Bank of the West was founded in 1874 as Farmers National Gold Bank in San Jose, California. In 1880, the bank changed its name to First National Bank of San Jose when banknotes became a convertible form of currency.
Finally, it reached its present name in the late 1970s. Currently, the bank is headquartered in San Francisco, California, and operates 600 branches in 19 states in the Midwest and the Western United States.
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Bank of West Overview
Although it has been around for almost 150 years, Bank of the West didn’t gain its current name until the 1970s.
This financial organization operates about 600 branches around the Midwest and Western U.S. in 19 states. They offer a wide variety of mortgage and refinance options for homebuyers living in their serviced areas.
Bank of the West has received a fair number of awards for excellence in customer service and philanthropic efforts. However, its customer reviews are relatively mixed on the Better Business Bureau and other online marketplace rating services.
Bank of the West Mortgage Rates
Bank of the West Mortgage Options
Bank of the West offers its customers competitive rates on its wide selection of mortgage and refinancing options. For individuals living in or buying property in the Midwest or Western U.S., this financial institution may be a smart choice.
Fixed-Rate Loans
These types of conforming loans are good for homebuyers who plan on staying in the home for a long time at lengths of 15 or 30 years. They offer stable monthly rates, which can make for easy budgeting over the course of time.
Adjustable-Rate Loans
Adjustable-rate loans are good for those who plan on living in their home for a short period or who plan on refinancing their home in the next few years. This is also helpful for homebuyers who can pay their mortgages off quickly.
Jumbo Loans:
Construction Loans
If you are planning on building a new home, the Bank of the West can offer financing for you to cover the construction costs. Once the house is finished, you can change your construction into a fixed-rate or adjustable-rate home loan.
FHA Loans
The Federal Housing Administration provides these types of home loans and refinances for buyers who do not qualify for other loan programs. Perhaps these buyers do not have the funds to put 20 percent down on the home, or maybe their credit score is not up to industry standards.
VA Loans:
HomeReady Loans
A HomeReady loan through Fannie Mae offers affordable monthly payments and low down payment options, as low as 3 percent, for homebuyers low- to moderate-income buyers. These types of loans are specifically intended to serve lower-income communities.
To be eligible for a HomeReady loan with Bank of the West, buyers should have a credit score of at least 620.
Bank of the West Mortgage Options Overview
| Mortgage Option | Description |
|---|---|
| Fixed-Rate Loans | Stable Rates for Long-Term Homeowners Available for 15 or 30 Years |
| Adjustable-Rate | Suitable for Short-Term Homeowners or Quick Mortgage Payoffs |
| Jumbo Loans | Ideal for Expensive Homes, Available as Fixed or Adjustable-Rate Mortgages |
| Construction | Financing for Building New Homes, Convertible to Fixed or Adjustable-Rate Loans Post-Construction |
| FHA Loans | Designed for Unique Financial Situations, Aiding Lower Down Payments or Credit Challenges |
| VA Loans | Government-Backed Support for Veterans, Offering Low Down Payments and Affordable Monthly Payments |
| HomeReady Loans | Affordable Option for Low-to-Moderate Income Buyers, With a Low (3%) Down Payment for Eligible Buyers |
Bank of the West Mortgage Application
Bank of the West offers plenty of ways for its customers to apply for mortgages. They have an online application form that consumers can fill out if they’d prefer to complete a questionnaire on their own time rather than waiting on hold to speak with a loan specialist.
Bank of the West’s application site allows consumers to save the progress of their application to complete it at a later time. Customers are also encouraged to call or email a mortgage specialist if they’d like to inquire about a mortgage or home refinance at a more personal level.
Bank of the West also has a variety of helpful resources on its website to educate home buyers about the mortgage process. Their online mortgage calculator allows buyers to budget how much they can borrow from this lender and how much home they can afford.
Their advice can offer insight to first-time buyers as well as those who have purchased multiple homes throughout their lives.
Bank of the West did not rank on the 2017 J.D. Power Primary Mortgage Originator study, nor did it rank on J.D. Power’s 2016 list. It also did not make it onto the Consumer Financial Bureau Monthly Complaint Report most-complained about companies, which is a positive feature worth noting.
Bank of the West Lender Grades
Bank of the West is a financial services company that has been in operation for several decades. This bank offers services to 19 U.S. states in the Midwest and Western regions.
Bank of the West is not currently accredited by the Better Business Bureau, though it has an A+ rating on this site. Overall, the reviews for this lender are relatively mixed. The bank has a BBB average rating of just over 1 out of 5 stars of 33 reviews and has 158 complaints made against it in the past three years.
Bank of the West has won many awards in the past few years, including the 2017 Family Wealth Report Award for Best Client Initiative for Strategic Philanthropy and Purpose Investments.
It is also highly recommended by Private Asset Management, with a 2017 award for Best Client Service. Kiplinger’s Magazine awarded Bank of the West with the honor of Best Regional Bank in the West in 2017.
- Information collected on December 14, 2018
Bank of the West Mortgage Qualifications
Bank of the West has similar mortgage qualifications to most of the other lenders in the U.S. Credit score is the most important factor that lenders take into account when qualifying prospective customers for home loans.
Although individuals with a credit score of about 700 should have no trouble getting a mortgage, those with credit scores in the “excellent” range should anticipate the best mortgage rates.
| Credit score | Quality | Ease of approval |
|---|---|---|
| 760+ | Excellent | Easy |
| 700-759 | Good | Somewhat easy |
| 621-699 | Fair | Moderate |
| 620 and below | Poor | Somewhat difficult |
| n/a | No credit score | Difficult |
Borrowers with a good credit score, a debt-to-income ratio of 36 percent or less, and the ability to put at least 20 percent down on the home have the best chances of being approved for a mortgage by a majority of lenders.
Bank of the West Phone Number & Additional Details
- Company Phone: 1-800-488-2265
- Homepage URL: https://www.bankofthewest.com/
- Headquarters Address: 295 Bush St., San Francisco, CA 94104
The Bottom Line – Bank of the West Mortgage Review
Bank of the West stands as a historical institution with nearly 150 years of service in the Midwest and Western U.S. over the decades. It has expanded its offerings, providing a diverse range of mortgage and refinancing options tailored to meet the varied needs of homebuyers.
With an array of awards under its belt, the bank has demonstrated its commitment to customer service and philanthropy. However, prospective customers should weigh the mixed reviews on platforms like the Better Business Bureau when making their decision.
All in all, the Bank of the West remains a formidable choice for home financing in its serviced regions.
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By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment. Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.
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Product Name: Bank of the West Mortgage Product Description: Bank of the West Mortgage, with its rich history dating back to 1874, offers an extensive range of mortgage and refinancing options tailored for homebuyers in the Midwest and Western U.S. The bank combines traditional banking principles with modern offerings to meet the diverse needs of its customers. Summary Originating from the Farmers National Gold Bank in San Jose, California, Bank of the West Mortgage has evolved to become a significant player in the mortgage industry. Serving 19 states, predominantly in the Midwest and West, the bank offers a spectrum of home financing options, from Fixed-Rate and Adjustable-Rate loans to specialized products like Jumbo and FHA loans. With its customer-centric approach, it has created tailored solutions, making homeownership accessible for various income brackets and credit profiles. Pros Cons
Bank of the West Mortgage Review
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