At a Glance

Bethpage Federal Credit Union is a New York-based lender that has a wide range of purchase and refinance mortgage options, as well as home equity lines of credit (HELOCs). Offering competitive rates and an online application process, Bethpage stands out for its 60-day rate lock on mortgage loans and $0 closing costs for HELOCs. You can also pay only interest on your HELOC for the first 10 years (the draw period). Bethpage is an excellent option if you want a low-cost mortgage or HELOC and prefer to apply online.

Key Figures

Loan types : Purchase, mortgage refinancing, and HELOC

Loan products :Fixed rate, adjustable rate, conforming, high balance, jumbo, FHA, VA, and HECM

Mortgage Minimum credit score : 620

Fixed-Rate Repayment terms : 10, 15, 20, 30 years

Adjustable-Rate Repayment Terms : 5, 7, 10 years

HELOC Minimum credit score : 670

HELOC Repayment terms : 5, 10, 20 years

Mortgage

For more information about Bethpage’s mortgage products, visit their website .

HELOC

For more information about Bethpage’s HELOC product, visit their website .

Bethpage Federal Credit Union offers fixed-rate mortgages with terms as short as 10 years, which is great for borrowers who want lower interest rates. All mortgage offers come with a free 60-day rate lock. HELOCs have no closing costs, and you can pay only interest on what you borrow for the first 10 years.

The lender’s website displays starting interest rates for all loans, but you must contact Bethpage to get personalized rates.

How It Works

The Bethpage mortgage application process is available online. To start, you have the choice to fill out an inquiry that includes your name and information about the type of loan you’re looking for or complete a full application. A loan officer will get in touch by phone to review your options and share your rate offers.

If you proceed with Bethpage, you will be able to take advantage of Bethpage’s state of the art Borrower Center which not only allows you to complete your mortgage application online but also check the status of your loan application in real time and use the secure digital portal to exchange documents you will need to such as proof of income, assets, homeowners insurance binders, tax bills and a contract of sale (purchase mortgage).

Types of Loans

Bethpage offers a variety of options for home purchase mortgages, refinance loans, and HELOCs.

Purchase options include:

● Conventional loan : Conforming loan with a fixed or adjustable interest rate

● High balance loan : High balance loan with a fixed or adjustable interest rate.

● Jumbo loan : Loan of up to $3 million.

● FHA mortgage : Federally-backed mortgage with a minimum 500 credit score

● VA mortgage : Mortgages for active-duty service members, veterans, and eligible surviving spouses to finance a home with no down payment required, no mortgage insurance and more lenient credit requirements for those who qualify.

● Investment home mortgages : Mortgage for an investment property rather than a primary residence.

● Second / vacation home mortgages : Mortgage for a second home / vacation property rather than a primary residence.

For more information about Bethpage’s mortgage products, visit their website.

Additional loans options include:

• Refinance mortgages : conforming and high balance fixed and adjustable-rate loans to replace your existing mortgage or take a new one, up to the property’s county loan limit.
• Jumbo refinance mortgages : fixed and adjustable-rate loans to replace your existing mortgage or take a new one, up to $3 million.
• HELOCs : A credit line secured by your home that allows you to borrow only what you need, up to a maximum of $1 million. For more information on Bethpage’s HELOC product, visit their website.

Loan Features

• Free rate lock : When your application is submitted for a mortgage with Bethpage, your rate may be locked for 60 days. This is a choice you can make to protect your rate if you are concerned about the interest rates increasing. This will give you the security you need while you finalize your home purchase or refinance. Bethpage will also allow you to pay for a one-time float down during the rate lock period in the event rates improve.
• Zero closing costs for HELOCs : Bethpage offers HELOCs with no closing costs, no origination fees, and no appraisal fees.
• Interest-only payments : You can choose to pay only the interest on the money borrowed through a HELOC for the first 10 years of the loan. The principal amount must then be paid after these 10 years. Bethpage also offers interest-only mortgage options.
• Fixed-rate loan conversion : Convert funds borrowed through a variable-rate HELOC into a fixed-rate loan at no additional cost. You can have up to 3 separate fixed-rate loan balances at one time. The minimum loan amount is $10,000.
• Online application : Bethpage’s loan applications are fully online. You can upload documents in minutes and check the status of your application at any time.

Rates and Terms

Bethpage offers current interest rates for all of its loan products on its website.

You can choose a 10, 15, 20, or 30-year repayment term for a fixed-rate mortgage or a 5, 7, or 10 year repayment term for an adjustable-rate mortgage. HELOCs are available with 5, 10, or 20-year terms.

Summary

Bethpage Federal Credit Union offers mortgages, refinance loans, and HELOCs with competitive rates and several outstanding features.

Mortgages are available with terms as short as 10 years for borrowers who want a lower interest rate. They also include a free 60-day rate lock. HELOCs come with no closing costs or origination fees. Plus, for the first 10 years of your credit line, you can opt for interest-only payments on your loan.

Bethpage makes it easy to access these loan products with a streamlined online application. Bethpage is a great choice for anyone searching for a home mortgage or HELOC.

Contact Bethpage Federal Credit Union

Bethpage’s customer support is available by phone and through a secure messaging system from 8am-5:30pm (ET) Monday-Friday. You can also visit one of Bethpage’s 32+ branches in the Tri-State area, with more coming soon. To speak with a Home Lending Specialist, you can call Bethpage at 855-705-1353.