• What are closing cost?

    Closing Costs are costs that a borrower incurs for a service. (Filing Fees are an example) Closing costs can vary a great deal and in many cases may be included the loan amount.

  • Is Bethpage competitive with their rates and closing fees?
    Weekly studies show Bethpage to be among the best in regards to both rates and fees!
  • What does Bethpage charge the $95 fee for?
    This is our application fee that is collected outside of closing.
  • What are impounds/escrows?
    Impounds and escrow means the same thing. Mortgage escrow accounts are special accounts set up in which money is held to pay for property taxes, hazard insurance premiums, mortgage insurance premiums, and other escrow items. Escrow accounts ensure that these items are paid in a timely fashion. They are a guarantee that there is always enough money to pay these bills when they are due so that the homeowner avoids the risk of lapsed insurance coverage or delinquent taxes.
  • How much of a down payment should I make?

    There is no easy answer to this question.  The higher your down payment, the less interest you will pay over the life of the loan.  However, interest on mortgages is tax deductible, and a higher down payment would mean you would be giving up that potential tax savings.

    The answer to this question oftentimes is determined by your current financial situation: e.g. just because you have the funds for a large payment doesn’t always mean you should withdraw funds from current investments to make it.  The best advice we can give is to consult with a financial advisor or tax consultant, allowing them to review your situation and advise you.

  • Is it possible for relatives to give me a gift for a down payment?

    Certain loan types will allow a gift from a relative for down payment and closing costs.  Please consult with your loan officer for more information.

  We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.