Bay Equity Home Loans

Bay Equity Home Loans Review

Bay Equity Home Loans are offered by Bay Equity (NMLS #76988), a direct lender founded in 2007 and based in Sausalito, CA. Bay Equity Home Loans are available in 21 states across the USA.

Key Takeaways

• 4 different mortgage programs offered. Bay Equity Home Loans offers FHA, USDA, VA, conforming, and conventional mortgages.
• Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
• Refinancing for large mortgages. You can refinance mortgages with balances of up to $5,000,000 with Bay Equity Home Loans.
• Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Bay Equity Home Loans does offer financing for primary and secondary homes (e.g. vacation properties).
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.

Bay Equity Home Loans Pros & Cons

Bay Equity Home Loans FAQ

How much can you borrow via Bay Equity?

Bay Equity Home Loans allows borrowers to apply for loan amounts of up to $5,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What mortgage rates does Bay Equity offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Do they charge mortgage origination fees?

Yes, Bay Equity Home Loans may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, Bay Equity Home Loans offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.

What property usage types does Bay Equity Home Loans allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Bay Equity Home Loans allows the following property usage types: 

• Primary home

What is the customer service phone number?

The customer service number for Bay Equity Home Loans is (800) 229-3703.

What is the support contact email?

The support contact email for this business credit card is servicing@bayeq.com.