When applying for a home loan with Bank of the West, homeowners should compare plans and apply for a program that fits their needs such as government-subsidized loans, fixed-rate mortgages and jumbo rate mortgages, which help homeowners finance a home that exceeds conventional loan limits. Taking practical preparatory measures like checking a credit score, comparing different plans and setting a budget before a loan application can help secure the best loan, states Discover.com. Additionally, maintaining a good credit score during the loan application process can help secure a home loan, as can communicating frequently with a lender.
Even before applying for a home loan, people should start saving money for a down payment, which is generally between two and 20 percent of the home's purchase price, notes Discover.com. Setting a monthly budget is a good way to do so. For those who fall short of financing, government programs like those from the Federal Housing Administration are good resources.
Certain segments of the population may benefit from different Bank of the West plans. This bank has a government lending program for active and retired military personnel and veterans; qualification may earn a mortgage from the FHA or the United States Department of Veterans Affairs. Those struggling to finance loans may apply for refinancing or the Home Affordable Refinance Program. People can also select fixed mortgage rates or adjustable mortgage rates to meet their budgets. Arranging financial documents, using a mortgage calculator and understanding the differences among Bank of the West's plans are also useful strategies for getting a loan.