Bethpage Mortgage Review 2024
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Our Take
4.0
Bethpage offers some specialty loans, like financing for co-ops and nonwarrantable condos, with the community-minded spirit of an easy-to-join credit union. However, while the full mortgage application is available online, preapproval is not. Most likely to appeal to borrowers in New York state who can benefit from local branches and first-time homebuyer grants.
Pros
- Specialty loans include financing for co-ops and nonwarrantable condos.
- Offers conventional loans for manufactured homes.
- Highly rated mobile app.
Cons
- Interest rates are on the high side, according to the latest federal data.
- Doesn’t offer renovation, construction or USDA loans.
- Can’t get a preapproval online.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
Bethpage Federal is a credit union based in Bethpage, New York. Purchase and refinance loans are not available in Texas; otherwise, loans are available nationwide. Before getting a mortgage with Bethpage Federal Credit Union, you must become a member. That's easy and inexpensive to do: Just open a savings account with a $5 minimum deposit.
🏠 Popular loan types include: fixed or adjustable rate; conventional; FHA; VA; jumbo; rate-and-term or cash-out refinance
🔑 Specialty loan options include: interest-only mortgages; co-op financing; nonwarrantable condos; loans for second homes; loans for self-employed borrowers; conventional loans for manufactured homes; reverse mortgages
💵 Home equity borrowing options: HELOCs; home equity loans
Bethpage participates in the Homebuyer Dream Program through the Federal Home Loan Bank of New York, which provides grant assistance up to $20,000. To be eligible, home buyers must meet income qualifications and purchase a home within the FHLBNY district: New York, New Jersey, Puerto Rico or the U.S. Virgin Islands.
» MORE: How to apply for a mortgage
How we score Bethpage Federal Credit Union mortgage
Every year, NerdWallet writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
Bethpage Federal Credit Union has a NerdWallet home loans rating of four stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
Bethpage earned bonus points for offering conventional loans for manufactured homes, and for offering options to borrowers with credit scores below 600.
What borrowers say about Bethpage Federal Credit Union mortgage
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers’ subjective experiences, NerdWallet has gathered customer satisfaction ratings from Zillow. We also contacted Bethpage Federal Credit Union customer support.
→ Excellent customer rating on Zillow.
Customer rating: 4.92 out of 5, as of the date of publication. Rating reflects more than 220 customer reviews.
🤓 Our Nerds say ...
When we called customer service, it took about a minute to navigate the automated phone menu before being transferred to a real person. Existing members have the option to pre-verify account information over the phone to speed up the process.
» MORE: How to apply for a mortgage
Alternatives to a home loan from Bethpage Federal Credit Union
We recommend comparing mortgage rate offers from three or more lenders.
PenFed Credit Union offers a good variety of purchase loans, and interest rates are on the low side.
Alliant Credit Union offers online preapproval.
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
