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Bethpage Federal Credit Union: 2022 Home Equity Review

Bethpage Credit Union logo
Courtesy of Bethpage Credit Union
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Bethpage Federal Credit Union traces its roots back to 1941 and currently serves more than 400,000 members. Headquartered in Bethpage, New York, the credit union offers competitive interest rates and fees on HELOCs.

As a credit union, Bethpage is owned by its members and may be able to offer better service than banks and online lenders. Its HELOC product is ideal for members who are looking for a large home equity line of credit, but don’t necessarily need access to the funds immediately. If you’re considering getting a HELOC through Bethpage, here’s what you need to know.

Bethpage Federal Credit Union snapshot

Loan types offered HELOC
APR range Starting at 2.99% fixed APR for 12 months (Starting at 3.25% variable APR thereafter, with autopay)
Loan amount range Up to $500,000
Minimum credit score required Not specified
Repayment terms 10-year draw period and 20-year repayment period
Average time to approval Not specified


A Bethpage Federal Credit Union HELOC may be a good option if you live in a state where the lender offers the product and its features fit your needs:

  • Competitive rates: As of late December 2021, the lender offers a variable interest rate starting at 3.25 percent APR. The average industry HELOC rate is 4.74 percent, as of December 14, 2021, according to Bankrate data.
  • Low costs: Bethpage covers all closing costs, unless you close your HELOC within the first 36 months of account opening. It also does not charge application, origination or appraisal fees.
  • Fixed-rate option: With Bethpage, you can convert some or all of your variable-rate HELOC to a fixed-rate HELOC without a fee. You’ll have to draw a minimum of $10,000 for each fixed-rate loan (with a maximum of three fixed-rate loans open at a time), but you can choose between five-, 10- and 20-year repayment timelines.


Bethpage may not be the best option for you if you need a home equity product other than a HELOC. Some of Bethpage’s drawbacks include:

  • No home equity loan option: While you can convert some or all of your HELOC to a fixed-rate loan option, there’s no separate home equity loan product that you can apply for from the beginning. A home equity loan is usually a better option than a HELOC if you have one large upfront expense and don’t want to deal with the uncertainty of variable rates.
  • Membership required: Bethpage is a credit union, which means that membership is required in order to sign up for a HELOC. In order to become a member, you must open a minimum $5 share savings account with the credit union.

Types of fees charged

Bethpage charges no 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 36 months. 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.

Loan products offered

Bethpage Federal Credit Union offers mortgage loans, refinance loans and HELOCs. For its HELOCs, you’ll pay only interest for 10 years, then enter the principal and interest repayment period of 20 years 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 cannot exceed your account maturity date. 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 home equity loan 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 purchase hazard insurance and, in some cases, flood insurance. Bethpage’s best rates go to borrowers with a maximum combined loan-to-value ratio of 80 percent.

Bethpage HELOCs are not available to borrowers in Texas.

How to get started

If you’re interested in applying for a Bethpage HELOC, you have two options. The first is called a “quick start” and takes just a couple of minutes. You’ll provide your name, phone number, email address, estimated home value and current mortgage balance. A loan specialist will follow up with you to talk about your options.

The other option is filling out a full application online, which can take up to 30 minutes. To do this, you’ll share information about your property, the amount you’re requesting and the reason for the loan.

You’ll also provide information about yourself (and your co-applicant, if applicable), including date of birth, Social Security number, employment history and two recent pay stubs, tax returns, and other personal data. After completing the application, you’ll receive preapproval information by email, and a lending specialist will follow up with you.

If you have any questions, you can send a message through the website and get a call or email with an answer. You can also call 1-855-330-6630 or visit a branch. Representatives are available by phone Monday through Friday from 8 a.m. to 6 p.m. ET and Saturday from 10 a.m. to 8 p.m. ET.

Before you apply, though, take the time to compare Bethpage’s offering with other HELOC lenders to ensure that you get the best deal for your situation.

How Bankrate rates Bethpage Federal Credit Union

Bankrate Score 4.2 Scoring factors
Availability 3.0 HELOC application can take 4-6 weeks to close and $10,000 minimum draw
Affordability 4.8 Starting at 2.99% fixed APR for the first 12 months, low APRs after
Customer experience 4.8 Online access, Mon-Sat customer service and highly rated mobile apps

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Written by
Raija Haughn
Raija Haughn is an associate writer for specializing in personal and home equity loans. She is passionate about helping people make financial decisions that will benefit them long term.