• What is PMI?

    PMI, or private mortgage insurance, is insurance that guarantees a loan for amounts over 80% loan to value. For example, if the value of the home is $100k and the loan amount I s $95k, PMI would cover $15k of that loan amount. If the member were to default the mortgage insurance company would cover the top portion of the loan, or $15k. Mortgage insurance is paid by the member every month into their escrow account.

  • Can I be pre-approved for a loan and get a letter?

    Yes, when your application is taken, we can give you a conditional approval subject to underwriting for accuracy of the information provided.

  • When should a member do a 1st Mortgage versus a home equity loan?
    When it is profitable for the member to do so. If we can reduce their rate on their current 1st mortgage, it may be wise for the member to look at refinancing. Another reason to do a 1st mortgage instead of a home equity may be to get a lower payment. We can amortize a 1st mortgage over 30 years versus a maximum term of 20 years for a home equity loan. If the home equity is a sizable amount, say over $50k, and the member is payment sensitive, we may be able to give them better terms doing a 1st mortgage.
  • As a first-time buyer, what is the best way to get started in purchasing for a home?

    The first step in purchasing a home is to figure out how much you can afford.  There are several useful and easy calculators on our website to assist you in figuring that out or go to Free Pre-qualification to see if you pre-qualify for a home loan.

    Many borrowers prefer to get pre-approved by a lender, which will guarantee you a maximum purchase price and provide a pre-approval letter.  Pre-approved borrowers generally get preferential treatment by selling realtors.  Since the seller knows the borrower is pre-approved, that can oftentimes lead to a reduced purchase price.

    To receive your pre-approval letter, go to the Apply Now section of this web page.  Here you will begin an application for your home loan.  The application will ask you several questions about your loan scenario, pull your credit report, review possible loan programs, and provide a pre-approval letter.  It's that easy!

  • Is it necessary to get pre-approved before shopping for a home?

    While not necessary, it is highly recommended that you get a pre-approved before making an offer.  It can be frustrating for both the buyer and the seller to make an offer on a home, only to find out later you will not qualify for it.  It is very advantageous to know what you can afford before shopping.

    To receive your pre-approval letter, go to the Apply Now section of this web page.  Here you will begin an application for your home loan.  The application will ask you several questions about your loan scenario, pull your credit report, review possible loan programs, and provide a pre-approval letter.  It's that easy!

  • What is the difference between loan pre-qualification and pre-approval?

    A pre-qualification occurs when a prospective buyer discloses, either verbally or by providing documentation of, their income, assets and credit so that a loan agent may determine the loan amount that a buyer could likely qualify for a based on standard lending guidelines.  A pre-approval involves an underwriter (the lender's risk evaluator) actually reviewing a prospective buyer's loan application with a formal credit determination occurring that is subject to an appraisal, title report and purchase contract, along with whatever supporting documentation the underwriter may request.

  • Does Bethpage do streamline refinance?
    The word Streamline commonly refers to FHA and VA loans, we do offer FHA loans but currently we do not offer VA loans.
  • Can the rate change if a member wants to cash out or if the CLTV is high?
    Yes, these factors can change our standard pricing. The application, if entered correctly, will make the necessary adjustments.
  We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.