Get to know a Bethpage HELOC.
An interview with Kathleen Flanagan, Senior Manager, Home Equity Operations at Bethpage.
What is a Home Equity Line of Credit (HELOC)?
A home equity line of credit, or HELOC, is a loan that gives you access to flexible funds based on the equity you have in your home. You can draw available funds from the line of credit at any time during the first 10 years, called the draw period, and you only pay interest on what you’ve borrowed. The line of credit is revolving, meaning as you pay down your balance, the funds become available to use again (similar to a credit card). With a Bethpage HELOC, you have the option to make low, interest-only payments for the first 10 years, followed by a 20-year repayment period.
What are common uses of a HELOC?
The most popular uses of a HELOC are to make home improvements, to consolidate debt (for example, to pay off high interest credit cards), to fund higher education, or just to have emergency funds readily available.
Does Bethpage offer a fixed-rate option on a HELOC?
Yes! A Bethpage HELOC provides you the flexibility to “lock in” up to three fixed-rate loans at one time for 5, 10 or 20- year terms, at no additional cost, with a minimum draw of $10,000 during the 10-year draw period. By locking in some or all of your variable-rate HELOC with a Fixed-Rate Loan Option (FRLO), you can take advantage of a stable monthly payment for the FRLO portion(s) of your HELOC, especially in a changing-rate environment.
Are there closing costs associated with a HELOC?
Bethpage covers all closing costs associated with its HELOC product**, assuming that the line of credit is not closed within 36 months of the origination date of the funding of the loan.
To learn more, or to apply today, visit lovebethpage.com/heloc.