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  Bank of the West Mortgage
Bank of the West Mortgage

in Home Purchase Mortgages from Bank of the West

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Bank of the West Mortgage

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in Home Purchase Mortgages from Bank of the West

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Highlights
Loan Amount Up to $4,000,000
Loan Term (Years) 15 - 30 years
Credit Score Range Starting at 620
No Origination Fee N/A

Bank of the West Mortgage Review

Bank of the West Mortgage is offered by Bank of the West, a bank founded in 1874 and based in San Francisco, CA. Bank of the West Mortgage is available in 19 states across the USA.

Key Takeaways
  • Instant online preapprovals. Find out how much you can borrow and what your interest rate will be.
  • 3 different mortgage programs offered. Bank of the West Mortgage offers FHA, VA, jumbo, conforming, and conventional mortgages.
  • Financing for single-family and multi-family properties. However, Bank of the West does not offer financing for manufactured homes.
  • Standard interest rates types. Bank of the West Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
  • Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Bank of the West Mortgage.
  • Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Bank of the West Mortgage.
Bank of the West Mortgage Pros & Cons
Pros Cons
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Charges an origination fee.
  • Charges prepayment fees.
  • Only available in 19 states.
Bank of the West Mortgage FAQ

How much can you borrow via Bank of the West?

Bank of the West Mortgage allows borrowers to apply for loan amounts of up to $4,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Bank of the West Mortgage?

Bank of the West Mortgage offers mortgages with terms ranging from 15 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Bank of the West offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

What is the estimated funding time?

Bank of the West Mortgage will typically approve (or deny) a mortgage application within 1 hour and fund mortgages within 30 and days of approval.

Do they charge mortgage origination fees?

Yes, Bank of the West Mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, Bank of the West Mortgage offers the following mortgage types:

  • FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
  • VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Bank of the West Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Bank of the West Mortgage allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Bank of the West Mortgage is (800) 488-2265.

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Availability

  Available in 19 states
  • Arizona
  • California
  • Colorado
  • Iowa
  • Idaho
  • Kansas
  • Minnesota
  • Missouri
  • North Dakota
  • Nebraska
  • New Mexico
  • Nevada
  • Oklahoma
  • Oregon
  • South Dakota
  • Utah
  • Washington
  • Wisconsin
  • Wyoming

Feature Breakdown

Credit Score Range 620 -
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
  • Individual Applications
Minimum Age 18
Minimum Down Payment Starting at 3.5%
Property Type
  • Single Family Home
  • Townhome
  • Multi-Family Home
Verification Documents Required
  • Driver License (or other photo ID)
  • Recent Pay Stubs
  • Proof of Income
  • Government Issued Photo ID
  • U.S. Tax Identification Number
  • Recent Bank Statements
  • Social Security Number
Investment
Primary Residence
Approval Speed 1 hour
Funding Time Range Starting at 30 days
Mortgage Features
  • Cash-Out Refinance
  • Instant Online Preapproval
Loan Amount Up to $4,000,000
Loan Term 15 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • VA
  • Jumbo

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