Which Loan is Right for You?

*Closing cost savings based on average loan amount of $458,100. Annual Percentage Rate (APR) of 5.521%, on a 30 year fixed First Time Home Buyers Program. Actual savings may vary.

**No closing costs include lender fees, appraisal fees, title fees, and escrow fees. First Time Homebuyer Program available to those that have not owned a property in the last three years. Offer valid on owner-occupied single-family residences for those with a credit score of 680+. Maximum loan amounts up to $1,149,825 in Santa Cruz and San Benito Counties, and $920,000 in Monterey County. Mortgage insurance required for loan amounts greater than 80% loan to value. Offer applicable on purchase transactions in the State of California. Offer not available on refinances. Other restrictions may apply. Terms and conditions are subject to change without notice. All loans are subject to approval of credit, income verification, and property valuation. Bay Federal Credit Union membership required at the time of closing. For more information call a Bay Federal Home Loan Consultant at 831.479.6000, or toll-free at 888.4BAYFED, extension 8304.

†Manufactured homes must be built after 6/15/1976 and be real property.

‡Offer applicable to all 1st mortgage refinances and purchases with a minimum loan amount of $40,000 and a maximum of $3,000,000. One free appraisal per transaction. If mortgage guidelines require more than one appraisal, borrower must pay for second appraisal. Offer does not apply to reinspection costs, if required. Terms and conditions are subject to change without notice. All loans are subject to credit approval. Bay Federal Credit Union membership required at the time of closing. For more information, visit any Bay Federal Credit Union branch or call a Bay Federal Home Loan Consultant at 831.479.6000 or toll-free at 888.4BAYFED, extension 8304.

§The APR is variable and is based upon an Index plus a margin. The Index is the “Prime Rate” as published in the “Money Rates” section of the online edition of the Wall Street Journal on the first day of the billing cycle. Eligible Lines of Credit loan amounts up to $400,000.  As of February 9, 2023, the variable APR for Home Equity Lines of Credit ranged from 8.25% APR to 9.75% APR, depending on your credit score (the lowest APR disclosed includes any applicable rate discounts).  The maximum APR during the term of the plan is 18.00%.  The maximum loan amount is $400,000. An estimate of the fees imposed for opening the plan are $750 to $2500. However, these fees will be waived and/or paid by the Credit Union provided that our security interest in your home is maintained for at least 36 consecutive months from the date the HELOC account is opened. Otherwise, you must reimburse the Credit Union for these waived and/or paid fees (not to exceed $500). An annual fee of $75 is required on all balances of less than $20,000 after the first year. During the Draw Period, you may convert the variable interest rate and repayment schedule on a portion of your outstanding balance to a fixed rate and repayment schedule (subject to the terms and conditions set forth in the Home Equity Line of Credit Agreement). Each time you fix a portion of your loan balance, you will be assessed a charge of $50.00. Only three (3) fixed-rate options may exist at any one time.

Loans are subject to credit approval and program guidelines. Interest rates and programs terms are subject to change without notice. Property insurance is required. Other restrictions may apply. Bay Federal Credit Union membership required at the time of closing. For more information, visit any Bay Federal Credit Union branch or call a Bay Federal Home Loan Consultant at 831.479.6000 or toll-free at 888.4BAYFED, ext. 8304.