Bethpage Federal Credit Union: 2024 Home Equity Review

CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.

Our mission is to help you make informed financial decisions, and we hold ourselves to strict . This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .

Headquartered in New York, Bethpage Federal Credit Union has been in business for over 80 years. It currently serves more than 400,000 members across the US. 

Bethpage offers various financial services, including mortgages, savings accounts and insurance. It also allows homeowner members to tap into their property’s equity and access cash with a home equity line of credit.

To do so, you’ll need to join the credit union, set up a savings account and deposit a minimum of $5. 

We like that Bethpage charges limited to no fees on its HELOCs, is widely available across the US and provides borrowers with a fixed-rate option on its line of credit.

Read more: Best HELOC Lenders

Bethpage Federal Credit Union: At a glance

Pros and cons

Home equity product options

Bethpage offers a home equity line of credit with a 10-year draw period and a 20-year repayment period. Borrowers have the option to make interest-only payments during the draw period. 

While the credit union doesn’t offer a standalone home equity loan, you can convert a portion of your outstanding HELOC debt into a fixed-rate loan.

For example, if you have a $120,000 line of credit, you might lock in a rate of $50,000 to protect yourself from the potential of a higher interest rate -- a helpful tool if you’re concerned about rising interest rates. You can convert a maximum of three blocks of $10,000 or more to the credit union’s fixed-rate program.

Fees 

Bethpage waives closing costs and origination fees for the first $500,000 of your credit line. However, if you close your account in less than 36 months, you will have to pay closing costs.

If you borrow more than $500,000, you will be responsible for the closing costs, mortgage and title insurance on the exceeding amount.

According to the lender’s website, total fees can range from $500 to $60,000, depending on the value of your home, the type of property and the size of your credit line. 

How to qualify 

First, you need to become a member of the credit union, which is simple: Deposit $5 in a savings account. Your combined loan-to-value ratio (your existing mortgage and your HELOC combined) can’t exceed 75% of the home’s value to be eligible for Bethpage’s discounted 12-month promo rate offer.

For example, if your property value is $400,000, your new total debt can’t exceed $300,000. Additionally, you will need to draw at least $25,000 and arrange automatic payments of the HELOC from your Bethpage checking or savings account. 

While the credit union doesn’t publicly disclose credit score requirements, you’re typically more likely to qualify for a loan if you have excellent credit, a low debt-to-income ratio and proof of stable income. Another requirement is that the property must be your primary residence. Bethpage doesn’t allow HELOCs on second homes.

Applying for a HELOC with Bethpage

Bethpage’s online application requires you to detail your outstanding mortgage debt, finances and plans for the cash you’re borrowing. The process is quick and easy. If you’d rather speak with someone before completing the application, you can fill out a simple form with your contact information and a Bethpage lending specialist will contact you.

Customer service

To contact the credit union’s customer service department, call 1-800-628-7070 Monday through Friday between 8 a.m. and 6 p.m. ET and Saturday between 10 a.m. and 8 p.m. ET. Additionally, if you live on Long Island or in New York City, the credit union has 35 branch locations there.