Buy a home, refinance your current mortgage, or tap the equity in your home. Whatever you want to do, Bay Federal has a terrific real estate loan that will fit the bill exactly.
15– and 7–year Fixed First Trust Deeds
Choose a faster payoff or lower monthly payments, whichever is best for you.
30–due–in–7 First Trust Deed
The lower interest of an adjustable rate combined with the reliability of a fixed rate.
7– and 15–year Fixed Second Trust Deeds
Get the money you need for home improvement, tuition, bill consolidation, vacation or anything else. Borrow up to 80% of your home's appraised value with a maximum loan amount of $100,000 for 7 years or $150,000 for 15 years, minus any existing loans.
90% Second Trust Deeds
Combined with a First Trust Deed, this loan lets you purchase a home with 10% down while avoiding costly Private Mortgage Insurance (PMI). You can also use it to tap the equity in your home for any purpose.
Mobile Homes
Bay Federal is the county's leading mobile home lender. Call for information about financing mobile home purchases or refinancing.
If you have questions or would like to apply for a Bay Federal mortgage, call 831.479.6000, Ext. 2, or 888.4BAYFED (888.422.9333) to speak to a Mortgage Lending Representative.
Equity Lines of Credit
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80% Loan to Value | |
90% Loan to Value | 100% Loan to Value |
| Minimum Loan Amount | $10,000 | |
$10,000 | $10,000 |
| Maximum Loan Amount | $300,000 | $150,000 | $40,000 |
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| Rate — Variable | Prime + 0% | Prime + 1.75% | Prime + 3.5% |
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| Loan to Value Ratio | 80% | 90% | Not Applicable |
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| LOAN TERM — 10 year draw period; balloon payment due at the end of the 10th year |
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MINIMUM PAYMENT REQUIREMENTS — Interest only or $100.00, which ever is greater |
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| VARIABLE RATE — Annual Percentage Rate is subject to change monthly |
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ACCESS Draft (check), in person, by mail |
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| INDEX — Prime Rate published in the Wall Street Journal |
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SIZE OF ADVANCES $300 minimum |
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| MAXIMUM APR* — 18% We will use the most recent index value published 10 days before the end of the month |
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ANNUAL FEE — $50 will be charged on each anniversary. The Annual Fee is waived for the first year |
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| MINIMUM APR — None |
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ORIGINATION FEE — None |
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| COLLATERAL — 1st or 2nd Trust Deed |
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THIRD PARTY FEES — Appraisal, Closing Costs, etc. Paid by Bay Federal Credit Union | ||
*APR - Annual Percentage Rate