Is A 15-Year Mortgage Right for You?
Jan. 15, 2025
How to Choose a Mortgage Lender for a First-Time Home Buyer
Jan. 15, 2025
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Bethpage Home Lending is a division of Bethpage Federal Credit Union, the 17th largest credit union in the United States. It has been providing loans to its members since 1941. Although based in New York, membership is open to residents of all US states except Texas. Bethpage's mortgage, refinance, and home equity products come with relatively low rates and APRs, and you can start the loan application process online.
Bethpage is suitable for anyone looking to purchase or refinance a home. It offers flexible loan products and competitive rates, making it an attractive option for first-time home buyers, experienced homeowners looking to upgrade their home, and those who want to take advantage of decreasing interest rates.
Additionally, Bethpage has Home Equity Lines of Credit (HELOC) for customers who want access to cash without having to take out a loan or refinance their existing mortgage. Since Bethpage is a well-established federal credit union, you can expect solid customer experience and membership benefits, such as great rates and low fees.
Bethpage offers a wide choice of purchase, refinance, and home equity products, including fixed-rate, adjustable-rate, FHA Mortgages, and HELOCs. It does not currently offer VA (Veterans) or USDA (United States Department of Agriculture) loans.
A fixed-rate mortgage has a set interest rate over the life of the loan, ensuring that your payments remain consistent. Bethpage’s fixed-rate mortgages are available for purchase or refinance with terms of 10, 15, 20, or 30 years.
An adjustable-rate mortgage (ARM) has an initial period of more attractive, fixed interest rates, which then adjusts periodically over the life of the loan. Bethpage offers 5/1, 7/1, and 10/1 ARMs.
Jumbo mortgages are for higher-value homes, usually over $653,550 (or $980,325 in high-cost areas). They usually require bigger down payments and higher credit ratings than other mortgages. Bethpage provides both fixed and adjustable-rate plans with varying terms – select from 10-, 15-, and 30-year loans.
FHA mortgages are government-backed loans designed for lower-income borrowers. Bethpage FHA mortgages require as little as 3.5% as a down payment and have a lower credit score requirement than other loan products. Available term lengths are 15 and 30 years.
Investment property mortgages allow buyers to purchase a home for rental or resale. Bethpage offers investment mortgages for both purchases and refinance, which are available as ARM and fixed rate.
For more information about Bethpage’s mortgage products, visit their website.
HELOCs are revolving lines of credit secured by the equity in your home and offer an easy way to access cash without having to take out a loan or refinance your existing mortgage.
Bethpage waives all application and annual and closing costs on HELOCs, making them an affordable option.
After an initial low introductory APR, you can choose to switch your variable loan to a fixed-loan HELOC and pay predictable monthly payments. Once the initial HELOC loan is set, you have the ability to draw up to three fixed-rate loan options at one time, with a minimum of $10,000 draw for each loan.
For more information about Bethpage’s HELOC product, visit their website.
To get a mortgage or home equity product through Bethpage Federal Credit Union, you must first become a member. You can do this by simply opening a savings account with a deposit of at least $5.00.
You can start the application process online by providing details such as the purpose of your loan, the property's value, loan amount, location, and credit score. Bethpage requires a credit score of 620 for conventional loans and 500 for FHA loans. You will also need to provide your contact details, and a Bethpage Home Lending Specialist will contact you to continue the process.
Once you have a loan application in progress, you can manage it online in the Borrower Center.
Bethpage is transparent about its rates and APRs and displays up-to-date daily figures on its website. Bethpage does not publish details of origination and other fees online, as this information will be provided by your home lending specialist regarding your specific loan.
APRs for HELOCs include an introductory rate for the first 12 months for loans with a minimum $25,000 balance. After that, the rate goes to prime, and is capped at the legal limit for federal credit unions. There are no application fees or closing costs.
You can contact Bethpage Federal Credit Union visiting a branch, via the phone, video appointment, or online.
A fixed-rate mortgage has a set interest rate over the life of the loan, ensuring that your payments remain consistent. An adjustable-rate mortgage, on the other hand, has an initial period of more attractive, fixed interest rates, which then adjust periodically over the life of the loan.
Yes, you must first become a Bethpage member to apply for a mortgage or home equity product. You can do this by opening a savings account with a minimum deposit of $5.
The documentation you need to obtain a mortgage includes recent pay stubs, W-2 Forms, recent bank statements, and two years of federal tax returns. You may also need to provide additional documentation, such as proof of assets, investment statements, and other documents. Your Bethpage loan officer will be able to provide specific information regarding what additional documentation is required for your particular loan.
You must maintain a combined loan-to-value (CLTV) of 75% or less and draw at least $25,000 at closing. You must also have no previous introductory rates for a Bethpage HELOC in the last five years and make automatic payments from a Bethpage bank account. Additionally, you should maintain your balance for 12 months. If you meet all these criteria, you could qualify for the best HELOC rate.
899 S Oyster Bay Rd, Bethpage, NY 11714
Bethpage Federal Credit Union provides a range of competitively priced mortgage and home equity products, including fixed-rate and adjustable-rate mortgages and home equity lines of credit (HELOCs). Rates and APRs are displayed on its website, and you can start the application process online.
As Bethpage is a not-for-profit credit union owned and operated by its members, you will need to become a member before applying. This is easily done by opening a savings account with just $5.
To speak with a Home Lending Specialist, you can call Bethpage at 855-507-1969.
