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Bay Equity is a home loan company that began in San Francisco and has expanded to thirty states, They offer a full complement of loan options, from conventional loans to jumbo loans. Their website is very explanatory, although their process for prequalification is all paper based as opposed to digitally based. Many loan companies now offer to gather all of your documentation (tax forms, pay stubs, debt information, etc.) for you if you sign a release that allows them access to your private financial information. The company gathers all your information and loads it electronically. They create an account page that you can check on to see the progress of your prequalification application.

Bay Equity’s History and Services

Bay Equity is a young company, only starting to offer loans in 2008. You might make note that 2008 was the beginning of the recession, so the fact that they became a mortgage company during that period is refreshing. However, at least by the looks of their website, they have not progressed along with the market. In addition to requiring paperwork, the company provides no guarantee that the interest rate or terms that were approved in the prequalification application will still be the same once the closing day comes. Many other companies offer a “freeze” once the application has been approved, as long as you complete the closing process in the appropriate time period.

Level of Service

Although they offer a wide range of home loan, refinancing and even reverse mortgage products, Bay Equity has fallen behind the times in terms of service. Efficiency in the application process, as well as some predictability in the closing process have become more standard in the industry. Bay Equity looks like a fast growing company and given their main and initial market is in boomtown USA, it is not hard to imagine why their business has expanded.