Where does Bayway Mortgage Group do business?
Bayway Mortgage Group is a direct lender based in Jacksonville, FL. The company was founded in 2004 and offers home equity lines of credit (HELOCs) to borrowers in 3 states across the USA.
How much can you borrow with a HELOC?
Home equity lines of credit are lines of credit -- similar to a credit card -- that are secured by your home. Once you get approved for a certain amount, you can borrow as much as you need by writing a check or a credit card attached to the account.
Bayway Mortgage Group allows borrowers to apply for lines of credit of up to $250,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness. Typically, borrowers with good credit can qualify for up to 85 percent of the value of the property less the balance on their first mortgage.
What are the terms for a HELOC via Bayway Mortgage Group?
HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan.
Bayway Mortgage Group offers home equity loans with a draw period of up to 20 years and a repayment period of 20 years.
Is there a minimum draw requirement?
No, there isn't a minimum draw requirement.
What fees does Bayway Mortgage Group charge for a HELOC?
Bayway Mortgage Group may charge a loan origination fee.
Other Services by Bayway Mortgage Group