Have you heard of the Bethpage federal credit union HELOC program? If you haven’t then you are in luck. The Bethpage federal credit union was founded back in 1941 and the company presently serves over 400,000 members.
The credit union is headquartered in Bethpage, New York and it offers services of competitive interest rates and fees on HELOCs.
Bethpage Federal Credit Union HELOC
Bethpage is owned by its members hence it’s a credit union. The company also may be able to offer even better services than online lenders and banks. If you are looking for a large home equity line of credit, but you really do not need instant access to the funds, then Bethpage federal credit union HELOCs product is ideal for you. Continue reading to find out more about Bethpage federal credit union HELOC.
Benefits of Bethpage Federal Credit Union HELOC
If you are residing in a state where the lender offers the very product and the features of the product also fit into your needs perfectly then this HELOC program would be a good option for you. Some of the benefits offered by the union include competitive rates, low costs, and fixed-rate options.
The lender as of December 2021 offers a variable interest rate that is starting at 3.25% APR. Generally, the average HELOC rate in the industry is 4.75%. In regards to all the closing costs, Bethpage covers all unless you chose to close your HELOC within the first 36 months of opening your account; you should also know that it does not charge application appraisal or origination fees.
Just as mentioned already, the lender offers a fixed-rate option as you can easily convert some or if you feel like it all of your variable rate HELOC to a fixed-rate HELOC without a single fee. For each fixed-rate loan, you will have to draw a minimum of $10,000 but you can select between 5,10, and 20 years repayment timelines.
There is hardly any drawback with this lender, but it may not be the best option for you if you are in the market for a home equity product rather than a HELOC. The drawbacks with this lender include the no home equity loan option. Another drawback with it is that you will have to be a member in order to sign up for a HELOC. And for you to become a member, you must open share savings account with the credit union for a minimum of $5.
Loan Products Offered
The Bethpage Federal Credit Union offers mortgage loans, refinance loans, and lastly, HELOCs. For its HELOCs, as this article is focused on, you will have to pay only interest for 10 years, and then enter the principal and interest repayment period of 20 years after that.
You will also have the option to convert some or if you chose to, all of your current balance to a fixed-rate loan with a 5-, 10- or 20-year repayment period at no single additional fee. Although, you should know that the maximum term cannot exceed or outrun your account maturity date. In order to convert, you need to draw at least $10,000, and you can have up to three fixed-rate loan balances at a time.
How to Qualify For A HELOC with Bethpage Federal Credit Union
Qualifying for a Bethpage HELOC is easy. First, you will need to become a member. And this requires opening a savings account with a minimum of $5. Also, you will need to buy hazard insurance and, in some cases, flood insurance. The best rates of Bethpage go to borrowers with a maximum combined loan-to-value ratio of 80 percent.
How to Get Started with Bethpage Federal HELOC
If you’re interested in applying for a HELOC from Bethpage, then you have two options. The first option is called a “quick start” and it takes just a couple of minutes, a small amount of your time. Also, you will provide your name, phone number, email address, the estimated value for your home, and current mortgage balance. A loan specialist will then follow up with you to talk about your various options.
The other option here available to you is filling out a full application online. This can take up to 30 minutes. And to do this, you’ll share information about your property, the amount you’re requesting, and also, the reason for the loan.
You’ll also provide information about yourself (and your co-applicant, if applicable), and this is including date of birth, Social Security number, employment history, two recent pay stubs, tax returns, and other personal pieces of information. After the application is complete, you will receive preapproval information by email, and a lending specialist will follow up with you.