Bethpage Federal Credit Union Mortgage Review 2024

Bethpage Federal Credit Union overview

Bethpage Federal Credit Union is the largest in the Northeast, with headquarters in New York. The credit union primarily serves members near its branch locations in Long Island, New York, and New York City; however, its home loan products are available to nearly anyone in the U.S. (with the exception of Texas).

Pros and cons of Bethpage Federal Credit Union

How Bankrate scored Bethpage Federal Credit Union

• Affordability: Bethpage Federal Credit Union’s competitive rates (as of this review) make it a more affordable option compared to other lenders.
  
• Availability: Bethpage Federal Credit Union offers mortgages to borrowers in almost every state (excluding Texas), but its government-backed options are somewhat limited.
  
• Borrower experience: The credit union’s website features helpful resources and tools, along with the ability to apply for a loan when you’re ready.

Affordability: 9.8/10

Bethpage Federal Credit Union lists current rates for all of its mortgage programs on its website and updates them daily. The rates tend to be lower than Bankrate’s national average (as of this review). You can lock your rate for free for 60 days. If you need to extend the lock beyond that, you’ll be subject to a fee equal to 0.125 percent of the loan amount for each week of the extension, up to four weeks. The credit union also offers a float-down option that costs 0.375 percent of your loan principal for each 0.125 percent cut to your rate.

The credit union doesn’t disclose its other loan fees online, however; you’ll need to talk to a loan officer to learn what might apply to your mortgage.

Availability: 10/10

Bethpage Federal Credit Union offers some of the most popular mortgages, including conventional and FHA loans, to borrowers everywhere except Texas. It also provides 30-year fixed loans for investment properties (up to $1 million) and VA loan refinances, but not USDA loans. The credit union’s jumbo loan product accommodates amounts up to $1.5 million.

Borrower experience: 9.6/10

Bethpage Federal Credit Union was founded more than 80 years ago. While it isn’t accredited by the Better Business Bureau, it does have an A- rating from the organization.

You can apply for a mortgage online, with the process typically taking between 15 minutes and 20 minutes to complete. Once you submit your application, you can monitor progress via the credit union’s online borrower portal. Alternatively, you can request a call from a loan officer (with a call back within one or two business days), or call 855-285-8094, Monday through Saturday.

The Bethpage website also features a range of calculators and educational content for homebuyers.

How to apply for a mortgage with Bethpage Federal Credit Union

You can apply for a mortgage with Bethpage Federal Credit Union in person at a branch location, online or by phone at 855-285-8094. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Bethpage Federal Credit Union

Bethpage Federal Credit Union offers both rate-and-term and cash-out refinancing options. While the credit union doesn’t disclose any information about closing time or fees online, it does display refinance rates. In general, member-owned credit unions tend to have lower costs than banks and bigger lenders.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.