Home Equity - BayFirst Financial

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Unlock Your Home's Value

Fund a home improvement project, cover an unexpected expense, pay for school, and more with a customized home equity loan from BayFirst. Discover the power of your home's equity and take advantage of flexible spending options.

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Your Equity. Your Choice.

Explore our suite of home equity loan options,
tailored to fit your unique financial needs and goals.

Home Equity Loan

Enjoy predictability and convenience.

Borrow against the equity you’ve built in your property and receive a lump sum amount. Expect a fixed interest rate and longer repayment terms when compared to a Home Equity Line of Credit (HELOC).

BayFirst Home Equity Loan Features:

Fixed interest rates as low as 6.25% Annual Percentage Rate (APR)¹for creditworthy borrowers
No closing costs fees up to $2,500²
Borrow up to 100% of your home's value
Flexible repayment periods: 5-year, 10-year, 15-year, and 20-year options
Potential tax benefits (consult with a tax advisor for eligibility)

Apply Today

Home Equity Line of Credit (HELOC)

Enjoy flexible spending options on your terms.

Borrow against the equity in your home with a revolving line of credit. Access funds as needed, up to a predetermined limit, and repay the borrowed amount with variable interest rates – just like a credit card.

BayFirst HELOC Loan Features:

Rates as low as 8.5% APR³ for creditworthy borrowers
Option to lock a portion of the balance into a fixed-rate loan⁵
No closing costs fees up to $2,500²
Borrow up to 100% of your home's value
10-year draw with up to 20-year repayment period

Apply Today

Home Improvement Loan

Take on a big project that adds permanent value to your home.

Borrow up to 133%* of what your home is worth to fund a major renovation, such as a kitchen or bathroom remodel, built-in patio, inground pool, or new addition. Enhance your living space and increase your property's value.

BayFirst Home Improvement Loan Features:

Rates as low as 6.25% APR⁴for creditworthy borrowers
No closing costs fees up to $2,500²
Borrow up to 133% of your home's value
Payment terms up to 20 years
No private mortgage insurance required

Apply Today Learn More

Home Equity Loan FAQ

Home equity loans and HELOCs can be used for various purposes, including home renovations, debt consolidation, education expenses, or other major purchases.

A home equity loan provides a lump sum amount with a fixed interest rate, while a HELOC offers a revolving line of credit with variable interest rates. Home equity loans are typically used for one-time expenses, while HELOCs provide ongoing access to funds for various needs.

The main difference between a HELOC draw and a home equity loan payment lies in how you access and repay the borrowed funds. With a HELOC draw, you can access funds (or a portion of your funds) as needed, similar to using a credit card, and only pay interest on the amount you've withdrawn. In contrast, a home equity loan provides a lump sum upfront, and you make regular payments on the entire borrowed amount, typically at a fixed interest rate, until the loan is paid off.

Home equity loans and HELOCs offer several benefits, including lower interest rates compared to other types of loans, the ability to borrow larger amounts, and potential tax deductions on interest payments (consult with a tax advisor for eligibility).

You can apply online at Apply Now link above or stop into a local BayFirst banking center (locations below) to complete an application in-person. Once we receive your completed application, we'll determine your eligibility before discussing loan terms.

The average time from application to approval is typically around 2 to 6 weeks, depending on how quickly the borrower can supply the required information and documentation. A motivated and responsive borrow can cut that time down significantly.

While BayFirst covers closing costs up to the first $2,500², there may be additional fees involved, such as application fees, appraisal fees, and annual maintenance fees for HELOCs. Appraisal fees are not covered by BayFirst.

Still Have Questions?

Not sure which option is best for you or need more information? Our team of dedicated lenders are here to help. Contact us today to explore your options and take the next step.

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Our Convenient Locations

Belleair Bluffs

401 N. Indian Rocks Rd. Belleair Bluffs, FL 33770

813.344.5805

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Open today until 12:00PM

Carrollwood

16002 N. Dale Mabry Highway Tampa, FL 33618

833.698.2265

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Open today until 12:00PM

Countryside

2520 Countryside Boulevard Clearwater, FL 33763

727.685.2090

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Open today until 12:00PM

North Sarasota

1782 Dr. Martin Luther King Jr. Way Sarasota, Fl 34234

941.263.1127

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Pinellas Park

5250 Park Boulevard Pinellas Park, FL 33781

727.399.5617

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Open today until 12:00PM

Sarasota Bee Ridge

5600 Bee Ridge Road Sarasota, Fl 34233

941.777.8043

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Sarasota Downtown

2033 Main Street, Suite 101, Sarasota, FL 34237

941.251.1440

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Sarasota South Tamiami Trail

2075 S. Tamiami Trail Sarasota, FL 34239

727.231.6732

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Seminole

9190 Seminole Boulevard Seminole, FL 33772

727.685.2083

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St. Petersburg

700 Central Avenue St. Petersburg, FL 33701

727.440.6848

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West Bradenton

2102 59th Street W. Bradenton, FL 34209

833.698.2265

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West Tampa

3015 W Columbus Drive Tampa, FL 33607

813.400.1561

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¹The monthly payment for a loan amount of $50,000.00 for a 5–year term with a fixed rate of 6.25% APR will be $972.46, with a finance charge of $8,347.79. Payment is principal and interest only and does not include taxes and insurance.

²No closing costs up to $2,500. Borrower will be responsible for anything over $2,500 at closing.

³Rates will vary with the market based on the Prime Rate + margin. Standard APRs are variable during the 10-year draw period and 20-year repayment period and apply only to the variable rate option and are based on your collateral property location, credit line amount, combined Loan-To-Value (CLTV) ratio and other factors. APR will continue to be calculated at a variable rate and your minimum monthly payment will be 1/240th of the total balance at the end of the draw period, plus interest and any applicable fees/charges. Offer subject to credit approval.

⁴The monthly payment for a loan amount of $100,000.00 for a 5–year term with a fixed rate of 6.25% APR will be $1,944.93, with a finance charge of $16,695.56. Payment is principal and interest only and does not include taxes and insurance.

⁵You may have up to 5 fixed rate draws outstanding at any given time. The minimum draw amount required is $5,000.00. The maximum allowable draw amount is the outstanding line of credit at the time of request

*Proof of improvement required. The maximum amount of the loan is determined by subtracting the amount of any outstanding liens from 133% of the home value.

All loans subject to approval, including credit approval. Income, credit and property restrictions may apply. Other programs available. Programs subject to change or termination without notice. BayFirst National Bank is not affiliated with the Federal Housing Administration, U.S. Department of Veterans Affairs, or any other government agency.

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Unlock Your Home's Value

Fund a home improvement project, cover an unexpected expense, pay for school, and more with a customized home equity loan from BayFirst. Discover the power of your home's equity and take advantage of flexible spending options.

Your Equity. Your Choice.

Explore our suite of home equity loan options, tailored to fit your unique financial needs and goals.

Home Equity Loan

Home Equity Line of Credit (HELOC)

Home Improvement Loan

Home Equity Loan FAQ

What can I use a home equity loan or HELOC for?

How does a home equity loan differ from a HELOC?

What's the difference between a draw and a payment?

What are the benefits of using a home equity loan or HELOC?

How do I apply for a home equity loan or HELOC?

How long does it take to get approved for a home equity loan or HELOC?

Are there any fees associated with home equity loans or HELOCs?

Still Have Questions?

Our Convenient Locations

Explore our suite of home equity loan options,
tailored to fit your unique financial needs and goals.