Which Loan is Right for You?

Multiple Loan Options

First-Time Home Buyer

Think owning your own home is a bit out of reach? Think again! Bay Federal is here to help you make the move into homeownership. We make it easy with:

3% down payment and no closing costs**
Low, competitive rates
Flexible financing to meet your needs

Free Appraisal‡

Home Loan amounts up to $3,000,000
Low rates
Wide variety of flexible home loan options

A home appraisal is a process through which the fair market value of a home is determined. Appraisals are a requirement in most counties. Covering the cost of your appraisal is one way that Bay Federal makes the financing process more affordable!

Home Equity Loans

Our HELOC Flex offers flexibility to upgrade your home in the ways that are the most meaningful to you!

Variable Rate after Introductory Period as low as 8.25% APR^§
Plus, flexible options to lock in your rate!

Mortgage Refinance

If you already have a home loan, you might benefit from refinancing with Bay Federal. By financing with us, your money stays local and supports local communities. As you save money, your friends, family, and neighbors benefit—it's a win-win! Apply today or speak with a Home Loan Consultant about your options and any current promotional offers!

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Have Questions?

Ready to take the next step or find out your options?

Home Loans for California

If you would like a Bay Federal Home Loan Consultant to contact you, please submit the following information. Please know we can only assist with home purchases in the state of California.

*Closing cost savings based on average loan amount of $458,100. Annual Percentage Rate (APR) of 5.521%, on a 30 year fixed First Time Home Buyers Program. Actual savings may vary.

**No closing costs include lender fees, appraisal fees, title fees, and escrow fees. First Time Homebuyer Program available to those that have not owned a property in the last three years. Offer valid on owner-occupied single-family residences for those with a credit score of 680+. Maximum loan amounts up to $1,149,825 in Santa Cruz and San Benito Counties, and $920,000 in Monterey County. Mortgage insurance required for loan amounts greater than 80% loan to value. Offer applicable on purchase transactions in the State of California. Offer not available on refinances. Other restrictions may apply. Terms and conditions are subject to change without notice. All loans are subject to approval of credit, income verification, and property valuation. Bay Federal Credit Union membership required at the time of closing. For more information call a Bay Federal Home Loan Consultant at 831.479.6000, or toll-free at 888.4BAYFED, extension 304.

†Manufactured homes must be built after 6/15/1976 and be real property.

‡Offer applicable to all 1st mortgage refinances and purchases with a minimum loan amount of $40,000 and a maximum of $3,000,000. One free appraisal per transaction. If mortgage guidelines require more than one appraisal, borrower must pay for second appraisal. Offer does not apply to reinspection costs, if required. Terms and conditions are subject to change without notice. All loans are subject to credit approval. Bay Federal Credit Union membership required at the time of closing. For more information, visit any Bay Federal Credit Union branch or call a Bay Federal Home Loan Consultant at 831.479.6000 or toll-free at 888.4BAYFED, extension 304.

§The APR is variable and is based upon an Index plus a margin. The Index is the “Prime Rate” as published in the “Money Rates” section of the online edition of the Wall Street Journal on the first day of the billing cycle. Eligible Lines of Credit loan amounts up to $400,000. As of February 9, 2023, the variable APR for Home Equity Lines of Credit ranged from 8.25% APR to 9.75% APR, depending on your credit score (the lowest APR disclosed includes any applicable rate discounts). The maximum APR during the term of the plan is 18.00%. The maximum loan amount is $400,000. An estimate of the fees imposed for opening the plan are $750 to $2500. However, these fees will be waived and/or paid by the Credit Union provided that our security interest in your home is maintained for at least 36 consecutive months from the date the HELOC account is opened. Otherwise, you must reimburse the Credit Union for these waived and/or paid fees (not to exceed $500). An annual fee of $75 is required on all balances of less than $20,000 after the first year. During the Draw Period, you may convert the variable interest rate and repayment schedule on a portion of your outstanding balance to a fixed rate and repayment schedule (subject to the terms and conditions set forth in the Home Equity Line of Credit Agreement). Each time you fix a portion of your loan balance, you will be assessed a charge of $50.00. Only three (3) fixed-rate options may exist at any one time.

Loans are subject to credit approval and program guidelines. Interest rates and programs terms are subject to change without notice. Property insurance is required. Other restrictions may apply. Bay Federal Credit Union membership required at the time of closing. For more information, visit any Bay Federal Credit Union branch or call a Bay Federal Home Loan Consultant at 831.479.6000 or toll-free at 888.4BAYFED, ext. 304.