Bethpage Federal Credit Union: 2025 Home Equity Review

Bethpage Federal Credit Union is a federally chartered credit union, the largest in the Northeast (it has some 30 branches in New York City and Long Island alone) and the 15th largest in the U.S. It has over 470,000 members nationwide. Founded in 1941, the company offers a wide range of savings and loan products and wealth management services. 

Home equity products offered

Bethpage Federal Credit Union offers HELOCs with a 10-year, interest-only initial period and a 20-year repayment term after that. You also have the option to convert some or all of your current balance (a $10,000 minimum) to a fixed-rate loan with a five-, 10- or 20-year repayment period at no additional fee — although the maximum term can’t exceed your account maturity date. To convert, you’ll need to draw a minimum of $10,000 for each fixed-rate loan. You can have up to three fixed-rate loan balances at a time. 

Affordability: 5/5

• APR: Bethpage’s rates are competitive, especially its introductory rates — as much as 2 percentage points lower than the national average. 
• Fees: Bethpage doesn’t charge HELOC closing costs, application fees/origination fees or rate conversion fees: It covers these for you. However, you’ll need to repay the closing costs for the first $500,000 if you close your HELOC within three years. You can also earn a discount on your rate by setting up automatic HELOC payments from a Bethpage checking or savings account.

Bethpage earns a perfect 5 out of 5 for affordability because of its competitive APR and lack of fees and closing costs. 

Availability: 4.7/5

• Credit score: Bethpage’s minimum credit score requirement is 670, pretty typical for home equity products.
• Loan minimum:$10,000 minimum line of credit, which is low. There is no initial draw minimum. 
• Loan products: Bethpage is limited in that it doesn’t offer a home equity loan, just a HELOC. But you have the option of converting some or all of your variable-rate HELOC to a fixed-rate loan at no additional cost.
• Where to find: HELOCs are available in every state, except Texas. 

Bethpage scores a 4.7 out of 5 for availability because of footprint in nearly all states, thanks to a robust digital-banking platform, as well as its flexibility in allowing you to convert HELOC balances to fixed rates. 

Borrower experience: 3.3/5

• Rate transparency: Bethpage advertises its introductory and minimum lifetime variable APR prominently on its website, unlike many lenders.
• Convenience: Once approved for the loan, you can access funds within 38 days, which is longer than some other lenders. 
• Customer service: Bethpage offers various contact methods, including email, phone and video appointments. But if you want an in-person meeting, you need to be located in New York. 

Bethpage earns a 3.3 out of 5 for borrower experience because of its relatively long funding period (especially compared to online lenders) and its limited in-person support. 

Bethpage gets an A+ rating from the Better Business Bureau and has been accredited since 2024. Trustpilot gives Bethpage 3.9 stars.

What consumers say about Bethpage Federal Credit Union  

On Bankrate, customers highlight the ease of working with Bethpage and praise its high-quality service: “Representatives made me feel supported and empowered throughout the entire process, from initial inquiry to final approval,” as one client put it. Several also cited the “great prices.” 

How to qualify for a HELOC with Bethpage Federal Credit Union

To qualify for a Bethpage HELOC, you need to become a member, which requires opening a savings account with a minimum of $5. You will also need to have homeowners insurance and, in some cases, flood insurance.

Bethpage’s best rates typically go to borrowers with a maximum combined loan-to-value (CLTV) ratio of 65 percent and who make an initial draw of at least $25,000. The maximum CLTV for borrowers with a 700 FICO score is 75 percent. You can take advantage of the lower introductory rate as long as you haven’t obtained an intro rate in the past five years; your CLTV is below 75 percent; you draw $25,000 initially and maintain that balance for one year; and set up auto-payments.

Note: Bethpage Federal Credit Union doesn’t offer HELOCs to borrowers in Texas.

How to apply with Bethpage Federal Credit Union

If you’re interested in applying for a HELOC from Bethpage Federal Credit Union (and already a member), you can request a call from a loan officer online, call 800-628-7070 or visit a branch. Representatives are available Monday through Friday from 8 a.m. to 6 p.m. ET and Saturday from 10 a.m. to 8 p.m. ET.

The documents you will need to obtain a HELOC from Bethpage include:

Most recent pay stubs covering the last 30-day period

• Past 2 years of W-2 Forms from all employers (current and previous)
• 2 most recent bank statements (all pages).
• Past 2 years of federal tax returns (1040 Form) with all pages and schedules (including if applicable, self-employed/rental income/retirement income)