Bay Mortgage Rates, Fees & Info
Capitola, CALEI: 549300KZC4KKV3F7W494
Tax ID: 94-1448021
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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 Merced among others. We have data for 19 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 a low 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 about average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 4.16% | 12/3/24 |
| 30 Year Conventional Purchase | 6.29% | 12/3/24 |
| 30 Year Conventional Refi | 6.65% | 12/3/24 |
| 30 Year Cash-out Refi | 6.60% | 12/3/24 |
| 15 Year Conventional Purchase | 6.23% | 12/3/24 |
| 15 Year Conventional Refi | 7.02% | 12/3/24 |
| 15 Year Cash-out Refi | 7.02% | 12/3/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
620Origination Dollar Volume (All Markets)
$161,050,000Awards
BAY - 2022
BAY is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 476 | $124,700,000 | $261,975 | $4,034 | 3.97% |
| SALINAS, CA (FHA|USDA|VA) | 97 | $21,725,000 | $223,969 | $1,755 | 4.21% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 15 | $4,215,000 | $281,000 | $1,647 | 3.84% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 3 | $2,745,000 | $915,000 | $9,262 | 4.08% |
| MERCED, CA (FHA|USDA|VA) | 6 | $1,670,000 | $278,333 | $1,673 | 3.83% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 5 | $1,225,000 | $245,000 | $6,934 | 4.50% |
| NAPA, CA (FHA|USDA|VA) | 1 | $825,000 | $825,000 | $7,179 | 5.38% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 2 | $790,000 | $395,000 | $4,144 | 3.25% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $1,775 | 3.37% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $1,535 | 5.38% |
| Outside of Metro Areas | 2 | $570,000 | $285,000 | $3,014 | 5.06% |
| STOCKTON, CA (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 4.25% |
| Clearlake, CA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $15,011 | 6.38% |
| EL CENTRO, CA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,679 | 4.50% |
| Eureka-Arcata, CA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 5.38% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,244 | 3.75% |
| CHICO, CA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 2.99% |
| Sonora, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 2.99% |
| MADERA, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 2.99% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 318 | $53,190,000 | $167,264 | n/a | 2.99% |
| Conventional | 302 | $107,860,000 | $357,152 | $3,620 | 5.10% |
For 2022, Bay's most frequently originated type of loan was HELOC, with 318 originations. Their 2nd most popular type was Conventional, with 302 originations.
Loan Reason
For 2022, Bay's most frequently cited loan purpose was Home Improvement, with 317 originations. The 2nd most popular reason was Home Purchase, with 150 originations.
Loan Duration/Length
For 2022, Bay's most frequently cited loan duration was Other, with 318 originations. The 2nd most popular length was 30 Year, with 157 originations.
Origination Fees/Closing Costs
Bay's average total fees were $4,348, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 125 originations.
Interest Rates
During 2022, Bay's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 2.5-3%, with 325 originations.
Loan Sizing
2022 saw Bay place emphasis on $200k-400k loans with 179 originations, totaling $47,775,000 in origination value.
Applicant Income
Bay lent most frequently to those with incomes in the $150k-250k range, with 190 originations. The second most popular income band? $100k-150k, with 178 originations.
Applicant Debt to Income Ratio
Bay lent most frequently to those with DTI ratios of 30-36%, with 142 originations. The next most common DTI ratio? 20-30%, with 131 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications70.36%
Bay has a below average approval rate.
Pick Rate
Approvals leading to origination77.42%
Bay has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 620 | $161,050,000 | $259,758 |