Smithtown Branch

Rates, terms, and conditions are subject to change without notice. All offers of credit are subject to credit approval requirements and applicants may be offered credit at higher rates and other terms. Loan-to-Value (LTV) and Combined LTV (CLTV) restrictions apply. Hazard insurance is required on all loans secured by real property (flood insurance may also be required where applicable.) Rates shown are based on a borrower's primary residence, a maximum CLTV of 65%, a minimum initial draw of $25,000 taken at HELOC account opening, and automatic transfers from a Bethpage personal savings or checking account. Consult a tax professional regarding the potential deductibility of interest. Bethpage does not currently offer HELOCs in Texas. To obtain a loan, membership at Bethpage is required, which is subject to approval and requires opening a $5.00 savings account at or prior to loan consummation. Must be a US citizen or permanent resident alien.

[1] APR = Annual Percentage Rate. The introductory APR is fixed for one year (twelve months). After one year, the APR is variable based on the U.S. Prime Rate as published in the Wall Street Journal, plus a margin. To obtain an introductory rate, borrower must meet credit and loan program requirements, including (but not limited to): 1) maximum Combined Loan-to-Value (CLTV) of 75%, 2) minimum VantageScore 4.0 credit score of 720 3) borrower must take an initial draw of $25,000 and maintain this balance for 12 months, 4) borrower must have automatic transfers from a Bethpage personal savings or checking account for the monthly HELOC payments, and 5) borrower must not have had a previous introductory rate for a Bethpage HELOC within the past five years. The introductory rate applies to the variable line in use only and is not applicable to any Fixed-Rate Loan Option. Loan amounts over $500,000 are not available for the introductory rate. For Closing costs, see below[2].

[2] The standard APR is variable based on the U.S. Prime Rate as published in the Wall Street Journal, plus a margin (if applicable). The minimum floor APR is 3.25%. HELOCs are variable rate products and rates may not exceed the maximum legal limit for Federal credit unions (currently 18%). The Prime Rate as of --/--/-- = 7.75%. Rates shown are based on a borrower’s primary residence, a maximum CLTV of 65%, a minimum initial draw of $25,000 taken at HELOC account opening, and automatic transfers from a Bethpage personal savings or checking account. Not all applicants will qualify for the lowest rate and may be offered credit at higher rates based on creditworthiness and other factors.

Closing costs for the first $500,000 will be paid by Bethpage Federal Credit Union (Bethpage), but must be repaid by the borrower(s) if the HELOC is closed within first 36 months of account opening. These fees generally range between $500.00 and $15,000.00 depending on the line amount, property value, location, and/or property type. Line amounts over $500,000 may be available on a case-by-case basis to qualified applicants, are not eligible for the discounted introductory rate at any time, and the borrower(s) will be responsible for mortgage-related taxes and title insurance costs on the line amount over $500,000 (up to the approved credit limit). The total third party fees generally range between $500.00 and $60,000.00 depending on the line amount, property value, location, and/or property type. Property insurance (including flood insurance, if applicable) is required.