Is Bay Capital Mortgage Corporation a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Bay Capital Mortgage Corporation with other lenders for comparable mortgages. Nationally, here is what we find:
|Interest Rate||similar to average (-0.06%)|
|Loan Related Closing Costs||lower than average (-$263)|
|National Rate and Closing Cost Rating||(4.0)|
On average, Bay Capital Mortgage Corporation’s interest rates were similar to those of other lenders (-0.06%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$263. Overall, combining interest rates and closing costs we estimate that Bay Capital Mortgage Corporation tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.
Bay Capital Mortgage Corporation’s Rates by Area
Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Bay Capital Mortgage Corporation was most active in:
Furthermore, Bay Capital Mortgage Corporation is our top ranked mortgage lender in terms of interest rate and closing costs in Easton, MD, overall.
You can click through to check out Bay Capital Mortgage Corporation’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.
Bay Capital Mortgage Corporation’s Rates by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Bay Capital Mortgage Corporation originated Conforming, Jumbo and USDA mortgages for new home purchases. It also originated Conforming and Jumbo mortgages for refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.
|New Purchase Mortgages||Conforming||Jumbo||USDA|
|Interest Rate Difference||-0.07%||+0.04%||-0.02%|
|Loan Related Closing Cost Difference||-$202||+$49||-$175|
|Cost Adjusted Rate Difference||-0.08%||+0.04%||-0.04%|
|Interest Rate Difference||-0.06%||+0.01%|
|Loan Related Closing Cost Difference||-$407||+$4|
|Cost Adjusted Rate Difference||-0.08%||+0.01%|
As a summary, Bay Capital Mortgage Corporation is cheap for Conforming purchase mortgages. It is similar to other lenders for Jumbo and USDA purchase mortgages. For refinancing mortgages, Bay Capital Mortgage Corporation is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.
Other information about Bay Capital Mortgage Corporation:
Registered city and state: Annapolis, MD, 21401
Regulator: United States Department of Housing and Urban Development (HUD)
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Bay Capital Mortgage Corporation’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.