Get Prequalified or Preapproved for a Mortgage

Are you wondering how much you can afford for a new home? We can prequalify you within minutes or get you started home shopping with a preapproval letter. Have questions? Let us walk you through the rest of the home buying process. Our other benefits include, but are not limited to the following:

Relationship pricing for Bank of the West checking customers¹
Loan amounts up to $4,000,000
Flexible portfolio lending guidelines

Find out today's mortgage rates. Or we can get started today.

Quick Tip: Prequalified vs. Getting Preapproved

Prequalified

A lender can prequalify a buyer after they discuss the buyer's overall financial situation, such as credit, income, debt and assets. The benefit of a prequalified letter is that it's quick, it can be completed in a matter of minutes. A prequalified letter is based on your credit but does not include a verification of your income. It's an easy way to find out how much you can afford.

Preapproved

A preapproval letter is based on your credit and income and plays an important step in buying a home. In today's competitive home buying market, a preapproval letter will help your purchase offer stand out from the crowd and have a greater chance of being accepted. After you obtain your preapproval letter, our mortgage banker can guide you on what to expect when you apply for a loan, such as the credit review and providing documentation.

What Mortgage Home Loan Works for You…

Fixed Rate Mortgage

Adjustable Rate Mortgage (ARM)

What is it?
An adjustable rate mortgage fluctuates depending on interest rates meaning that monthly payments could rise or fall. An adjustable rate mortgage has a fixed interest rate period of 5, 7 or 10 years, typically. After the fixed rate period has ended, your interest could go up or down depending on a mortgage index (example: LIBOR). You can have peace of mind knowing that your adjustable rate will not exceed 5 percent above your initial rate over the life of the loan.

Who's it good for?
An adjustable rate mortgage is good option if you don't plan on living in the property for the full term of the loan or if you relocate frequently as a result of your job. Since you don't need a longer term loan, you can enjoy a lower rate and payment during the fixed period.

Jumbo Mortgage
You can save big on a refinance for jumbo loans. Connect with us to see if your jumbo loan qualifies for refinancing.

Quick Tip
The ARM’s interest rate adjusts with an index, which is set by the market. Your loan paperwork will indicate which index your ARM follows.

FHA (Government) Mortgage

What is it?
An FHA loan is a Federal Housing Administration loan provided by the Department of Housing and Urban Development (HUD). The qualifications for an FHA loan are different from a conventional loan, but you'll find the same loan terms of 15 or 30 years. In many cases, a smaller down payment is required and the loan qualifications are easier to meet. You can refinance a conventional loan into an FHA loan and vice versa or refinance a FHA loan to a different type of FHA loan.

Who's it good for?
These loans are designed to be more affordable; a great option for first time homebuyers.

High Balance Mortgage
Also known as a "High-Balance Mortgage Loan", is a conventional mortgage which exceeds the conforming loan limits, but does not exceed the loan limit for the high-cost area in which the mortgaged property is located.

Quick Tip
Read through all of FHA's qualifications before you apply.

Home Buying Process

Get Preapproved

In today's competitive home buying market, a preapproval letter will help your purchase offer stand out from the crowd and have a greater chance of being accepted.

Get your finances in order

We can help you figure out how much you can afford and get you preapproved.

Shop for a home

Now, the fun part begins. Shop for a new home with confidence backed by a preapproval.

Contact Us

Call us back once you've found the home that’s right for you and we’ll complete the financing process.

Close

Yay! The keys are almost in your hands. Make sure that you are available to sign your loan documents to ensure a timely closing of your loan.

Connect to Us

Tips for First Time Homebuyers

Shopping for a home is exciting, especially if you're a renter looking for your first home. While it is one of the biggest purchases you may make in your lifetime, you can navigate like a pro by following a few of our tips.

Make a list

Evaluating homes can be an emotional roller-coaster without a checklist of must-haves, nice-to-haves and deal breakers. Bring your list when you interview real estate agents or take to open houses.

Find the right fit

Interview different real estate agents (if you go down this route). You'll want someone who understands what you are looking for and is available to answer questions.

Make the offer

Purchase offers are usually legally binding (depending on the state) if a seller accepts the terms and it is signed by both parties. Make sure that you plan on the earnest money deposit. The amount is typically 1% of the total offer price. If the offer falls through, the earnest money deposit may not be refundable depending on the state law.

Get even more details about home buying and making a down payment.

Top FAQs

Will getting a preapproval hurt my credit score?

How long does it take to get a mortgage?

Ready to get started?

Whether you want to buy a home, refinance your home, get a home equity line of credit or construction financing, we're ready to assist you with making your dreams a reality.

Let's Get Started

Programs and interest rates are subject to change. Loans subject to credit approval. Additional fees, conditions and restrictions may apply.

¹Relationship Pricing requires applicants to maintain a Bank of the West personal checking account with a debit card and automatic electronic mortgage payments.