Home Equity Line of Credit
A myLOC, 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. In addition, 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
What is a myLOC?
A myLOC can help you renovate your home, consolidate your debt, or even pursue higher education.
The possibilities are endless!
Plus enjoy the benefits of
- 10-year draw period and a 10-year repayment period (20 total years)
- Advances can be made online through Money Manager, over the phone, or at any branch
- You only need to pay the accumulated interest each month
- No prepayment penalty
- Principal payments immediately free up your available balance for future projects
- Credit limits available up to 100% of the appraised value of your home.
- Available for owner-occupied primary residences located in Pennsylvania
- No application fee
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)