Home Equity loans
are very popular right now because of the low interest rates available.
They can be used to pay off those high interest credit cards, remodel
a kitchen, or anything you need extra cash for.
Want a general idea of what you qualify for? Get
Pre-Qualified and we will give you a quote based on
a few pieces of information. The information you submit is secure
through 128bit SSL military encryption.
If you would like to know exactly what you qualify for, Apply
Online, and we will give you an accurate assessment
of what you qualify for. The information you submit is secure through
128bit SSL military encryption. If you feel more comfortable filling
out a written application, you can print out the Uniform Residential Loan Application and the credit
release form and fax them to
650-685-5821 or send them to:
Bay Financial Company 220 Baldwin Ave, San Mateo, CA 94401 .
If you have any questions, just click "Contact Us" on
the left. You can contact
Bay Financial Company by calling
650-685-5815 or sending a fax to
650-685-5821 . You can email us at
If you received an error message when trying to download either
of the above forms, you might need to first download the acrobat
Home Equity is the net value of your home that you
own outright. In other words, it is the fair market
value of your home minus what you owe on your mortgage. For
example, if your home is worth $200,000, and the balance
remaining on your mortgage is $150,000, then your home equity
is $50,000. You own $50,000 of your home free and clear.
We have some more information about home equity loans further
down, or you can start the loan process by clicking the pre-qualification
link below. If you want to know for sure where you stand, We
have included the official Uniform Residential Loan Application
and Credit Release form which can be printed and faxed to us.
Home equity financing is when you borrow
against your equity by using your home as loan collateral.
Your property is pledged to the lender as security in case
you don't pay back your loan. Borrowing against your home equity
will reduce your home equity. So, for example, if you borrow
$10,000 against your $50,000 home equity, your home equity
is reduced to $40,000 until you pay back the loan. You can
use our online calculators and calculate estimated monthly
It is important that you consider your complete financial
situation, including your other debt, to determine whether
home equity financing fits within your income and budget.
Before beginning the home equity process, you should determine
your exact need for home equity financing. Homeowners use home
equity financing for a variety of different reasons, some of
which may include:
Determine the Nature of the Expense
- Paying off debt, such as credit cards.
- Making home improvements to increase
a home's resale value.
- Putting additions on the house
to make more room for a growing
family or a parent or relative
who is moving in.
- Upgrading kitchens with new cabinets
- Financing an education.
Once you determine why you need home equity financing, you
will need to think about the nature of your expense as well
as your borrowing preferences. This will help you to best meet
your needs by deciding which type of home equity financing
makes the most sense. Think about which of the following categories
your home financing need most likely falls into:
- Is your financing need a project or expense where you will
most likely need the entire amount up-front that you can
pay back in fixed monthly payments?
- Do you have a current expense or foresee possible future
projects or expenses, which may be over the long-term or entail
incremental payments, for which you would like to have flexible
Once you have categorized your basic needs, your next step
is to Get
Pre-Qualified or Apply