Last Updated: 04/18/2025
Home Bay Mortgage
Unaffiliated
Last Updated: 04/18/2025
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Highlights
Credit Score Range
620 - 850
Amount Range
Up to $1,200,000
No Origination Fee
Loan Term (Years)
15 - 30
Home Bay Mortgage Review
Home Bay Mortgage is offered by Home Bay Financial (NMLS #1856453), a direct lender founded in 2015 and based in Rancho Santa Fe, CA. Home Bay Mortgage are available in 1 state.
Key Takeaways
- Wide selection of mortgage programs offered. Home Bay Mortgage offers FHA, VA, jumbo, conforming, and conventional mortgages.
- Financing for single-family and multi-family properties. However, Home Bay Financial does not offer financing for manufactured homes.
- Standard interest rates types. Home Bay Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
- Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Home Bay Mortgage 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.
- No origination fees. Home Bay Mortgage does not charge fees for processing your application.
- Maximum LTV. Home Bay Mortgage has a maximum loan to value ratio of 60%.
- Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Home Bay Mortgage.
Home Bay Mortgage Pros & Cons
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Home Bay Mortgage FAQ
How much can you borrow via Home Bay Financial?
Home Bay Mortgage allows borrowers to apply for loan amounts of up to $1,200,000. 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 is the maximum loan term you can get with Home Bay Mortgage?
Home Bay Mortgage offers mortgages with terms ranging from 15 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What mortgage rates does Home Bay Financial 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?
No, Home Bay Mortgage does not charge a mortgage origination fee.
Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
What mortgage programs are available?
Besides conventional mortgages, Home Bay Mortgage 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%.
- Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency.
- VA loans: A zero down payment mortgage or a refinance of up to 100% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.
What property usage types does Home Bay Mortgage allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Home Bay Mortgage allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
What is the customer service phone number?
The customer service number for Home Bay Mortgage is (866) 638-2011.
What is the support contact email?
The support contact email for is hello@homebay.com.
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Contact
Headquarters
Hours of Operation
Sunday
Closed
Monday
9:00AM - 6:00PM
Tuesday
9:00AM - 6:00PM
Wednesday
9:00AM - 6:00PM
Thursday
9:00AM - 6:00PM
Friday
9:00AM - 6:00PM
Saturday
Closed