Purchase

Purchasing a new home is an exciting time. For some it’s freedom from rent. For others, it’s the next step in growing home equity. Choosing the right loan can be overwhelming. Each loan-type has its advantages. Some short-term, some long-term. A friendly Bay Lending loan officer will take the time to learn you financial situation, and assist you in finding the best loan for your needs.

New Home Buyers:
See our New Home Buyer's Checklist.

Some of your choices will include:

Fixed-Rate Mortgages
Fixed-rate mortgages, the most popular type of mortgage, offer the peace of mind that your interest rate will remain the same for as long as you have your loan. Typically, the longer the term of the mortgage, the more interest you pay over the life of your loan. However, stretching out your repayment term means your monthly mortgage payments will be less than they would be with a comparable shorter-term mortgage.

Adjustable-Rate Mortgages (ARMs)
Adjustable Rate Mortgages are attractive when long-term interest rates are high and people need an affordable way of financing to buy homes. These products start out with a lower interest rate, then the interest rate adjusts periodically in accordance with the Prime Interest Rate. Ask a Bay Lending Loan Officer if an ARM is for you.

Low Down Payment Mortgages
Recognizing that saving enough money for a down payment can be a major stumbling block to buying a home, Bay Lending can lend you money even if you have limited funds for a down payment and closing costs.

Home Improvement Mortgages
By choosing to buy and fix up a home or by renovating your current home, you can make your dream house a reality. And with the right financing, you can do it economically. Bay Lending offers you several types of mortgages that let you finance home improvements.

There is no cost or obligation to Apply Online or talk with a friendly Loan Officer.