Understanding the Lending Process

When you are ready to start the home equity lending process, you’ll need:

  • 2 recent paystubs
  • Full tax returns, including all schedules and W2’s
  • 1st mortgage statement (if you are currently paying a first mortgage)

The application process

  • You can start the process by applying for the loan online, in person at a branch or over the phone. 
  • Next, we collect your financial information and run a credit report. 
  • You can drop off your paperwork at your local branch or fax to 516-349-6828. 
  • Remember to always include your loan application number on any information you send.

The appraisal process

When all the conditions have been received, an appraisal is done to verify the value of your property and the title is reviewed.  Then the loan is underwritten. This means a representative reviews all the information presented.  The process generally takes two weeks to complete from the day the appraisal is sent out.

Things potential borrowers should know …

  • Home equity loans and lines are available at Bethpage for the primary residence only.
  • If the loan is satisfied within the first 36 months, all closing costs must be paid.