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.
The initial rate period is the length of time — the first 5, 7, or 10 years of the loan — during which the initial rate will remain fixed.
The adjustment period is the length of time that your new interest rate will remain in effect, once the initial period is over.
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 5/1 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.
Yes, you can pay off your Bethpage Adjustable-Rate Mortgage any time without any pre-payment penalties.
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.