At Bethpage Federal Credit Union, we have a strong track record of helping our members fulfill the dream of home ownership. However, the lending process can be daunting and frustrating without a clear understanding of the steps. Whether you’re a first-time homebuyer or refinancing your existing loan, we can help you understand the mortgage process. We’ll help you navigate the most common types of mortgage products and walk you through the stages to complete your home purchase or refinance.
We’ve prepared a selection of pages to help you brush up on important terms, frequently asked questions and other basics that shouldn’t be overlooked in the pursuit of a mortgage.
Preparing for Homeownership
Have you saved enough to buy the home of your dreams? What’s your credit score? There are a host of questions you should ask yourself before undertaking the mortgage approval process, and Bethpage can help you figure out where to start.
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Understanding Mortgages
When you’re granted a home loan, the cost of the mortgage is just the beginning. Expenses like interest, tax and insurance also factor into your financial future. That’s why it’s important to understand mortgage terms, types and opportunities for government assistance.
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Mortgage FAQs
We have outlined some of our most frequently asked questions regarding mortgages to get you started.
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Common Mortgage Terms You Should Know
This collection of mortgage terms will help give you an idea of what you’re getting into before you take the plunge into home buying.
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Fixed vs. Adjustable Mortgages
The marketplace is packed with mortgages, from fixed-rate mortgages (FRMs) to those with adjustable rates. Understand the differences with some examples and answered questions.
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15 Year vs 30 Year Mortgage
Deciding on the right mortgage is essential as it must be paid each month to maintain a stable credit score, good relationship with the lender and overall payment schedule.
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Renting vs Buying A Home
Diving into the housing market is a major life milestone so it’s important to determine what exactly you’re looking for as a potential owner or renter.
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The Mortgage Lending Process
Here, we’ll describe the mortgage process step-by-step.
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Getting a Loan
We answer some frequently asked questions about securing a mortgage, like when to apply and how to find a lender.
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Finding Your Home
What some might call “the fun part,” or selecting a home from the marketplace that’s worth going to all this trouble to buy. Whether you intend to own a home for a few years or a lifetime, here’s what you need to know to evaluate the options.
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How Much House Can I Afford?
Curious about how much house you can afford? Use our mortgage calculator to help find the home that meets your budget needs.
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How Much Will My Mortgage Payments Be?
Purchasing your dream home is often one of the biggest monetary decisions you can make in your lifetime. Because of that, it’s important to know how much your mortgage payments will be.
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What Factors Determine A Credit Score
There are a number of factors that can influence your credit score.
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How to Pay Off your Mortgage Faster
Pay off your mortgage faster with these tips.
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Refinance Your Mortgage
Looking to refinance your home? Here we answer some of the basic questions about refinancing the mortgage on your home.
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We’ve also created the Bethpage Mortgage Center for your convenience. Don’t be too intimidated to pursue your dream of home ownership. A combination of education and superior guidance can help achieve your goal.
Want to ask a question or apply for a mortgage?
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