Bethpage Federal Credit Union: 2024 Home Equity Review
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
NMLS: 449104
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loan amount
$10,000-$1 million
Min. credit score required
720 for introductory rate
Repayment terms
10-year draw period and 20-year repayment term for HELOCs
Funds available in
34 days
Benefits
- Bethpage Federal Credit Union’s HELOC rates tend to be lower than Bankrate’s national average.
- The credit union covers the closing costs on lines up to $500,000. You won’t have to pay an application, appraisal or origination fee, either.
- You can convert some or all of your variable-rate HELOC to a fixed-rate HELOC without incurring a fee. (You’ll need to draw a minimum of $10,000 for each fixed-rate loan, but you can choose between five-, 10- and 20-year repayment timelines.)
Drawbacks
- While you can convert your HELOC to a fixed-rate loan, Bethpage doesn’t offer a separate home equity loan product.
- If you close your HELOC within three years of opening it, you’ll need to repay the closing costs Bethpage waived, which could run anywhere from $500 to $15,000.
- Bethpage is a credit union, which means that membership is required to obtain a HELOC. To become a member, you’ll need to open a savings account with a minimum deposit of $5.
Home equity loan products offered
Bethpage Federal Credit Union offers HELOCs with a 10-year, interest-only initial period and a 20-year repayment term after that. You also have the option to convert some or all of your current balance to a fixed-rate loan with a five-, 10- or 20-year repayment period at no additional fee — although the maximum term can’t exceed your account maturity date. To convert, you’ll need to draw at least $10,000. You can have up to three fixed-rate loan balances at a time.
Types of fees charged
Bethpage Federal Credit Union doesn’t charge HELOC closing costs, application fees or origination fees. However, you’ll need to repay the closing costs you would’ve paid if you close your HELOC within three years. There is no fee to convert some or all of your HELOC to a fixed-rate loan. You can also earn a discount on your rate by setting up automatic HELOC payments from a Bethpage checking or savings account.
How to qualify for a HELOC with Bethpage Federal Credit Union
To qualify for a Bethpage HELOC, you need to become a member, which requires opening a savings account with a minimum of $5. You will also need to have homeowners insurance and, in some cases, flood insurance.
Bethpage’s best rates typically go to borrowers with a maximum combined loan-to-value (CLTV) ratio of 65 percent and who make an initial draw of at least $25,000. You can take advantage of the lower introductory rate as long as you haven’t obtained an intro rate in the past five years; your CLTV is below 75 percent; you draw $25,000 initially and maintain that balance for one year; and set up auto-payments.
Note: Bethpage Federal Credit Union doesn’t offer HELOCs to borrowers in Texas.
How to apply with Bethpage Federal Credit Union
If you’re interested in applying for a HELOC from Bethpage Federal Credit Union (and already a member), you can request a call from a loan officer online, call 855-330-6630 or visit a branch. Representatives are available Monday through Friday from 8 a.m. to 6 p.m. ET and Saturday from 10 a.m. to 8 p.m. ET.
How Bankrate scored Bethpage Federal Credit Union
Affordability | 10/10 |
Availability | 9.2/10 |
Borrower experience | 7.5/10 |
Bethpage Federal Credit Union customer ratings and reviews
3.8
24 ratings
This lender has 24 recent reviews.
79% of customers would recommend this lender.
of 24 reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 450 users nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?