Bethpage Federal Credit Union Mortgage Review 2022

Good for: borrowers seeking a solid selection of mortgages and the membership-based, not-for-profit business model of a credit union.
Jan 4, 2022

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Our Take

4.5

NerdWallet rating 

The bottom line:

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

Bethpage Federal Credit Union
Min. credit score
620
Min. down payment
3%
Loan types and products
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA
Learn more

at Bethpage Federal Credit Union

Pros & Cons

Pros

  • Offers a full array of online conveniences, including loan process updates.
  • Offers financing for co-ops, 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.
  • USDA and renovation loans are not available.
  • Customized rates not available online.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

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

Loan types and products

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

Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

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

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Full Review

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

  • Ease of application: 5 of 5 stars

  • Rates and fees: 3 of 5 stars

  • Rate transparency: 4 of 5 stars

Bethpage Federal Credit Union mortgage loan types

Bethpage Federal Credit Union's mortgage products include purchase and refinance options for conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans. Financing also may be available for second homes and investment properties, including cooperatives, better known as co-ops. Fixed- and adjustable-rate loan options are available.

Bethpage Federal Credit Union HELOC: The lender also offers home equity lines of credit, or HELOCs. These second mortgages are one way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation. Bethpage Federal Credit Union's HELOC features 5-, 10- and 20-year repayment terms, interest-only payments during the draw period, and no origination fees or closing costs.

Bethpage Federal Credit Union ease of application

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, according to the most recently available Home Mortgage Disclosure Act data:

  • Bethpage Federal Credit Union earns 2 of 5 stars for average origination fee.

  • Bethpage Federal Credit Union earns 3 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

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 mortgage 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.

More from NerdWallet

at Bethpage Federal Credit Union

Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).