Mortgage Loans

Mortgage Loan Billing Information

The outstanding balance appearing on this statement is not your loan payoff balance. Your loan payoff balance may be different than the balance shown on this billing statement due to interest that has accrued since the last billing cycle or the addition of additional fees and charges. To get the full payoff balance of your loan, call us at 831.479.6000 or 888.4BAYFED (888.422.9333), option 3, during normal business hours.

As long as we receive your whole payment of an amount equal to or greater than the Current Payment Due on or before the end of the payment grace period indicated on the billing statement, you will not be charged a late payment fee.

Miscellaneous charges that appear on your statement may consist of unpaid fees, penalties, and expenses incurred on your Loan.

“Last Account Transaction” is the last transaction we processed on your loan account before the end of the billing cycle that produced this statement. To find out about transactions that may have occurred between the end of the billing cycle and when you received your statement, login to BayFedOnline or the BayFed Mobile app on your mobile device.

All homeowners are required to maintain hazard insurance and flood insurance (if your property is located in a Special Flood Hazard Area). New or updated insurance declaration pages should be submitted online at or mailed to: Bay Federal Credit Union Insurance Center, P.O. Box 2086, Carmel IN 46082. You can also submit your policy over the phone by calling our toll-free number: 1.800.998.0761. All policies must name Bay Federal Credit Union, ISAOA/ATIMA, , PO Box 2086, Carmel, IN 46082 as an additional loss payee and include the loan account number.

To pay by phone, you can call us during normal business hours at 831.479.6000 or 888.4BAYFED (888.422.9333), option 3. You can also make your payment in person at any Bay Federal Credit Union branch or complete a form to set up automatic payment transfers from your Bay Federal checking or savings account or an external account. You can also use online and mobile banking services to make your payment. Login to your accounts at or through the BayFed Mobile app on your mobile device with your user name and password and use the transfer option to transfer your payment amount from your Bay Federal checking or savings account.

Your loan agreements are set up for a full payment amount due. If you attempt to make a payment that is less than the amount due, your payment may be posted as an unapplied receipt or you may have the funds returned to you. If your partial payment was retained by Bay Federal, it may be held in a suspense account and applied to your loan once you have enough funds to satisfy the next payment due. Any funds still held in the Unapplied Suspense account at time of loan closing will be credited to the payoff total.

If you have an impound account established for the payment of future real estate tax bills or property insurance, you do not need to pay those from your own funds. However, if you receive a supplemental and/or amended tax bill or insurance premium renewal notice and would like it paid from your impound account, you must note your account number and send a copy of the bill or notice to Bay Federal Credit Union, 3333 Clares Street, Capitola, CA 95010. Please note, if you have changed your insurance provider, updated your coverage, or received a premium renewal notice, please submit your new insurance declaration page and premium renewal notice at

If you receive an insurance claim check for damages to your home in an amount that is less than $10,000, please send a copy of your insurance company’s estimate of damages, photos of the damage, and the check to Bay Federal Credit Union, 3333 Clares Street, Capitola, CA 95010 for rapid review and endorsement. If you suffered significant damage to your property, you may be required to submit your written insurance estimate of damages and a contractor’s bid for repairs. All insurance funds may be held and released by Bay Federal Credit Union as repairs to the property are completed. Please call 831.479.6000, ext. 785, for more information.

If you would like to request cancellation of your mortgage insurance policy, please complete the Request for Cancellation of PMI form. You must have a minimum of two years on-time payment history and a minimum amount of equity in your property to qualify. Automatic cancellation of PMI will occur when you loan is scheduled to reach 78% Loan-to-Value, based on the property's value at the time the loan was made.

If you have a mortgage loan and are struggling to make your payments, then you might qualify for a loan modification. The Home Preservation Program (HPP) may provide temporary assistance to help you make your payments during a period of financial hardship.

Attention: You are leaving the Bay Federal Credit Union website

You will be redirected to a website outside of the Bay Federal Credit Union website and entering a website hosted by another party. The linked website is not operated by Bay Federal Credit Union. Bay Federal Credit Union is not responsible for the content or availability of the linked website. Bay Federal Credit Union does not represent the operator of the linked website, the member, or any other users if the two enter into a transaction. Privacy and Security Policies of the linked website may differ from those of Bay Federal Credit Union.