Bay Mortgage Rates, Fees & Info

Capitola, CA

LEI: 549300KZC4KKV3F7W494

Tax ID: 94-1448021

5 stars - Updated: 12/9/24 - out of 5 stars, based on 21 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Bay is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Bay has a high proportion of conventional loans. Their top markets by origination volume include: Santa Cruz, Salinas, San Jose, San Francisco, and Sacramento among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bay has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Bay is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 4.16% 12/9/24
30 Year Conventional Purchase 6.29% 12/9/24
30 Year Conventional Refi 6.65% 12/9/24
30 Year Cash-out Refi 6.60% 12/9/24
15 Year Conventional Purchase 6.23% 12/9/24
15 Year Conventional Refi 7.02% 12/9/24
15 Year Cash-out Refi 7.02% 12/9/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Bay Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Bay. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

453

Origination Dollar Volume (All Markets)

$120,965,000

Relative Rate

Bay's average 30 year fixed mortgage rate was 6.61%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.13%.

Relative Fees (Closing Costs)

Bay's average total fees/closing costs for a 30 year fixed rate mortgage were $5,018.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 347 $94,595,000 $272,608 $2,689 7.34%
SALINAS, CA (FHA|USDA|VA) 72 $14,930,000 $207,361 $2,402 7.22%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 13 $4,515,000 $347,308 $3,356 7.56%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 3 $2,135,000 $711,667 $10 6.58%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 4 $1,310,000 $327,500 $4,034 6.31%
MERCED, CA (FHA|USDA|VA) 3 $805,000 $268,333 $0 6.79%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $545,000 $545,000 $16,827 7.63%
MADERA, CA (FHA|USDA|VA) 2 $510,000 $255,000 $0 7.38%
Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $445,000 $445,000 $0 6.75%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $395,000 $395,000 $2,055 6.50%
Outside of Metro Areas 2 $360,000 $180,000 $0 9.50%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $255,000 $255,000 $0 6.38%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.75%
MODESTO, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.88%
FRESNO, CA (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.00%
Bay's top markets include Santa Cruz, Salinas, San Jose, San Francisco, and Sacramento among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against BAY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Provident Credit Union
    Similarity Rank: 270
    BAY
    Similarity Rank: 315
    Shea Mortgage Inc.
    Similarity Rank: 342
    Mechanics Bank
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    Similarity Rank: 976
    Tri Counties Bank
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 246 $88,530,000 $359,878 $2,629 7.15%
    HELOC 207 $32,435,000 $156,691 n/a 7.52%

    For 2023, Bay's most frequently originated type of loan was Conventional, with 246 originations. Their 2nd most popular type was HELOC, with 207 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 206 $30,230,000 $146,748 $316 7.47%
    Home Purchase 129 $71,295,000 $552,674 $5,301 7.00%
    Other 100 $14,450,000 $144,500 $620 7.30%
    Cash Out Refi 15 $4,485,000 $299,000 $2,653 7.85%
    Refi 3 $505,000 $168,333 $4,194 8.25%

    For 2023, Bay's most frequently cited loan purpose was Home Improvement, with 206 originations. The 2nd most popular reason was Home Purchase, with 129 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 207 $32,435,000 $156,691 $0 7.52%
    30 Year 115 $70,355,000 $611,783 $5,018 6.61%
    20 Year 74 $11,810,000 $159,595 $1,790 7.96%
    15 Year 54 $4,980,000 $92,222 $59 7.16%
    30+ year 2 $1,330,000 $665,000 $7,369 6.94%
    10 Year 1 $55,000 $55,000 $3,147 8.50%

    For 2023, Bay's most frequently cited loan duration was Other, with 207 originations. The 2nd most popular length was 30 Year, with 115 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 140 $39,770,000 $284,071
    $5k+ 20 $12,850,000 $642,500
    $2k-3k 12 $1,840,000 $153,333
    $3k-4k 10 $3,890,000 $389,000
    $1k-2k 8 $1,910,000 $238,750
    $4k-5k 8 $3,910,000 $488,750

    Bay's average total fees were $5,018, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 140 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 201 $33,645,000 $167,388
    6-7% 99 $38,835,000 $392,273
    7-8% 72 $18,540,000 $257,500
    2.5-3% 47 $6,845,000 $145,638
    5-6% 34 $23,100,000 $679,412

    During 2023, Bay's average interest rate for loans was 6.61%, while their most frequently originated rate bucket for loans was Over 8%, with 201 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 132 $8,350,000 $63,258 $220 7.30%
    $100k-200k 115 $15,575,000 $135,435 $1,560 7.63%
    $200k-400k 110 $29,220,000 $265,636 $2,846 7.51%
    $600k-1MM 46 $34,890,000 $758,478 $6,521 6.42%
    $400k-600k 39 $18,535,000 $475,256 $4,632 7.23%
    $1MM+ 11 $14,395,000 $1,308,636 $6,551 6.31%

    2023 saw Bay place emphasis on $100,000 or less loans with 132 originations, totaling $8,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 152 $43,160,000 $283,947 $2,575 7.03%
    $100k-150k 121 $26,695,000 $220,620 $2,860 7.57%
    $250k+ 74 $36,530,000 $493,649 $4,044 7.26%
    $75k-100k 55 $9,145,000 $166,273 $1,029 7.37%
    $50k-75k 41 $4,535,000 $110,610 $2,149 7.50%
    $50k or less 9 $765,000 $85,000 $2,016 7.78%

    Bay lent most frequently to those with incomes in the $150k-250k range, with 152 originations. The second most popular income band? $100k-150k, with 121 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 73 $13,625,000 $186,644 $1,292 7.26%
    20-30% 69 $13,695,000 $198,478 $1,213 7.01%
    47% 38 $6,720,000 $176,842 $1,532 7.96%
    46% 26 $7,420,000 $285,385 $3,105 7.61%
    44% 22 $6,260,000 $284,545 $3,274 7.33%
    43% 22 $6,840,000 $310,909 $3,202 7.42%
    49% 21 $11,405,000 $543,095 $6,987 7.54%
    48% 21 $9,625,000 $458,333 $3,706 7.17%
    42% 21 $7,175,000 $341,667 $3,473 7.11%
    37% 20 $6,660,000 $333,000 $1,796 6.92%
    41% 19 $2,625,000 $138,158 $1,020 7.33%
    38% 18 $3,830,000 $212,778 $1,753 6.92%
    <20% 17 $3,945,000 $232,059 $3,845 6.38%
    36% 17 $7,485,000 $440,294 $1,073 7.06%
    45% 16 $3,260,000 $203,750 $2,645 8.10%
    40% 15 $3,885,000 $259,000 $1,680 7.75%
    39% 15 $5,305,000 $353,667 $4,636 7.71%
    50-60% 3 $1,205,000 $401,667 $24,924 8.54%

    Bay lent most frequently to those with DTI ratios of 30-36%, with 73 originations. The next most common DTI ratio? 20-30%, with 69 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 335 $87,095,000 $259,985 $2,473 7.32%
    Not provided 96 $27,680,000 $288,333 $3,405 7.15%
    Black 4 $2,350,000 $587,500 $0 7.59%
    Asian 7 $1,105,000 $157,857 $381 7.75%
    Asian Indian 1 $755,000 $755,000 $0 5.50%
    American Indian 3 $645,000 $215,000 $0 8.92%
    Samoan 1 $425,000 $425,000 $11,218 5.63%
    Other Asian 2 $360,000 $180,000 $0 9.13%
    Japanese 1 $205,000 $205,000 $3,184 7.75%
    Native Hawaiian or Islander 2 $180,000 $90,000 $0 8.50%
    Filipino 1 $165,000 $165,000 $0 9.00%

    Approval Rates

    Total approvals of all applications
    78.53%

    Bay has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.25%

    Bay has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 453 $120,965,000 $267,031

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    453 $120,965,000 $267,031

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 67 $17,175,000 $256,343 $2,215 7.64%
    40-60% 19 $8,425,000 $443,421 $5,647 7.61%
    60-80% 42 $20,420,000 $486,190 $4,350 7.31%
    80-100% 59 $43,845,000 $743,136 $6,492 6.68%
    Under 20% 266 $31,100,000 $116,917 $218 7.36%