, friendly service from start to finish 

  • Bellco Loan Protection is available

Other Solutions

If you need funds all at once, a traditional home equity loan may make more sense. The home equity loan is considered a second mortgage and may have a higher interest rate than that of your first (primary) mortgage. The funds are provided in a lump sum, and then you make monthly payments to repay the loan.

Another alternative is to refinance your first mortgage and withdraw some or all of the equity in a lump sum. It involves exchanging your existing mortgage for a new mortgage. If you have adequate equity in your home for the funds you need, this can be a great way to avoid making two payments every month. Bellco FCU also offers home mortgages with varying loan terms.

Whether you are looking for a home equity line of credit (HELOC) in Reading, PA, or want to refinance your current mortgage, get in touch with Bellco FCU. We have a product that will meet your needs and are eager to help you accomplish your goals!