Home Equity Line of
Credit (HELOC)

A HELOC is a revolving line of credit that allows you to access the equity in your home to pay for large expenses. You can use the credit line as needed during the 10-year draw period, and pay interest only on what you use.

Home equity is the portion of your home’s value that you own outright. To determine your home’s equity, subtract your outstanding mortgage balance from the current market value of your home.

HELOCs are commonly used to pay for home improvements, weddings or other celebrations and college tuition.

A HELOC can also be used to consolidate debt. Instead of paying different creditors, you can pay all those debts with a HELOC, reducing your number of bills and payments.

With our Fixed-Rate Loan Option, you can convert some or all of the balance on your variable-rate HELOC to a Fixed-Rate loan. Your fixed rate won't change for the selected term, which means you're protected from the possibility of rising interest rates.

HELOCs are available for condos; however, Bethpage does not extend HELOCs for co-ops.

Lines of credit are available up to $2,000,000. Our calculator can help you determine how much you could qualify for.

To start the application process, you’ll need the following:

• Two recent pay stubs
• Full tax returns, including all schedules and W2s
• First mortgage statement (if you are currently paying a first mortgage)
• Additional documentation may be necessary

Home Equity Lines of Credit at Bethpage are for the primary residence only