September 24th, 2013

Bay Equity Expands in Southern California

Posted by at 10:22 am

Bay Equity Expands in Southern California with Addition of CalPacific and The Touchstone Group Bay Equity President and CEO Brett McGovern said, “We are honored to align with Craig Bramlett, Rick Jones and the men and women of CalPacific, CalPacific – The Rafii Group and The Touchstone Group. They are highly experienced loan professionals who have provided the people of San Diego County with exceptional service for more than 20 years.” Bay Equity Chief Operating Officer Casey McGovern added, “They are a perfect fit for our family owned and operated company and share our commitment to customer service. We’re excited about the future and pleased they chose to become a part of us.” CalPacific co-founder Craig Bramlett noted, “We have found the right company in Bay Equity. It shares our ethics and values. Plus, it’s a California company with regional...
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September 20th, 2013

Are You Ready? 10 Steps to Home Ownership

Posted by at 8:11 am

You’ve done the research, you’ve browsed homes, and now you finally made the decision to purchase a home. The home-buying experience can be challenging for home-buyers because of the detailed process and the involvement of so many outside parties.  Do you know if you’re truly ready to purchase a home? shares 10 Steps to Home Ownership. Decide what you want, and if you are ready. Whether you are a first-time home buyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy. Get a Realtor. Buying and selling real estate is a complex matter. In this maze of forms, financing, inspections, marketing, pricing and negotiating, it makes sense to work with professionals who know the community and much more. Those professionals are the local REALTORS® who serve your area. Get Pre-approved for a Loan. Contact...
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September 18th, 2013

How Much House Can You Afford?

Posted by at 12:14 pm

How much house you can afford is contingent upon numerous factors, but your DTI, debt-to-income ratio, is a significant indicator to lenders. It’s easy to calculate and monitor your DTI, but lenders use different ratios to determine if a buyer is qualified.  DTI is significant when financing a home because lenders have to see that there is minimal risk in approving any type of loan – a buyer qualifies when their DTI is low because they can afford to make timely payments, therefore reducing any risk of foreclosure, or worse, bankruptcy. explains this and more in this article:
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August 23rd, 2013

3 Keys to Mastering New Home Loan Hurdles

Posted by at 10:07 am

Home loans are harder to get than they’ve been in years. Stricter new rules starting next year could add to the stress. Mortgage rates are rising, and while there have been some signs of a lending pickup in the strengthening housing market, banks are still making one-third as many loans as they did before the housing crash. So how do you get a mortgage to buy or refinance your home? And should you rush to get a loan approved now before it gets harder? Depending on your circumstances, you might want to get that home deal done before the rules take effect in January 2014. There will be a new limit on how much you can borrow, and you will need to document things more thoroughly – no more “no doc” loans or “teaser” adjustable rates to help you qualify...
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August 13th, 2013

Will Retirees Finally Get a Mortgage Break?

Posted by at 8:12 am

Until recently, retirees living on a fixed income probably had a better chance at being chosen for The Price Is Right than qualifying for a mortgage. Even when borrowers hold substantial assets, an income from Social Security, pensions and investments has often been considered too low to meet today’s stricter mortgage eligibility requirements. But that scenario is changing. New options are in place for retirees who want to downsize but still need a mortgage, and for people who’d hoped to age in place with a smaller refinanced loan. Fannie Mae and Freddie Mac, the government-sponsored mortgage investment giants, announced recent policy changes that allow lenders to take retirees’ assets into account. So when loan officers calculate borrowers’ income eligibility, they can factor in IRA, 401(k) and other retirement assets as a supplement to their fixed income. “This could open up...
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August 8th, 2013

Legislation Seeks to Stabilize FHA’s Reverse Mortgage Program

Posted by at 4:15 pm

Legislation Seeks to Stabilize FHA’s Reverse Mortgage Program Due to requests from the Department of Housing and Urban Development (HUD) officials to gain the authority to add consumer safeguards and make other changes to improve financial performance of the Home Equity Conversion Mortgage (HECM) Program, the National Reverse Mortgage Lenders Association (NRMLA) has urged Congress to grant HUD such power so that loans would be better matched with qualified borrowers. HUD is seeking to include the ability to perform financial assessments of HECM applicants, set mandates for funds set aside for tax and insurance payments, set proceed amount withdrawal restrictions and have the ability to include all spouses on the loan – regardless of the age. “The HUD proposal is a model for responsive and responsible governing,” said Peter Bell, president and CEO of NRMLA. “No government program works perfectly...
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August 2nd, 2013

Bay Equity Grows Rapidly in First Half of 2013

Posted by at 8:29 am

Bay Equity Home Loans nearly doubled its branches in the first half of the year, having its largest six months of steady and substantial growth as a San Francisco-based mortgage lender. The company has added 30 new branches as it expands its reach of mortgage lending professionals. Bay Equity’s expansion in 2013 adds to an already impressive reputation for growth. In 2011 and 2012, Bay Equity was ranked by the San Francisco Business Times as among the “Top 100 Fastest-Growing Private Companies.” From opening its doors in 2008, Bay Equity has opened 69 branches and is licensed in 12 states: California, Idaho, Montana, New Mexico, Texas, Colorado, Oregon, Washington, Hawaii, Utah, Nevada, and Arizona. The branches that joined Bay Equity this year are experiencing their own success. Bay Equity’s Costa Mesa, CA branch opened in February. In its first two...
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August 1st, 2013

Oregon Now Offers Assistance to Homeowners Facing Foreclosure

Posted by at 9:28 am

Oregon Now Offers Assistance to Homeowners Facing Foreclosure Oregon is now accepting applications for a new assistance program to provide aid to homeowners facing foreclosure. The Home Rescue Program provides aid with up to one year of mortgage payments (capped at $20,000) and provide up to $10,000 to bring a delinquent mortgage current. In order to qualify for the program, you must be in a 10% decline in income this year compared to 2011 or 2012. This program is run by Oregon Homeownership Stabilization Initiative. It is open to all homeowners except Multnomah, Clackamas and Washington. The program will become available to these counties Aug. 28. For more Credit:
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June 6th, 2013

Bay Equity Home Loans Introduces “Bay Direct”

Posted by at 1:58 pm

Under the Bay Direct program, Bay Equity offers financed mortgage insurance, investment properties up to 85% loan-to-value, condo projects with litigation, geodesic homes, approved leaseholds, and delayed financing options. “Bay Direct offers the broadest guidelines possible,” said Director of Corporate Operations Julie Taylor. “With the introduction of this product we are continuing to leverage our direct agency approvals.” Bay Equity is a direct seller with full agency approval by Fannie Mae, Freddie Mac, and Ginnie Mae. Other Bay Equity agency-direct products include DU Refi Plus, Open Access and LP...
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June 4th, 2013

Bay Equity Offers Expanded HARP Program to Help Struggling Homeowners Refinance

Posted by at 7:08 pm

Significantly expanded Home Affordable Refinance Program assists “underwater” homeowners with their refinancing needs. Five years ago the real estate bubble burst and the mortgage industry imploded in the largest U.S. financial melt-down since the Great Depression. In an effort to help “at-risk-homeowners” avoid foreclosure, the Federal Government intervened and created the Home Affordable Refinance Program (HARP) in 2009. Through direct lenders like Bay Equity Home Loans, HARP has successfully helped many homeowners refinance out of high risk, sub-prime and adjustable rate loans into low fixed rate mortgages. With the recent extension of HARP through 2015, the Government expects millions more will benefit from the program. “When HARP was first introduced, it was fairly limited in its scope and excluded many homeowners,” says Tim Carroll, Sales Manager at Bay Equity Home Loans in Santa Rosa ( However, in 2012 the program...
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