June 2019 Newsletter
These days, numerous loan options tantalize homeowners who want to renovate or upgrade their homes, take a nice vacation, or even just consolidate debt. Some of those options might seem ideal, but in reality, they might not be the best choice, especially compared to a home equity line of credit such as Bellco’s ChoiceLine. Read on for more information about different loan options so you can see what might be best for you.
To start, many personal loans are unsecured, which means a few things. For one, lenders will generally cap how much they’re willing to give—frequently no more than $40,000. For another, it means that the loans will often come with higher Annual Percentage Rates (APRs), which means payments will be higher for the same amount of money advanced.
On the other hand, with a Bellco ChoiceLine home equity line of credit, the home is the collateral for the loan, which often results in higher loan amounts at considerably lower rates. Your payments are based off the outstanding balance, not the full loan amount. This creates the flexibility of making a greater amount available for use in the future, while allowing you to only pay on what you actually use! Additionally, any paid-down funds can also be redrawn during the first 10 years of the loan as opposed to a personal loan, which must be drawn in full up front and paid off over selected term with no ability to redraw.
Also, once combined with the payoff value of the first loan, a ChoiceLine can be any amount up to 95% of the home’s appraised value (or even 97% if it’s behind a Bellco first mortgage). Since you are using the security of the home, Bellco is able to offer lower interest rates than many lenders with unsecured loans, which means you won’t pay as much in interest for the same amount of money advanced.
With personal loans, the loan term is typically short—less than five or six years. With a condensed payoff time, monthly payments are higher. However, ChoiceLine offers payment options during the draw period, such as interest-only or 1% of the amount used to keep payments lower. Although both loan options offer no closing costs (for ChoiceLine, you need to advance at least $5,000 at closing to avoid standard closing costs), the opportunity for a fixed rate, and no annual fee, the ChoiceLine loan gives you the potential to write off interest payments come tax time (consult a professional tax advisor regarding your situation to be sure).
With that all said, personal loans can offer one big advantage: speed. ChoiceLine applications are valid for 60 days and processing can take as little as two weeks. However, personal loans can fund in three to four days. If you’re willing to take on higher monthly payments, the potential of higher interest rates, and a potentially lower cap to the loan, a personal loan might be for you. But for payment and interest savings, a larger loan amount, and the possibility of tax savings, a Bellco ChoiceLine may the best fit for your needs.
Equal Housing Opportunity Statement: We are pledged to the letter and spirit of the U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
Have you heard? Bellco entered into an exciting partnership with the Colorado Rockies for Major League Baseball’s 2019 season. In addition to co-branding opportunities at Coors Field (and a season-long sponsorship of the stadium's free Wi-Fi), our partnership has spawned new ways for Bellco and the Rockies to be able to give back to the community.
Baseball-Themed Mural at Coors Field
We commissioned an outdoor wall mural by renowned Denver muralist, Mike Graves, located at the Bellco Cabana on Coors Field’s rooftop. The mural was ready for fans to capture selfie opportunities in time for the season’s home opener. Click below to watch the making of this one-of-a-kind mural.
Base Hits for Boys and Girls Club
During the 2019 baseball season, every time a Rockies player gets a base hit, Bellco will donate $10 to the Boys and Girls Club of Metro Denver. As of May 31, the Rockies have had 506 base hits, which means we’ve already committed to donating $5,060.00 to this amazing charitable organization.
Rise to the Rockies Art Contest - Extended!
We've extended the contest deadline! The Colorado Rockies, Bellco, and The Denver Art Museum have joined efforts to host an art contest for 3 different age groups (kids, teens, and adults) to create a 2D piece of artwork showcasing how the Colorado Rockies always “Rise to the Rockies!” The contest has been extended through Sunday, June 16, and the winners' artwork will be displayed in Coors Field throughout the remaining 2019 MLB season. NO PURCHASE NECESSARY TO ENTER OR WIN. You can view the Official Rules here.
To learn more about our Colorado Rockies partnership, including up-to-date information throughout the season, visit Bellco's Facebook page or Bellco.org/CoRockies.
It’s the start of summer, which means it’s time to make plans for outdoor fun with family and friends. As you plan the weeks ahead, be sure to put these great Bellco-sponsored events on your calendar:
Movies in the Park. For family-friendly evening entertainment, Bellco and the City of Thornton are presenting some popular family favorites on a giant outdoor screen. ZOOTOPIA will play on Saturday, July 13 at Trailwinds Park (13385 Holly Street) and THE GOONIES will play on Saturday, August 3 at Carpenter Park Fields (11000 Colorado Boulevard) . Entrance is free, and both movies start at 8 p.m.
Colorado Irish Festival. Join us July 12–14 for a weekend of fun for the whole family. Located in Clement Park in Littleton, this annual event includes Irish dancing, Celtic goods, cultural food and drink, Gaelic sports, and live Irish music. Plus, there will be a sheep-herding demonstration and bouncy castles for the kids to enjoy. Kids ages 12 and under are free, and students ages 13–18 as well as seniors and active military are eligible for discounted pricing. Plus, if you buy tickets in advance, you’ll get an additional discount.
Castle Rock WineFest. This outdoor wine-tasting festival will be held on Saturday, July 20 and offers more than two dozen wineries and over 180 varieties of Colorado wine. The event takes place at Butterfield Crossing Park and includes fabulous food trucks, a local band for dancing into the night, and even a beer garden for those that prefer local craft brews. This adult-only event is offering reduced price admission when you purchase tickets in advance.
Douglas County Fair Parade. Celebrate this year’s annual parade in downtown Castle Rock on Saturday, July 27, featuring over 75 entries, including bands, entertainment, local businesses, civic organizations, and more. The parade begins at 9:30 am so be sure to get there by 7 am to stake out the best first-come, first-serve viewing positions.
In June, Bellco will collect donations for Tennyson Center for Children, a local nonprofit organization that gives children who have experienced severe abuse, neglect, and/or trauma, the ability to stabilize, heal and reintegrate back into Colorado communities through community-based, school, and residential programs.
For ways you can donate to this worthwhile cause, visit Bellco’s Charity of the Month page. To learn more about Tennyson Center, you can visit them online at tennysoncenter.org.