Most Common Mortgage FAQs

mortgage faqs

Securing a mortgage is often considered one of the biggest achievements for homeowners and potential buyers. The process can be complicated though, especially for first time applicants and those with little financial expertise. The actual length of the process can also be daunting, which is why it's best to have the right help on your side. At Bethpage Federal Credit Union, we understand the process and are ready to help with any concerns or questions you may have.

We have outlined some of our most frequently asked questions in our Mortgage FAQ series to get you started, beginning with personalized rate quotes:

What is the best way to begin the home purchasing process?

  • As a first-time buyer, the first step in purchasing a home is to determine what exactly you can afford. By using one of the several calculators on our website, you will be able to figure out affordability in relation to finances, credit score and other information.
  • A free pre-qualification document is also available for home loans too.

Can I be pre-qualified for a loan and get a letter?

  • Although it is not necessary to be pre-qualified it is highly recommended before making an offer. It can be frustrating for both buyers and sellers to agree upon an offer, only to find out the buyer is unable to qualify for it. 
  • If everything seems to be in good standing, buyers will be able to obtain both a pre-qualification and a letter. 

Can you help me decide the price of the house with the payment I can afford?

  • By completing an actual loan application, a Bethpage expert can help you determine a price range, which is usually about 30 percent of gross monthly income (including taxes and insurance) although there are many exceptions to this rule.

Bethpage is here to help. Contact us today or stop in your local branch to speak with a Mortgage Loan Officer

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