Home Equity Line of Credit
A Belco myLOC Home Equity Line of Credit (HELOC) lets qualified homeowners in Pennsylvania borrow against their home’s equity through a revolving line of credit, rather than taking a lump sum.
Benefits of Belco’s myLOC Home Equity Line of Credit
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Flexible Credit Line
Borrow what you need, repay it, and draw from your credit line again as funds are restored.
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Interest-Only Payments
During the draw period, you can make interest-only monthly payments on the amount you’ve borrowed.
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No Prepayment Penalty
Pay off your balance early with no prepayment penalty.
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Variable & Fixed-Rate Options
Choose a variable rate or lock in a portion of your balance at a fixed rate for more predictable payments.
What to Know About Belco’s myLOC
A myLOC allows you to borrow against your home’s equity as you draw funds, instead of receiving a lump sum like a traditional home equity loan.
Key features of myLOC include:
- A revolving line of credit available during an initial draw period
- Interest-only monthly payments on the amount you borrow during the draw period
- The option to lock in a portion of your balance at a fixed rate
- A repayment period where remaining balances are paid down
A myLOC can be used for expenses such as home improvements, ongoing projects, or other costs where a revolving credit line is useful.
There is no prepayment penalty if you choose to pay off your balance early. Funds can be managed online, by phone, or at a Belco branch.
How to Apply for a myLOC Home Equity Line of Credit
STEP 1
Estimate Your Borrowing Needs
Estimate how much you may need based on your planned expenses or projects.
STEP 2
Apply for myLOC
Submit your application online, by phone, or at a Belco branch with your personal, income, and property information.
STEP 3
Access Your Line of Credit
Once approved, finalize your myLOC and begin using your available credit.
myLOC Home Equity Line of Credit Rates
| Home Equity Line of Credit | Term | Annual Percentage Rate |
|---|---|---|
| Loan to Value up to 80% | 240 Months | Starting as low as 6.75%++ |
| Loan to Value up to 90% | 240 Months | Starting as low as 8.00%++ |
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myLOC Home Equity Line of Credit FAQs
A myLOC HELOC lets you borrow against your home’s equity through a revolving line of credit. You pay interest only on what you borrow, with interest-only payments during the draw period.
During the first 10 years (the draw period), you can borrow as needed and make interest-only payments. Any principal you repay can be borrowed again.
After the draw period, your balance enters a 10-year repayment period where you pay both principal and interest.
During the draw period, you pay interest only on the amount you borrow, although you may choose to begin paying down your principal as well.
Yes, myLOC allows you to lock in portions of your balance at a fixed rate, so you can make predictable payments on that amount.
You can use a myLOC HELOC for a variety of expenses, including home improvements or ongoing costs where a revolving line of credit is useful
No. There is no prepayment penalty if you choose to pay off your HELOC early.
More Ways to Borrow
Personal Loans
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Mortgage Loans
Explore home financing options with a range of loan programs and competitive rates. Belco partners with Member First Mortgage to offer flexible solutions.
Home Equity Loans
Put your home’s equity to work for renovations, major purchases, debt consolidation, or other expenses. Enjoy competitive rates, flexible terms, and convenient access to funds.