• 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.

  • What do I need for down payment?
    We require a 5% down payment or a max LTV of 95% for purchases (90% on a condo). This can be accomplished many different ways and if you would like to speak to a mortgage professional please go to the "contact us" screen.
  • 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.

  • What is a point?
    A point is another way of quoting a fee. Simply put, 1 point equals 1%. Points are paid by the borrower for origination costs or as a way to obtain a lower interest rate (discount). Bethpage will allow the member to pay discount points to buy a particular (usually lower) rate. For example, if rates were at 6.75% with 0 points and the member wanted a lower rate of 6.5%, we could do so with a hypothetical charge of .875%. NOTE: The lower the rate, the higher the discount point. Typically, you should quote the rate closest to zero discount points.
    Selling the property of refinancing prior to this break-even point will result in a net financial loss for the buyer, while keeping the loan for longer than, this break-even point will result in a net financial savings for the buyer.  The longer you keep the property financed under the loan with purchased points, the more the money spent on the points will pay off.  If the intention is to buy and sell the property of refinance in a rapid fashion, buying point sis actually going to end up costing more than just paying the loan at the higher interest rate.
  • What is a rate lock?

    A rate lock is a means for the borrower to lock in the lender's current interest rate. Typically, a rate lock will last 15, 30, 40 or 60 days, and during that time the borrower can shop for a new home knowing what they can afford at that interest rate. 

  • Can I borrow money for my down payment?

    Typically you cannot borrow money for your down payment or closing costs.  There are some exceptions such as borrowing against your own assets such as a 401K, share loan against a deposit account, etc.  Please consult with your loan officer for more information. 

  • What does it mean to “close” a mortgage loan?

    Real property in most jurisdictions is conveyed from the seller to the buyer through a real estate contract. The point in time at which the contract is actually executed and the title to the property is conveyed to the buyer is known as the "closing". During the closing process, you should expect to sit with a Settlement Agency in your area to review and sign the final documents, including the Deed of Trust, which will transfer ownership of the property to you.

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