Bethpage Federal Mortgage Rates Review

Joseph Meyer
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Bethpage Federal Mortgage Highlights

Highlights Bethpage Federal Credit Union does not provide an APR range on its website, which is understandable, since APR depends on the borrower’s credit history and can often vary greatly.

Compared to other home loans, the application process for a FHA loan is quicker, more straight forward and requires less documentation.

You don’t need a large down payment and your credit history is one of the most important factors in qualifying for this type of mortgage.

Bethpage Federal Credit Union is a federal credit union that was created in 1959 as part of the National Credit Union Administration, which means it’s a public rather than a private or proprietary financial institution and is subject to federal regulation.

The low-down payment, no-payment and low-interest mortgage loans offered by Bethpage Federal Credit Union can help you to easily and affordably purchase a home.

Bethpage Federal Credit Union does not make its fees available on its website, but its fees and rates are competitive.

History of Bethpage Federal Credit Union

Bethpage Federal Credit Union is a federally insured and chartered credit union located in Nassau County, New York. The credit union is named for one of Long Island’s famous golf courses, Bethpage Black, which hosts many of the popular U.S. Open Tournaments. The credit union’s mission is to help the people of Nassau County find a way to achieve financial success.

The credit union’s first charter was granted in 1967 and it has steadily grown to serve the financial needs of over 250,000 members. Bethpage has grown into a community-based credit union, supporting local businesses as well as supporting the local schools by offering college scholarships to graduates of schools in the lower and middle earned. The credit union has a variety of financial products such as checking, savings, mortgages, loans, credit cards and more.

Just as Bethpage Federal Credit Union has grown, it’s not afraid to face change. The credit union participates in the mobile banking world by offering mobile deposits, a mobile app for iPhone and Android devices, mobile texting, ATM locator services, free online and paper bill paying, and even free remote deposit capture.

Bethpage Federal Loan Specifics

The Bethpage Federal Mortgage Program offers a number of mortgage products that are available to borrowers through their participating lender of choice. Since Bethpage requires an FHA Gold Level Lender to be able to offer their program, in most cases it is the lender that actually makes the loan. Since Bethpage provides all of the approvals and underwriting services, this results in a streamlined process flow that saves the borrower time and money. In addition to offering many of the traditional repayment options, the Bethpage Federal program also offers an FHA Streamline Refinance loan. This program may be a better option for some borrowers instead of a Bethpage purchase loan, since Bethpage purchase loans are not available in any location that is considered to be a high cost area of the country. Some of the Bethpage FHA product types include:

  • FHA Purchase
  • FHA Streamline Refinance
  • VA Purchase
  • VA Streamline Refinance
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Fixed Rate Loans

If you’re not planning on taking money out of your home for a while, and you want predictable monthly payments for the duration of your loan term … fixed rate loans are the way to go.

Fixed rate, or standard, loans offer stable homeownership costs and predictable interest rates. This makes them among the most common types of mortgages in the United States. A standard loan requires that you repay 100% of the home’s value over a set term. Since fixed rate loans are ideal for people who plan on staying in their homes over the long term, the requirement for 100% financing is fairly common.

A fixed rate loan is also the best option if you don’t have wiggle room in your monthly budget. Ultimately, the limiting factor in a fixed rate loan is the interest rate you’ll pay. If you can afford the monthly payments now, you can probably afford them for up to 30 years.

Adjustable Rate Loans

Adjustable-rate mortgages (ARMs) are more common than fixed-rate home loans, by about a two-to-one margin. The interest rate on an ARM may be fixed for a set period of time, such as one, three, or five years. After the period is over, the rate on the loan can be adjusted at predetermined dates and times, based on the movement of an index.

Adjustable rate mortgages have experienced a tremendous boom in the past two years, as interest rates on fixed rate mortgages have remained at record lows since 2009. The initial terms of most ARMs do not coincide with those of the now-extended period of low fixed interest rates. However, the ARM may be extended, effectively keeping the ARM’s initial rate lower than the current market rates.

To illustrate this point, here are three hypothetical loans, all taken out at the same time:

{1}. 3-year fixed-rate loan: An initial interest rate of 6% for three years.
{2}. 5-year adjustable-rate loan: An initial interest rate of 5.5% for the first five years, after which the rate will adjust annually according to market interest rates.
{3}. 7-year adjustable-rate loan: An initial interest rate of 5% for the first month, after which the rate will adjust annually according to market interest rates.

FHA loans

As the best home loan for those with bad credit?

If you’re considering applying for an FHA loan with a lender that you like or trust, keep in mind that things can change in a matter of months or weeks. It’s not the best loan option, but it’s not the worst either.

Jumbo Loans

There has been a lot of talk about the so called ¦net interest deductibility limitation¦ and how it affects homeowners with ¦RMDs¦ (Required Minimum Distributions) from their various retirement accounts. ¦RMDs¦ are amounts required to be withdrawn annually from retirement accounts such as IRAs, 401ks and 403bs.

Most people who own a home with an outstanding mortgage balance know that there are tax advantages to continuing to pay off that loan rather than terminating the loan and taking the remaining balance as a large “lump sum.” For those homeowners who do not itemize their mortgage deductions, it may be obvious that within those “required distributions¦ is a portion of the ¦interest deduction¦ that they would have received but for their maintenance of the home loan.

The uncertainty of what will be allowed from an RMD as an ¦interest expense tax write-off,¦ and how that will affect a homeowner who needs to tap their IRAs and other retirement funds, has been exacerbated by the recent tax law changes.

Bethpage Federal Mortgage Customer Experience

If you haven’t heard about the Bethpage Federal Credit Union, you’re not alone. The Bethpage Federal Credit Union has been serving the Long Island community since 1974. But in the last few years, Bethpage Federal Credit Union has became a household name by offering some of the most competitive mortgage rates in the nation.

To see if Bethpage Federal Credit Union could live up to its hype, we visited the Bethpage Federal Credit Union’s website to see how their mortgage rates compare. So let’s dive into the Bethpage Federal Credit Union review.

Bethpage Federal Lender Reputation

Luckily, most of the time you can find a vast number of reviews or take a look at their Yelp profile to get an idea of the lender’s reputation. With that said, some lenders will slander a competitor’s with a 3.5-star or below review on its profile when one has the highest number of reviews with 5 stars. Of course, that doesn’t mean the 5-star rating is the lender’s client’s are happy with them. In fact, some of the best-rated lenders are the ones that don’t do a lot of business and don’t pay a lot of attention to their customer service reviews.

As for Bethpage Federal, the lender has about 40 reviews and an average rating of 3.5 stars. With so many reviews, you’re bound to find one or two customers who weren’t happy, but overall, it seems many people are pleased with their experience at Bethpage Federal. The lender doesn’t have a large number of reviews, but the 40 reviews it does have are significant compared to other lenders.

One issue you may run into with Bethpage Federal is that it’s one of the only lenders that has a 1.5% down payment option.

Mortgage Qualifications

As we mentioned, the interest rates for Bethpage Federal Mortgages vary, depending on the kind of mortgage you choose to apply for and the terms you choose to apply for. The interest rates can also vary based on the kind of borrower profile you have.

They offer fixed rate and adjustable rate mortgage products with 3, 5, 7 and 10 year terms. So, let’s look at the below to identify the typical Bethpage Federal Mortgage qualification features.

Bethpage Federal also offers a home equity line of credit or a reverse mortgage and even FHA loans. But for now, we are focusing on their conventional mortgage loan options.

Here is a closer look at the details for your Bethpage Federal Mortgage Qualifications.

Loan-to-Value and Income

Bethpage Federal want to ensure that you can afford your monthly mortgage payment, and that you have a debt to income ratio in a range they deem acceptable.

Most will want a debt to income ratio below 43% to qualify. For others (people with higher credit scores and more exemptions), the ratio can be as high as 50%.

If you are self-employed, then Bethpage Federal Mortgage will usually require two years of tax returns that list your income and expenses. You are also expected to have 12-24 months of W-2 statements.

Cosigners

This is another common Bethpage Federal Mortgage qualification.

Bethpage Phone Number & Additional Details