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Home Equity Line of Credit Features

A home equity line of credit (HELOC) is an open line of credit based on the equity in your home. A HELOC often has a lower interest rate than other types of loans and more flexibility. You only use the money when you need it, and you only pay interest on what you use.

Benefits of a Bethpage HELOC

  • No closing costs on loans up to 500K [1]

  • No application, origination or appraisal fees

  • No annual repayment fees

  • Low interest-only payments for the first 10 years

  • Fixed-Rate option available ***

  • Easily access funds via check, online transfer or visiting a branch

Ways to Use a HELOC

  • Home improvements

  • Debt consolidation

  • Student loans or tuition payments

  • Major expenses (weddings, cars, medical, etc.)

  • Retirement cushion, emergency or "rainy day" funds

  • Business ventures

Please note that we do not lend HELOCs on Co-ops.

Today's HELOC Rates

Take advantage of Bethpage's competitive rates:

For Lines Up to $500,000

Fixed for 12 months

3.99%

APR *

Prime for life thereafter. Currently:

%

APR **

For Lines Over $500,000

Prime for life. Currently:

%

APR **

Home Equity Fixed-Rate Loan Option ***

Enjoy predictable monthly payments by locking some or all of your Variable-Rate HELOC to a Fixed-Rate Loan for no additional cost.

Benefits of a Fixed-Rate Home Equity Loan

  • Protection from rising rates

  • As many as three (3) Fixed-Rate Loan Option balances at one time

  • The ability to draw a minimum of $10,000 for each Fixed-Rate Loan

  • 5-year, 10-year, and 20-year repayment terms

How Does a Fixed-Rate Loan Option Work?

Example: $100,000 Total Home Equity Line of Credit

$40k
$10k
$50k
Kitchen Renovation
Debt Consolidation
Available Credit at Variable Rate

Why Apply for a HELOC with Bethpage

Low Rates Icon

Low Rates & No Closing Costs [1]

Bethpage has lower home equity rates than the national average, and no closing costs or fees.

Fast Closing Times Icon

Faster Closing Times

Our ability to close is stronger than other lenders. 80% of our loans are closed in under 60 days.

High Level of Service Icon

Highest Level of Service

Enjoy a dedicated point of contact to help you through the process and answer all of your questions.

Over 75 Years

Putting Members First for Over 75 Years

We invest back in you with lower fees and better rates. No matter where you live, you can become a member.

Want to Learn More?

Have questions about a Home Equity Line of Credit or how much you qualify for?
Our lending specialists are here to help.

Ask A Question

Call: 1-855-330-6630 or visit a branch.

FAQs

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 75% of that value, or $375,000. Next, subtract your mortgage balance from $375,000. So, if you currently owe $250,000 on your mortgage, then $375,000 less $250,000 means you have $125,000 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.

Are there closing costs or other fees a home equity line of credit?

If you’re taking out a HELOC of less than $500,000 there are no closing costs or additional fees. If you’re taking out a HELOC greater than $500,000, mortgage tax and title insurance fees apply.

Loan amounts over $500,000 may be available on a case-by-case basis to qualified applicants, are not eligible for the discounted introductory rate at any time, and the borrower(s) will be responsible for mortgage tax and title insurance costs on the loan value portion over $500,000. Closing costs for the first $500,000 will be paid by Bethpage, but must be repaid by the borrower(s) if line is closed within first 36 months.

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.