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Mortgage/Refinance Articles

Article
Preparing for Home Ownership

Preparing for Home Ownership

Thinking about buying a house? Finding the idea a little daunting? It’s a big decision and an important one.

Article
Understanding Mortgages

Understanding Mortgages

With the help of one of our knowledgeable mortgage representatives, you can choose a Bethpage mortgage.

Article
Refinancing Your Mortgage

Refinancing Your Mortgage

What does it mean to refinance your home? Learn more about refinancing options with Bethpage and which may be best for you.

Article
Mortgage FAQs

Mortgage FAQs

We have answered some of our members’ most frequently asked questions about mortgages and how to get started with buying a home.

Article
Fixed vs Adjustable Rate Mortgages

Fixed vs. Adjustable Rate Mortgages

Trying to find a mortgage rate that works for you? Determine if an adjustable rate mortgage or fixed rate mortgage is best for your budget.

Article
Tips for Paying Off Your Mortgage Faste

Paying Off Your Mortgage Faster

We discuss tips on how to pay off your mortgage faster and explain the differences between refinancing vs loan modification.

Mortgage/Refinance Calculators

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How much can I borrow?

? Find out how much you can borrow towards the purchase of a new house with this calculator.
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How much will my mortgage payments be?

? Use our mortgage calculator to see how much your payments will be.
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How much will my adjustable rate payments be?

? Use this calculator to find out what your adjustable payments will be and if you will save money.
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Which is better: fixed or adjustable?

? Calculate if a fixed or adjustable mortgage is right for you.
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Should I pay points to lower the rate?

? Will paying points to lower your rate save you money over time? Use this calculator to find out.
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Which is better: 15- or 30- year loan term?

? Deciding between a 15 and 30 year loan? Find out which one is right for you with this loan calculator.
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How much should I put down for a new home?

? Wondering what your down payment should be on a new home? Use this calculator to see what you can put down and what your monthly payments will be.
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How much can I save in taxes?

? Find out how much money you can save yearly with our home loan calculator.
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What will my closing costs be?

? Purchasing a home? Find out your estimated closing costs with our closing cost calculator.
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Am I better off renting?

? Calculate if renting or buying a home is the right choice for you.
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Am I better off refinancing?

? Use this calculator to see if refinancing your mortgage will save you money month-to-month.
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What will my refinancing costs be?

? Find out how much it will cost you to refinance your home.
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How can I reduce mortgage insurance costs?

? Find out how to reduce your mortgage insurance costs with this simple calculator.
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Which lender has the better loan?

? Comparing multiple loans? Use this mortgage loan calculator to see which one will save you the most money on your new home.
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Which loan is better?

? Compare multiple home loans here to see which is the right one for you.
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How advantageous are extra payments?

? What are the benefits of making extra payments? Find out with this home loan calculator.
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What home can I afford?

? Wondering how much you can afford to spend on a new house? Use this simple calculator to get you started.
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How much will my interest-only payment be?

? Calculate your interest-only payment here with our easy-to-use calculator.
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Which is better: interest-only or traditional?

? Calculate which home loan is right for you, interest-only or traditional.

Mortgage/Refinance FAQs

What is the difference between a fixed-rate and an adjustable-rate mortgage?

The difference between a fixed-rate and an adjustable-rate mortgage lies in the interest rate for the loan. For a fixed-rate mortgage, the interest rate is set when you take out the loan and will not change. The fixed interest rate allows borrowers a measure of predictability. With an adjustable-rate mortgage, the interest rate may increase or decrease. The borrower assumes the risk of interest rate increases in exchange for lower initial rates and lower initial mortgage payments.

Does Bethpage offer a fixed-rate mortgage for refinance?

Yes, Bethpage offers fixed-rate mortgage options for both purchase and refinance transactions.

Can I pay a fixed-rate mortgage off early?

Yes, you can pay off your Bethpage Fixed-Rate Mortgage any time without any pre-payment penalties.

How much can I afford?

By completing a loan application, a Bethpage Mortgage Loan Officer can help you determine the mortgage amount that you can afford. Or, you can get a ballpark idea using our home affordability calculator.

What documentation will be needed to obtain a mortgage?

The documentation you will need to obtain a mortgage includes:

  • Most recent pay stubs covering the last 30-day period
  • Past two years of W-2 Forms from all employers (current & previous)
  • 2 most recent bank statements (all pages). Include all accounts used for transaction
  • Past 2 years of Federal Tax returns (1040 Form) with all pages and schedules (if applicable, self-employed/rental income/retirement income)

Additional items you will need when purchasing a home:

  • Your attorney’s contact information
  • Your realtor’s contact information
  • Copy of fully executed and dated Contract of Sale

As you go through the process, additional documentation may be needed.

Article

HELOC article

Thinking about buying a house? Finding the idea a little daunting? It’s a big decision and an important one.

Article

Understanding HELOCs

With the help of one of our knowledgeable mortgage representatives, you can choose a Bethpage mortgage.

HELOC Calculators

Do I qualify for a Home Equity Line of Credit (HELOC)?

If you own your home, you’re eligible to apply for a home equity line of credit. We’ll evaluate certain criteria to determine if you qualify, such as your credit history, employment, income and the amount you wish to borrow. Another key factor is your home’s Loan-To-Value ratio (LTV), which is the relationship between your current mortgage balance and the value of your home.

Contact Us and a home lending specialist will follow up with you to discuss your options.

How big of a HELOC do I qualify for?

The amount of credit you qualify for depends on the market value of your home, current mortgage balance, credit history and other criteria.

For example, let’s say your home is worth $500,000. How much you can borrow starts with 70% of that value, or $350,000. Next, subtract your mortgage balance from $350,000. So, if you currently owe $250,000 on your mortgage, then $375,000 less $250,000 means you have $100,000 in home equity that you can borrow against.

To estimate how much you may be able to borrow, Contact Us and a home lending specialist will follow up with you to discuss your options.

How do I qualify for the best HELOC rate?

Rates are dependent upon your credit history and your home’s Loan-To-Value ratio (LTV), which is the relationship between your current mortgage balance and the value of your home. Loan to value is determined by your current mortgage balance in relation to how much your property is worth.

Automatically deducting your payments from your Bethpage checking or savings account will help you get the best interest rate.

Contact Us to learn more about how to get the best rate.

How long does it take to get the funds?

On average it takes 4 to 6 weeks from the date of your application to close on your HELOC. Some loans may close faster. You can minimize the length of time as much as possible, by providing all required supporting documents up front -- such as proof of income, homeowners insurance, etc.

The documentation you will need to obtain a Home Equity Line of Credit includes:
- Most recent pay stubs covering the last 30-day period
- Past two years of W-2 Forms from all employers (current & previous)
- 2 most recent bank statements (all pages). Include all accounts used for transaction
- Past 2 years of Federal Tax returns (1040 Form) with all pages and schedules (if applicable, self-employed/rental income/retirement income)

As you go through the process, additional documentation may be needed.

How do I pay back a HELOC?

During the 10-year draw period, which is the amount of time when you’re allowed to borrow against your line of credit, you’ll be making payments every month based only on the interest due on the variable amount you’ve borrowed. If you convert any available funds to the fixed rate loan option, your repayment terms for the fixed rate portion will include principal and interest payments for the term you select.

Once the draw period ends, you’ll be required to repay any outstanding HELOC variable-rate balance loan with monthly principal and interest payments over a 20-year term.

Do I need an appraisal?

Whether-or-not an appraisal will be required is dependent upon the amount of your HELOC and your home’s Loan-To-Value ratio (LTV), loan to value is determined by your current mortgage balance in relation to how much your property is worth. Your Bethpage Lending Representative will let you know if an appraisal is required during the lending process.

Please note that homes located outside of the Long Island, NY area require appraisals, as do condominiums whether within or outside of Long Island.

Is it better to refinance my mortgage or get a HELOC?

There are several factors including whether-or-not you qualify for a HELOC at an interest rate lower than your current mortgage rate, and your reasons for wanting the loan or line of credit to start with.

Contact Us to learn more about your best option.

Is HELOC interest tax deductible?

Situations vary, so please talk to your tax accountant about whether-or-not your HELOC will be tax deductible.

Does Bethpage offer a home equity loan?

When you have a home equity line of credit with Bethpage, You may convert all or a portion of your outstanding HELOC variable-rate balance to a Fixed-Rate Loan Option, resulting in fixed monthly payments at a fixed interest rate. The minimum outstanding balance that can be converted into a Fixed-Rate Loan Option is $10,000 from an existing HELOC account. The minimum loan term is 5 years, and the maximum term will not exceed the account maturity date. No more than three (3) Fixed-Rate Loan Options may be open at one time. Rates for the Fixed-Rate Loan Option are typically higher than variable rates on the HELOC. Bethpage doesn’t offer standalone home equity loans that are not part of a home equity line of credit.

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