How do I know which type of mortgage is best for me?
Many factors determine the type of mortgage that is best for you, including your current financial situation and the length of time you intend to stay in your home. At Bethpage, we offer a wide selection of mortgage options, and we encourage you to speak with a Bethpage Mortgage Loan Officer.
What is the Initial Rate Period?
The initial rate period is the length of time — the first 3, 5, 7, or 10 years of the loan — during which the initial rate will remain fixed.
What is the Adjustment Period?
The adjustment period is the length of time that your new interest rate will remain in effect, once the initial period is over.
When the interest rate on an ARM adjusts, are there caps on how high it can go?
With a Bethpage ARM, there is a maximum for each adjustment and for how much your interest rate can increase over the life of the loan. For example, for our 3/1 ARM, the interest rate for each adjustment cannot increase or decrease more than 2 percent after the fixed rate period. And, the interest rate will never increase or decrease more than 6 percent for the life of the loan. Caps may vary by programs available.
Can I pay an Adjustable-Rate Mortgage off early without penalty?
Yes, you can pay off your Bethpage Adjustable-Rate Mortgage any time without any pre-payment penalties.
How can I apply for Adjustable-Rate Mortgage?
To start your application online, click here. Or, you can visit your local branch or call 1-855-455-8540 to be connected with a Bethpage Mortgage Loan Officer.