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Why Refinance?

When you refinance, you pay off an existing mortgage with the funds from a new mortgage with a new rate and term. As a homeowner, you may find that refinancing your mortgage benefits you in the following ways:

  • Lower your monthly payment
  • Use cash to remodel your home
  • Consolidate higher-interest debt
  • Shorten your term and pay off your mortgage faster
  • Refinance your FHA loan into a conventional loan

Are you ready? Find out today's refinance rates.

Quick Tip

Refinancing impacts your credit score. While in the process of refinancing, avoid applying for any loan or credit card. Also avoid paying late on any existing loans or lines of credit.

What Refinance Option Works for You…

Fixed Rate Mortgage

Adjustable Rate Mortgage

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
If you know that you are going to sell your home in a couple of years, consider an adjustable rate mortgage, because initial fixed rates are often lower than what they are for fixed rate mortgages.

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.

Quick Tip
Read through more of FHA's qualifications for refinancing a FHA mortgage to a new FHA loan before you apply.

Refinance Process

Number 1  Get your finances in order

We can help you figure out which refinance option meets your financial goal.

Number 2  Apply for a loan

Is it the right time to apply? Our Mortgage Bankers would be happy to review your current situation and provide additional information to help you make an informed decision.

Number 3  Home appraisal will be required

After you have applied for a mortgage, we will contact you to schedule a professional appraiser to come out to your home to establish the value of the property. In most cases, appraisal fees will apply.

Number 4  Signing your loan

Yay! You are almost at home plate. Make sure that you are available to sign your loan documents to ensure a timely closing of your loan.


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Tips for Refinancing

Refinancing a mortgage can help you realize financial goals, especially if you are consolidating debt.

Check your credit score
Our Mortgage Bankers are ready to help you read your credit report. If you discover any issues, it is best to resolve them before applying for a loan. The higher your credit score, the more likely you are to qualify for better rate options for conventional loans. We also have competitive rates and loan options for borrowers with lower credit scores. Speak with one of our Mortgage Bankers to find out more.

Lower your debt
Your DTI (debt-to-income) ratio is used to determine how much debt you have. To calculate your DTI, estimate your total debt expenses and divide by your total income. For example, if you pay $2,500 a month for your mortgage and another $1,000 a month for an auto loan and $500 a month for the rest of your debts, your monthly debt payments are $4,000. ($2,500 + $1,000 + $500 = $4,000.) If your gross monthly income is $10,000, then your debt-to-income ratio is 40 percent.

Lock in your rate
Connect with us when you are ready. We can lock in a rate for 30 days.

Personal Loans FAQs

The more you know, the better you can manage your personal loan.

What might prevent me from getting a loan?

Loans are subject to credit and application approval. Credit scores of 670 or higher are preferred.

What will my rate be?

Can I have a co-signer?


Who can apply?

  • Must be a US Citizen, Resident Alien or Non Resident Alien who resides in the United States.
  • Must be 18 years of age or older.
  • Must reside in the bank’s 19-state retail footprint.

Do I need to be a current Bank of the West customer to apply?

No, anyone that meets the qualifications identified above can apply.

For what purposes can I use the money?

Any legal purpose including debt consolidation, purchases or home improvements.

I got denied. Now what?

Poor credit scores are the most common reason that people do not qualify. Please read this article, Good Credit Planning, to improve your score and reapply when it improves.

Personal Loan Calculator

Knowing the numbers will help you get a personal loan.

Ready to get started?


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

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


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