Home Equity Line of Credit from Bethpage

Home Equity Line of Credit (HELOC) Disclosure:

[1] APR = Annual Percentage Rate. The introductory APR is fixed for one year (twelve months). After one year, the APR is variable based on the U.S. Prime Rate as published in the Wall Street Journal, plus a margin. To obtain an introductory rate, borrower must meet credit and loan program requirements, including (but not limited to): 1) maximum Combined Loan-to-Value (CLTV) of 75%, 2) minimum VantageScore 4.0 credit score of 720 3) borrower must take an initial draw of $25,000 and maintain this balance for 12 months, 4) borrower must have automatic transfers from a Bethpage personal savings or checking account for the monthly HELOC payments, and 5) borrower must not have had a previous introductory rate for a Bethpage HELOC within the past five years. The introductory rate applies to the variable line in use only and is not applicable to any Fixed-Rate Loan Option. Loan amounts over $500,000 are not available for the introductory rate. For Closing costs, see below.

[2] The Prime APR is variable based on the U.S. Prime Rate as published in the Wall Street Journal, plus a margin (if applicable). The minimum floor APR is 3.25%. HELOCs are variable rate products and rates may not exceed the maximum legal limit for Federal credit unions (currently 18%). The Prime Rate as of = %.

Closing costs for the first $500,000 are paid by Bethpage Federal Credit Union (Bethpage), but must be repaid by the borrower(s) if the HELOC is closed within the first 36 months of account opening. Loan amounts over $500,000 may be available on a case-by-case basis to qualified applicants, are not eligible for a discounted introductory rate (if applicable) at any time, and the borrower(s) are responsible for mortgage tax and title insurance costs on the loan value portion over $500,000. Bethpage does not currently offer HELOCs in Texas. Membership at Bethpage is required by opening a minimum $5.00 share savings account at or prior to HELOC account opening.