About Bay Equity Home Loans
Bay Equity Home Loans was founded in 2007 -- just before the financial crisis hit, perhaps the worst possible time to start a mortgage lending business. However, the company not only survived but has grown rapidly in the years since then, and it now has retail branches in 27 states, staffed by hundreds of local mortgage teams. The lender built a reputation for excellent customer service.
In 2022, Bay Equity Home Loans was acquired by real estate technology company Redfin. Although it's a Redfin subsidiary and many Redfin agents direct their clients to Bay Equity Home Loans, it retains its brand name and originates mortgages for home buyers, regardless of what broker they use to buy a home.
How to apply for a mortgage with Bay Equity Home Loans
You can fill out a pre-approval application online, but to complete the process, you'll need to speak with a Bay Equity Home Loans loan officer. A local mortgage professional will contact you after you complete the online application form, which can be accessed through the "mortgage" tab on Redfin's website or by searching for your local mortgage broker through Bay Equity Home Loans' page.
Many customer reviews praise the speed at which the Bay Equity Home Loans loan officer will contact you after submitting your application. Once you have a home under contract, your loan officer will walk you through the rest of the process. Required documents can be submitted digitally, and Bay Equity Home Loans aims to move the closing process along as quickly as possible. Documentation you'll need to gather includes, but is not necessarily limited to:
- Recent tax returns
- Recent pay stubs and W-2s/1099s
- Contact information for your employer
- Bank statements
- Brokerage account statements (including retirement accounts)
- Copy of photo ID (driver's license, passport, etc.)
For credit score and down payment requirements, it depends on what type of loan you're applying for as well as the strength of your overall qualifications. However, it's worth noting that Bay Equity Home Loans prides itself on helping buyers with down payment assistance programs, many of which are state- or local-specific.
Bay Equity Home Loans mortgage rates
Bay Equity Home Loans' mortgage rates seem to trend in line with or lower than the national average. Bay Equity Home Loans doesn't publish its mortgage rates online, and you need to go through the pre-approval process and speak with a loan officer to find out your rates.
However, many reviews indicate that Bay Equity Home Loans' mortgage rates are highly competitive, with virtually every customer review on Zillow indicating that the interest rate they received was "as expected" or "lower than expected."
Bay Equity Home Loans refinance rates
Bay Equity Home Loans' refinance rates seem to trend in line with or lower than the national average. Bay Equity Home Loans doesn't publish its refinancing rates online, and you need to go through the pre-approval process and speak with a loan officer to find out your rates.
Reviews indicate that Bay Equity Home Loans' mortgage rates are highly competitive, as mentioned in the previous section. However, there is little information available about refinancing rates, since mortgage rates have been relatively high in recent years and fewer homeowners have refinanced.
Bay Equity Home Loans fees
One of the biggest drawbacks of Bay Equity Home Loans is its lack of transparency when it comes to interest rates and fees. The business is designed to encourage prospective customers to reach out to Bay Equity Home Loans' mortgage professionals, so this information is intentionally lacking on the website.
Having said that, reviews on Zillow are rather evenly split between labeling fees and closing costs "as expected" or "lower than expected." Not one single recent review claimed that fees were higher than the buyer expected.
At a minimum, buyers should expect an origination fee, as well as an appraisal fee, inspection fee, title insurance, and underwriting fee. According to Bay Equity Home Loans' website, closing costs and fees typically range from 2% to 5% of the purchase price.
Bay Equity Home Loans customer service
Bay Equity Home Loans has an A+ rating from the Better Business Bureau and an average rating of 4.92 out of 5 stars on the BBB website, one of the highest we've ever encountered from a financial services company.
Even more impressive is the average rating of 4.98 out of 5 stars, based on nearly 8,800 reviews, on Zillow. Reviews often call out the speed and responsiveness of Bay Equity Home Loans' mortgage professionals, and reviewers overwhelmingly said that their mortgage closed on time or even early.
Bay Equity Home Loans' mortgage professionals are available by phone or email seven days a week to answer buyer questions and help navigate the process, and virtually all reviews indicate they do a solid job of it.
