Last Updated: 04/18/2025
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Highlights
Credit Score Range
620 - 850
Amount Range
Up to $1,200,000
Loan Term (Years)
15 - 30
Home Bay Review
Home Bay is offered by Home Bay Financial (NMLS #1856453), a direct lender founded in 2015 and based in Rancho Santa Fe, CA. Home Bay are available in 1 state.
Key Takeaways
- No origination fees. Home Bay does not charge fees for processing your application.
- Wide selection of mortgage programs offered. Home Bay refinances 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 offers adjustable-rate mortgages and fixed-rate mortgages.
- Considers personal use and investment properties. Refinancing available for primary residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
- Maximum LTV. Home Bay 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.
Home Bay Pros & Cons
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Home Bay FAQ
What is the maximum loan term for a mortgage refinance via Home Bay?
The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Home Bay offers mortgage refinancing with terms ranging from 15 to 30 years.
How long does Home Bay take to refinance?
Home Bay does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.Does Home Bay charge a mortgage origination fee?
No, Home Bay 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 does Home Bay offer?
Home Bay offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does Home Bay allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Home Bay allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
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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