Get your top questions answered
Whether you have questions about buying or refinancing a home, applying for or paying off a mortgage or home equity line of credit, or how the home lending process works in general, we've got answers.
We have valuable resources and answers to some of the most frequently asked questions about home lending.
Contact usPlease swipe through categories below to find answers.
Will getting a preapproval hurt my credit score?
For information on how inquiries impact your credit score, refer to FICO's website for more information.
How long does it take to get a mortgage?
The answer is…it depends. Generally, it can take approximately 30 days for your purchase mortgage to fund. However, please note that factors such as the type of loan product, property condition, appraisal turn times, market demand and ability to obtain required documentation may impact these timeframes. Contact a Mortgage Banker for current turn times.
What is the difference between prequalification and preapproval
Prequalification
The Banker collects estimates of your income and liabilities to determine what mortgage products may be available to you and what you can afford to borrow. Our Mortgage Bankers can prequalify you by phone, in some cases. It normally takes 15 to 20 minutes and the applicant will receive a prequalification letter.
Preapproval
This is a more thorough review of your creditworthiness. We verify not only your credit, but also your income, assets and liabilities. Further, you will need to submit documentation such as proof of income, assets and debt records. The process can take 20 minutes if you come prepared, or in some cases up to 2 business days.
When is a Home Appraisal ordered?
Once your offer to purchase a home is accepted and you have applied for a mortgage, the lender will order an appraisal to ensure that the property’s value is sufficient for the loan amount requested. A licensed appraiser will visit the property to conduct the appraisal inspection. Generally, the appraisal report is completed and received between 2 days to 2 weeks, depending on the type of appraisal, the location of the property and market demand.
What does loan closing mean?
Closing, generally, is when you sign your loan documents and become obligated on the mortgage loan, and, in a purchase transaction, when the seller signs documents to transfer you title to the property. The timing may depend on state laws and local practices.
What is the amortization period?
This is the repayment period of a loan during which payments of both principal and interest are required to be made to pay down the balance on the loan according to the terms of the loan documents prior to its maturity date. The amortization period may vary by the loan product and whether the loan has an interest-only period. For example a 30-year fixed rate mortgage loan, which requires principal and interest payments from the beginning, has a 30-year amortization period.
Is the interest tax deductible?
Interest paid on your mortgage loan and home equity line of credit may be tax deductible for some borrowers. Consult your tax advisor for more information.
What are some of the common mortgage fees and costs I might incur after closing?
Click here to download an outline of our common mortgage fees and costs.
How do I request a mortgage loan payoff amount?
Our customer service team can provide a loan payoff amount. Simply call 888-915-2327 (TTY: 800-659-5495) and select “mortgage payoff” to speak with one of our team members.
Do I need to be a current Bank of the West customer to apply?
No, we encourage customers and non-customers to apply.
My application was denied. Now what?
Please refer to your loan denial notice for the specific reason your application was denied. If you were denied due to credit score this article may be helpful: Good Credit Planning, for tips on how to improve your score. Your Mortgage Banker will assist with information that may be helpful when you’re ready to reapply.
How long does it take to refinance?
The answer is…it depends. Generally, it can take approximately 45 days for your loan to fund. However, please note that factors such as the type of loan product, property condition, appraisal turn times, market demand and ability to obtain required documentation may impact these timeframes. Contact a Mortgage Banker for current turn times.
Why are the rates that you offer me different from another lender?
Many factors are considered when a mortgage interest rate is established. Rates vary based on FICO® score, loan term, loan amount, down payment, property type and location. Speak with one of our Mortgage Bankers to find out the best rate that we can offer you.
When is a Home Appraisal ordered?
Once you have completed your application for a refinance, the lender will order an appraisal to ensure that the property’s value is sufficient for the loan amount requested. A licensed appraiser will visit the property to conduct the appraisal inspection. Generally, the appraisal report is completed and received between 2 days to 2 weeks, depending on the type of appraisal, the location of the property, and market demand.
How do appraisers evaluate a home?
Appraisers complete a visual inspection of the interior and exterior of the property and note any conditions that might adversely affect the property's value, such as needed repairs. Further, they compare the home to other similar homes in the area and their recent sales prices.
What are some of the common mortgage fees and costs I might incur after closing?
Click here to download an outline of our common mortgage fees and costs.
How do I request a mortgage loan payoff amount?
Our customer service team can provide a loan payoff amount. Simply call 888-915-2327 (TTY: 800-659-5495) and select “mortgage payoff” to speak with one of our team members.
How can I learn more about how a HELOC works?
Find out what a HELOC is, how it works, what to shop for, associated costs and more in this Important Terms Brochure.
How do I access the available credit under my Bank of the West HELOC?
You can access your credit by using Online Banking, HELOC checks, visiting a branch or contacting customer service at (800) 827-7500 (TTY: (800) 659-5495)).
How do I make a payment to my line of credit?
You can make a line of credit payment by using our automated phone system or by signing into your Online Banking account or mobile app. Sign into Online Banking, hover over "Payments & Transfers", and click "Transfer & Payments Between My Bank of the West Accounts" (if you have a Bank of the West Checking or Savings account).
If you want to make a payment from a non-Bank of the West account, sign into Online Banking, hover over "Payments & Transfers", click "Transfer & Payments Between My Bank of the West Accounts", then click "Use an account at another bank to pay your mortgage, loan or line of credit".
How can I set automatic payments for my HELOC?
You can request automatic payments when you apply for a new HELOC. You'll be able to confirm the automatic payment information on your Disbursement Request and Authorization document in the Automatic Payments section before you sign at closing. If you have any questions regarding this process, please ask your loan originator.
If you have an existing HELOC, you can add or remove automatic payments at any time. You may establish automatic payments from another institution or from Bank of the West. If you choose to establish automatic monthly payments from your Bank of the West personal checking or savings account you will receive a discount off your rate. Discounts may be reversed and your rate payments may increase if automatic payments are discontinued for any reason. If you have additional questions or would like to establish automatic monthly payments, please call us at (800) 827-7500 (TTY: (800) 659-5495).
How do I request a HELOC payoff amount?
Our customer service team can provide a home equity line of credit (HELOC) payoff amount. Simply call 1-800-827-7500 (TTY: 800-659-5495) and select “home equity line of credit payoff” to speak with one of our team members. To obtain a payoff quote for a fixed home equity loan, please call 1-888-915-2327 (TTY: 800-659-5495).
What is a subordination?
Usually, a subordination is an agreement between your first mortgage lender and any junior lien lenders, such as your home equity lender. It allows the junior lien lender to agree to remain in second lien position after your first mortgage lender’s refinance.
How can a subordination by Bank of the West be requested by a first mortgage lender and how long does the process take?
Our subordination request form and requirements (PDF) outlines what is required for a first mortgage lender to submit a request. Once the first mortgage lender's complete subordination package and payment to process the subordination request have been received, our subordination team will work with the first mortgage lender to make the process as quick and transparent as possible. We will not begin processing until all information is received from the first mortgage lender. Once received, please allow 30 business days for us to process the request. Unfortunately, we are unable to expedite any requests. All requests are processed in the order in which the complete subordination package is received.
After payoff and closure of my HELOC, when can I expect my lien release?
The release will be sent to the county in which the property is located for recording within your state’s time requirements. Typically, this will occur around 30 days after payoff, but is longer in some states.
Legal information and Disclosures
All loans subject to credit approval, standard mortgage qualifications and underwriting requirements. Additional fees, conditions, and restrictions may apply.