Bay Capital Mortgage Corporation Rates, Fees & Info

ANNAPOLIS, MD

LEI: 549300LT75BG7Z054795

Tax ID: 52-1867436

4.7 stars - out of 5 stars, based on 54 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bay Capital Mortgage Corporation is a smaller mortgage company specializing in Home Purchase and Refi loans. Bay Capital Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Baltimore, Washington, Easton, Salisbury, and California among others. Bay Capital Mortgage Corporation has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Bay Capital Mortgage Corporation is typically an average fee lendor.


Originations

2,896

Origination Dollar Volume (All Markets)

$968,620,000
Show all (20) awards

Relative Rate

Bay Capital Mortgage Corporation's average 30 year fixed rate mortgage of loans were 2.91%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.24%.

Relative Fees

Bay Capital Mortgage Corporation's average total fees for a 30 year fixed rate mortgage are $5,755.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1,219 $444,585,000 $364,713 $5,599 2.87%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 658 $237,170,000 $360,441 $6,024 2.87%
Easton, MD (FHA|USDA|VA) 156 $51,940,000 $332,949 $4,357 2.86%
SALISBURY, MD-DE (FHA|USDA|VA) 145 $42,915,000 $295,966 $4,210 2.99%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 103 $32,915,000 $319,563 $6,490 2.80%
TALLAHASSEE, FL (FHA|USDA|VA) 119 $30,345,000 $255,000 $5,503 2.82%
Outside of Metro Areas 121 $27,725,000 $229,132 $4,140 2.83%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 84 $20,680,000 $246,190 $4,411 2.91%
GETTYSBURG, PA (FHA|USDA|VA) 79 $20,415,000 $258,418 $4,866 2.86%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 34 $9,700,000 $285,294 $6,840 3.24%
YORK-HANOVER, PA (FHA|USDA|VA) 27 $7,025,000 $260,185 $6,120 2.87%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 17 $5,765,000 $339,118 $5,004 2.76%
Cambridge, MD (FHA|USDA|VA) 18 $3,940,000 $218,889 $4,280 2.87%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 9 $3,745,000 $416,111 $4,414 2.86%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $2,885,000 $577,000 $5,204 3.30%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 8 $2,440,000 $305,000 $5,376 2.92%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 11 $2,365,000 $215,000 $5,522 2.80%
JACKSONVILLE, FL (FHA|USDA|VA) 9 $2,005,000 $222,778 $4,847 2.78%
RICHMOND, VA (FHA|USDA|VA) 6 $1,980,000 $330,000 $6,959 2.79%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 9 $1,945,000 $216,111 $4,217 2.86%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,270,000 $317,500 $3,854 2.81%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $1,210,000 $302,500 $7,778 2.75%
PITTSBURGH, PA (FHA|USDA|VA) 3 $1,035,000 $345,000 $8,065 2.63%
PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $995,000 $331,667 $5,133 2.88%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 5 $905,000 $181,000 $4,694 3.08%
WINCHESTER, VA-WV (FHA|USDA|VA) 4 $860,000 $215,000 $4,016 2.84%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $755,000 $755,000 $14,468 2.88%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $685,000 $228,333 $4,091 3.42%
LANCASTER, PA (FHA|USDA|VA) 3 $655,000 $218,333 $4,309 2.83%
WILMINGTON, NC (FHA|USDA|VA) 2 $650,000 $325,000 $3,084 3.06%
JACKSONVILLE, NC (FHA|USDA|VA) 3 $605,000 $201,667 $3,995 2.58%
CUMBERLAND, MD-WV (FHA|USDA|VA) 3 $495,000 $165,000 $4,379 2.96%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $485,000 $485,000 $5,840 2.38%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $425,000 $425,000 $3,371 3.00%
WHEELING, WV-OH (FHA|USDA|VA) 1 $375,000 $375,000 $4,707 2.25%
PANAMA CITY, FL (FHA|USDA|VA) 1 $355,000 $355,000 $480 2.25%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $355,000 $355,000 $1,054 2.38%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $335,000 $335,000 $4,234 2.88%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $335,000 $335,000 $9,799 2.50%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $325,000 $325,000 $9,823 3.25%
LYNCHBURG, VA (FHA|USDA|VA) 1 $325,000 $325,000 $3,535 2.75%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $305,000 $305,000 $7,411 2.50%
DOVER, DE (FHA|USDA|VA) 1 $285,000 $285,000 $8,512 3.25%
Thomasville, GA (FHA|USDA|VA) 1 $275,000 $275,000 $3,295 2.88%
ASHEVILLE, NC (FHA|USDA|VA) 1 $255,000 $255,000 $3,376 2.88%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $255,000 $255,000 $4,619 0.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $255,000 $255,000 $0 5.38%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $195,000 $195,000 $2,802 2.88%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $195,000 $195,000 $3,151 2.75%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $195,000 $195,000 $3,219 3.50%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,692 2.75%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $165,000 $165,000 $0 3.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $135,000 $135,000 $2,629 2.75%

Bay Capital Mortgage Corporation's top markets include Baltimore, Washington, Easton, Salisbury, and California among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,103 $684,785,000 $325,623 $4,228 2.96%
VA 395 $165,145,000 $418,089 $8,724 2.57%
FHA 273 $86,555,000 $317,051 $9,522 2.78%
USDA 125 $32,135,000 $257,080 $6,277 2.64%

For the 2021 period, Bay Capital Mortgage Corporation's most frequently originated loan type of loans were Conventional, with 2,103 originations. Their 2nd most popular type is VA, with 395 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,523 $546,585,000 $358,887 $6,669 2.90%
Refi 1,021 $309,685,000 $303,315 $3,843 2.78%
Cash Out Refi 352 $112,350,000 $319,176 $4,855 3.01%

For the 2021, Bay Capital Mortgage Corporation's most frequently cited loan purpose of loans were Home Purchase, with 1,523 originations. The 2nd most popular reason of loans were Refi, with 1,021 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,533 $874,885,000 $345,395 $5,755 2.91%
15 Year 219 $55,545,000 $253,630 $3,455 2.52%
20 Year 94 $24,650,000 $262,234 $3,423 2.84%
Other 34 $9,480,000 $278,824 $3,624 3.06%
10 Year 16 $4,060,000 $253,750 $3,040 2.39%

For the 2021, Bay Capital Mortgage Corporation's most frequently cited loan length of loans were 30 Year, with 2,533 originations. The 2nd most popular length of loans were 15 Year, with 219 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 2,398 $773,960,000 $322,752
$2k-3k 181 $59,625,000 $329,420
$3k-4k 145 $56,705,000 $391,069
$<1k 98 $39,570,000 $403,776
$5k+ 74 $38,760,000 $523,784

$5,755 of loans were Bay Capital Mortgage Corporation's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 2,398 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,588 $534,070,000 $336,316
3-4% 737 $248,105,000 $336,642
<2.5% 514 $170,840,000 $332,374
4-5% 15 $3,405,000 $227,000
5-6% 1 $255,000 $255,000
6-7% 1 $125,000 $125,000

During 2021, Bay Capital Mortgage Corporation's average interest rate of loans were 2.91%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,588 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,550 $454,330,000 $293,116 $5,113 2.86%
$400k-600k 674 $323,620,000 $480,148 $6,637 2.85%
$100k-200k 502 $80,810,000 $160,976 $3,566 2.93%
$600k-1MM 114 $81,530,000 $715,175 $10,852 2.93%
$100,000 or less 37 $3,045,000 $82,297 $2,941 2.81%
$1MM+ 19 $25,285,000 $1,330,789 $7,871 2.89%

2021 saw Bay Capital Mortgage Corporation place emphasis on $200k-400k loans with 1,550 originations, totaling $454,330,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 722 $253,590,000 $351,233 $5,700 2.90%
$75k-100k 553 $162,615,000 $294,060 $5,581 2.90%
$150k-250k 543 $227,665,000 $419,273 $5,695 2.91%
$50k-75k 538 $131,030,000 $243,550 $5,238 2.86%
$50k or less 323 $81,085,000 $251,037 $4,316 2.65%
$250k+ 216 $112,250,000 $519,676 $6,147 2.97%

Bay Capital Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 722 originations. The second most popular income band? $75k-100k, with 553 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 683 $220,465,000 $322,789 $4,732 2.87%
30-36% 590 $203,930,000 $345,644 $5,645 2.90%
<20% 248 $75,720,000 $305,323 $4,018 2.80%
44% 111 $34,635,000 $312,027 $5,471 2.99%
42% 108 $34,830,000 $322,500 $6,138 3.00%
43% 107 $35,035,000 $327,430 $5,827 2.91%
39% 104 $34,830,000 $334,904 $5,572 2.94%
40% 101 $36,315,000 $359,554 $6,263 2.92%
37% 101 $34,365,000 $340,248 $6,165 2.98%
38% 98 $32,060,000 $327,143 $6,143 2.88%
36% 97 $32,465,000 $334,691 $5,236 2.97%
41% 83 $29,705,000 $357,892 $5,864 2.93%
45% 65 $23,635,000 $363,615 $7,316 2.87%
46% 64 $23,170,000 $362,031 $6,731 2.86%
47% 63 $21,425,000 $340,079 $5,614 2.89%
48% 52 $16,100,000 $309,615 $5,998 2.91%
49% 51 $16,795,000 $329,314 $7,223 2.94%
50-60% 37 $16,095,000 $435,000 $10,884 2.72%

Bay Capital Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 683 originations. The next most common DTI ratio? 30-36%, with 590 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,259 $744,345,000 $329,502 $5,138 2.87%
Black 356 $122,360,000 $343,708 $6,915 2.90%
Not provided 208 $74,680,000 $359,038 $6,405 2.86%
Asian 52 $20,100,000 $386,538 $5,759 2.91%
American Indian 12 $4,600,000 $383,333 $6,525 2.85%
Asian Indian 4 $1,040,000 $260,000 $3,210 2.75%
2 $910,000 $455,000 $3,975 3.13%
Native Hawaiian 2 $390,000 $195,000 $5,468 2.81%
Other Asian 1 $195,000 $195,000 $2,622 3.25%

Approval Rates

Total approvals of all applications
95.56%

Bay Capital Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
83.98%

Bay Capital Mortgage Corporation has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,896 $968,620,000 $334,468

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,896 $968,620,000 $334,468

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 93 $19,655,000 $211,344 $3,047 2.77%
40-60% 339 $87,805,000 $259,012 $3,361 2.83%
60-80% 974 $322,790,000 $331,407 $4,162 2.97%
80-100% 1,372 $487,770,000 $355,517 $6,166 2.84%
Over 100% 115 $49,965,000 $434,478 $14,957 2.69%
Under 20% 2 $250,000 $125,000 $2,993 2.88%