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living smart

Long Island’s Best Home Equity Line of Credit.

finance

Preparing To Buy A Home Owning a home can provide you with many advantages over time. Among the many benefits you will enjoy are the potential to build equity in your home, a possible mortgage interest deduction (please consult your tax advisor), and more.

home equity line of credit

1.99%

APR* fixed for 2 years

Prime for life, thereafter

The First Steps in the Home-Buying Process Establish a Budget Before you start shopping, you must decide what you are comfortable with as a monthly housing cost. Consider both the up-front and ongoing costs associated with purchasing a home.

Determine Up-Front Costs Down payment, closing costs, legal advice and other costs such as over’s fees to telephone installation, may add up to your up-front costs.

Calculate Ongoing Costs Your housing costs can include the following: • • • • •

Monthly mortgage loan payment (P&I) Homeowners insurance Private Mortgage Insurance (PMI), if applicable Flood Insurance, if applicable Property taxes

Consolidate your credit card debt, renovate your home or pay for college – and more!

Applying For Your Mortgage Most real estate agents require you to be pre-approved for financing prior to showing you homes. A pre-approval gives you a preliminary credit decision, allowing you to confidently negotiate with a seller. Once you are pre-approved, you would then select the type of mortgage that works best for you: •

Fixed-Rate Mortgages: If you want the peace of mind that comes with knowing that your interest rate will never change, you may want to consider a fixed rate mortgage.

Adjustable-Rate Mortgage (ARM): Typically the initial interest rate is lower and will adjust based on the index and the margin assigned to your loan.

Get in on the savings. Apply at lovebethpage.com, your local Bethpage branch or call 800-628-7070.

The Application Process Once your application and the purchase contract have been submitted, qualified individuals will receive their loan approval, along with a commitment letter that stipulates the agreement to lend you a specific amount of money for the purchase of your home. Your file is then forwarded to the closing area and you are one step closer to owning your new home. Be skeptical of lenders who are unwilling to give you a written estimate or those who may be advertising exceptionally low rates. Any offer that sounds too good to be true usually is. 54

Federally insured by NCUA.

*APR = Annual Percentage Rate. Rates and terms accurate as of 06/03/13 and are subject to change without notice. All offers of credit are subject to credit approval; applicants may be offered credit at higher rates and other terms. Loan-to-value restrictions may apply. Hazard insurance is required on all loans secured by real property; flood insurance may also be required. No closing costs on new HELOCs up to $500,000. Closing costs paid by Bethpage must be repaid by the borrower(s) if line is closed within first 36 months. HELOC is a variable rate product with a maximum APR of 18%. The introductory rate is 1.99% APR for members who take an initial draw of $25,000, maintain this balance for one (1) year, and have automatic transfers from a Bethpage checking account for the monthly payment on the account. The rate after the introductory period is prime, currently 3.25%. New HELOCs only. Prime rate as of 06/03/13 = 3.25%.

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5/28/13 9:13 AM

Issue 7, Volume 1: June 2013, LI Pride Guide  
Issue 7, Volume 1: June 2013, LI Pride Guide  

60 pages of GLBT Pride: an exclusive interview with Melissa Etheridge, a Q&A with LI PrideFest headliner Debbie Gibson, top movie and music...

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