Bethpage Loans Review

ByBestmoney StaffJul.15, 2021
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In a Nutshell

Bethpage Federal Credit Union is an affordable HELOC provider for those seeking loans under $500K. While it doesn't offer home equity loans directly, you can convert your HELOC into a fixed-rate home equity loan once approved. Bethpage offers excellent service, and has loan specialists available to potential customers with questions. However, there is an application form on the Bethpage website for those who prefer to do it themselves.


  • No closing costs
  • No application fee
  • No appraisal fee


  • HELOCs only
  • Must open a Bethpage share savings account

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Bethpage at a Glance 

Direct lender or marketplace?
Loan types
Home Equity Line of Credit
Featured loans
Repayment terms
5-year, 10-year, and 20-year
Minimum down payment
Minimum credit score
Suitable for
Homeowners looking to access their line of equity

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Whether you’re looking to add an extra bedroom, remodel the backyard, or pay for your child’s college expenses, Bethpage Federal Credit Union can help you get the most from your home’s equity.  Bethpage offers home equity lines of credit (HELOCs) with the option to convert some or all of your HELOC to a fixed-rate home equity loan. Bethpage does not charge any origination, application, appraisal fees or closing costs on loans under $500,000, making it a competitive option for those seeking a loan in this price range. For those who need a larger loan, it is possible to borrow up to $1 million, assuming that you have enough equity in your home to allow for this (exception base only).

Suitable For?

Bethpage Federal Credit Union is a good choice for homeowners who value great rates and exceptional service.  Bethpage places a strong emphasis on customer support and encourages interested consumers to contact them with any questions about their HELOCs or other products. An experienced loan specialist will walk you through every step of the loan process, explain any costs associated with the loan, and help you determine if this is the right option for you. More independent shoppers will appreciate the online application forms, calculators, and FAQs that enable them to make the correct decision and begin the loan process on their own.

Types of Loans/Products

Bethpage only offers HELOCs. However, Bethpage waives all application fees, appraisal fees and closing costs, making a Bethpage HELOC an affordable option. 

After an initial introductory APR of 2.99%, you can choose to switch your variable loan to a fixed-loan HELOC and pay predictable monthly payments. Once the initial HELOC loan is set, you have the ability to draw up to three fixed-rate loan options at one time, with a minimum of $10,000 draw for each loan. 

The Application Process

You can contact Bethpage by phone to learn more about qualification requirements and to apply, or you can just fill out an application online to see if you can get approved.

Rates and Fees– The Bare Basics 

Bethpage has an introductory APR of 2.99% for the first 12 months for loans with a minimum $25,000 balance.  After that, the rate goes to the Prime rate, which currently starts at 3.25% and is capped at the legal limit for federal credit unions, plus a margin. Homeowners can choose from 5-, 10-, or 20-year repayment. 

Help & Support

You can contact Bethpage Federal Credit Union in person at a branch, via the phone or online. You can talk to a loan specialist by calling 1-855-912-7281, or online through their website.


  • Do I qualify for a HELOC?

Homeowners are eligible to apply for a home equity line of credit. You will be evaluated on certain criteria to determine if you qualify, such as your credit history, employment, income and the amount you wish to borrow. Your home’s Loan-To-Value ratio (LTV), which is the relationship between your current mortgage balance and the value of your home, determines how much you can borrow. 

  • How do I qualify for the best HELOC rate?

Rates are dependent upon your credit history and your home’s Loan-To-Value ratio (LTV). Additionally, you can receive a better interest rate when you opt-in to automatic payments from your Bethpage checking or savings account.

  • How do I pay back a HELOC?

During the 10-year draw period, which is the amount of time when you’re allowed to borrow against your line of credit, you’ll be making payments every month based only on the interest due on the variable amount you’ve borrowed. If you convert any available funds to the fixed rate loan option, your repayment terms for the fixed rate portion will include principal and interest payments for the term you select.

Once the draw period ends, you’ll be required to repay any outstanding HELOC variable-rate balance loan with monthly principal and interest payments over a 20-year term. 

  • How long does it take to access HELOC funds?

On average, it takes 4 to 6 weeks from the date of your application to close on your HELOC. Some loans may close faster. You can minimize the length of time to close by providing all required supporting documents upfront -- such as proof of income, homeowners’ insurance, etc. 


899 S. Oyster Bay Rd, Bethpage, NY 11714


HELOCs are a helpful tool when considering future purchases and needs. Because you only pay interest on what you borrow, a HELOC can serve as an accessible line of credit without the debt for 10 years. Bethpage is an affordable HELOC option with no closing costs, no application fee, and no appraisal fees.

AboutBethpage Federal Credit Union
Industry: FS
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