Home Equity Loans/Lines of Credit

Your next remodel? Your next kid going off to college? Your next vehicle? Whatever’s next, BayFirst wants to help you get there with a Home Equity Loan or HELOC.  You'll get flexible spending and easy access that lets you spend your money how and when you need to. Ready to get started? 

Home Equity Line of Credit

  • Flexible spending of your funds
  • Advances are easy, just write a check
  • Plan for future expenses
  • Low variable interest rates
  • Interest may be tax deductible2
  • No closing cost fees up to $2,5003
  • Lock in all or a portion of your Home Equity Line of Credit balance into a fixed rate and term4
  • Account Disclosures

Home Equity Loans

  • Plan for future expenses
  • Low fixed interest rates
  • Affordable monthly payments
  • Interest may be tax deductible2
  • No closing cost fees up to $2,5003
  • Account Disclosures

Home Improvement Loans

  • Borrow up to 133% of your home's value1
  • Have the option to spread out payments over twenty years
  • No private mortgage insurance requirements
  • No closing cost fees up to $2,5003
  • Account Disclosures

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Why BayFirst?

At BayFirst, we’re Here For What’s Next® - including your next big remodel or expense. But before you start drawing up blueprints or packing your kid up for college, you’ll need to find the right loan. For more than 20 years, BayFirst’s expert lenders have been helping homeowners like you find the best way to tap into their home's equity to ensure future financial success.

Home Equity FAQ

With both HELOCs and home equity loans, your borrowing limit is based on the amount of equity of your home (what you owe vs. the value of your home). The terms of your loan will be based on that number, and calculated by your lender during the application process.

It depends on a number of factors, but you’ll need to have a credit score of roughly 660 or higher and equity in your home.

It depends on your goals and financial situation. If you need a one-time purchase, a home equity loan might be better, whereas HELOCs may be better if you plan to spend over time. A lender will help you weigh your options.

All loans are subject to approval, including credit approval, income, credit and property restrictions may apply. Other programs available. BayFirst National Bank is not affiliated with the U.S. Department of Veteran Affairs, the U.S. Housing and Urban Development, or any other federal agency. Programs subject to change or termination without notice.

  1. 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.
  2. Please consult your tax advisor.
  3. No closing costs up to $2,500. Borrower will be responsible for anything over $2,500 at closing.
  4. You 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.