Bethpage Federal Credit Union Mortgage Review 2021

Good for: borrowers seeking a solid selection of mortgages and the membership-based, nonprofit business model of a credit union.

Phil MetzgerJan 4, 2021
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Our Take

4.5

NerdWallet rating 

The bottom line: Bethpage has a good selection of loan options but no VA or USDA mortgages. And while it offers multiple online conveniences, you have to contact the lender for customized rates.

Bethpage Federal Credit Union

Bethpage Federal Credit Union: NMLS#449104

Min. Credit Score

620

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA

Pros & Cons

Pros

  • Offers a full array of online conveniences, including loan process updates.

  • Offers financing for cooperatives, a type of home that’s common on the East Coast.

  • Sample mortgage rates available for a variety of loan products.

Cons

  • In-person service available only on Long Island, New York.

  • VA, USDA and renovation loans are not available.

  • Customized rates not available online.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Min. Credit Score

620

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

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Full Review

Due to the coronavirus pandemic, getting a mortgage may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees, adjusted their minimum required credit scores or temporarily suspended certain loan products. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

Bethpage Federal Credit Union at a glance

Before getting a mortgage with Bethpage Federal Credit Union, you must become a member. That’s easy and inexpensive to do: Open a savings account with a $5 minimum deposit. Much of the mortgage process can be handled online. Bethpage has roughly three dozen branches, all in the Long Island area, but serves customers in almost every state.

Here’s a breakdown of Bethpage Federal Credit Union's overall score:

  • Variety of loan types: 5 of 5 stars

  • Variety of loan products: 3 of 5 stars

  • Online convenience: 5 of 5 stars

  • Rates and fees: 4 of 5 stars

  • Rate transparency: 4 of 5 stars

Bethpage Federal Credit Union loan types and products

Bethpage Federal Credit Union’s mortgage products include purchase and refinance options for conventional, Federal Housing Administration and jumbo loans. Financing also may be available for second homes and investment properties, including cooperatives. Fixed- and adjustable-rate loan options are available. Bethpage Federal Credit Union also offers home equity lines of credit, or HELOCs.

Bethpage Federal Credit Union online convenience

You can start a Bethpage Federal Credit Union mortgage or HELOC application online, by visiting a branch or calling a loan officer. You can submit and sign documents online and track the loan process digitally.

Bethpage Federal Credit Union mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates:

  • A lender's average origination fee compared with the median of all lenders reporting under the Home Mortgage Disclosure Act. Bethpage Federal Credit Union earns 3 of 5 stars on this factor.

  • A lender's offered mortgage rates compared with the best available on comparable loans. Bethpage Federal Credit Union earns 5 of 5 stars on this factor.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Bethpage Federal Credit Union rate transparency

Links to current mortgage rates are offered in several areas of the Bethpage Federal Credit Union website. There’s a mortgage rates calculator where you can type in a loan amount — $10,000 minimum and $3 million maximum — to see sample rates for numerous mortgage types. But the best way to get a personalized rate quote is to contact a Bethpage loan specialist, according to the website.

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