Bethpage Federal Credit Union Mortgage Review 2023

Breakdown of Bethpage Federal Credit Union overall score

• Affordability: Bethpage Federal Credit Union’s competitive rates 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-insured 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.

• Methodology

  Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

  Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate’s methodology page spells out our rating process in greater detail.

Affordability: 5/5

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. 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.

Bethpage Federal 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: 4.5/5

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: 4.7/5

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.

It’s relatively easy to apply online for a mortgage from Bethpage, 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.

Refinancing with Bethpage Federal Credit Union

Bethpage Federal Credit Union provides refinancing 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.