Home Equity Line of Credit
A myLOC Home Equity Loan from Belco gives you the flexibility to use your home’s valuable equity to achieve your goals. Use a myLOC Home Equity Loan like a traditional line of credit, and pay interest only on the portion you borrow with a variable interest rate. Or, lock in a segment of your line and make fixed, predictable monthly payments for a set term and at a set rate. It’s your choice.
- Tap into your home’s equity whenever a need arises, the line is always available up to your approved credit limit
- 10-year draw period and a 10-year repayment period (20 total years)
- Advances can be made online through Money Manager, over the phone with Belle, or at any Belco branch
- You only need to pay the accumulated interest each month
- Pay as much as you want in addition to the minimum payment since there is no prepayment penalty
- Principal payments immediately free up your available balance for future projects
- Credit limits available up to 90% of the appraised value of your home.
- Interest rate:
- Interest rate will be indexed to the Wall Street Journal Prime Rate (WSJP) and can vary quarterly
- You have the option to “lock in” a portion of your balance with prevailing fixed rates (There is a $50 fee for each portion locked)
- Available for owner-occupied primary residences located in Pennsylvania
- Interest paid may be tax-deductible; consult your tax advisor to review tax implications.
- No application fee
- Borrower responsible for paying applicable recording fees