Skip to Main Content

Western State Bank

Mortgage FAQ's

If you have questions about a mortgage, you are not alone. We have answers to some of the most commonly asked questions about mortgages to help you make the process easy. Please be sure to contact a Mortgage Loan Officer with any additional questions.

  • I am thinking of buying a home. What are my first steps?

    The first step would be visiting with your bank to get prequalified. This not only will give you the price range you should be looking for, but also give you an idea of what your payment would be. At Western State Bank, our local processing and underwriting team help make this easy and can take as little as five minutes. Once you have your prequalification you can be comfortable looking for homes. Homes for sale right now are selling quickly so if you are prequalified ahead of time, you’ll be one step ahead on making an offer on the home you want. Purchasing a home may seem like a complicated process, but the right mortgage lender can make it simple and easy. Western’s experienced lenders will make your home buying experience exciting and worry free. Contact your local mortgage loan officer today to get started.

     
  • How much home financing do I qualify for?

    These are very common questions for first time homebuyers. Western will be able to provide answers with clear definitions and explanations in about 5 to 10 minutes over the phone. We want you to feel comfortable when looking to make your largest purchase ever. At Western State Bank we have a very experienced mortgage department that will assist you through the process, educating you on the programs, terms and costs of your home loan. We want to make sure we maximize your financing to match your goals and needs by offering the wide range of programs that we have available. Contact your local mortgage loan officer today to get started.

     
  • What is the loan approval process?

    We would like to meet with you to complete an application otherwise there is an online version at www.westernbanks.com. Documents needed at the time of application include: driver’s license(s), 1 month of paystubs, 2 months of bank statements, business tax returns (if self employed), and most recent investment or retirement statements. Once we have that information we could provide a prequalification letter. This letter will typically allow you to put in an offer on the property you wish to purchase. Your loan application will then be reviewed by our “in house” underwriters at Western State Bank and upon approval; we will forward a formal letter of approval to you and your realtor. Our goal is for your mortgage application process to be “hassle free” and a positive experience. Contact your local mortgage loan officer today to get started.

     
  • What are some options we have as home buyers to make sure we stay within our needs, wants and budget?

    The area market is so competitive and the homes to choose from right now are challenging. Houses either sell very quick, are too expensive or don’t offer the features you want and need. At Western State Bank we offer several options that work for your individual situation. If you are purchasing a primary residence, we offer a program called the FHA 203K streamline loan. The repairs and improvements are completed once you own your home based on the bids you provide us before the loan closes. Improvements that are allowed with this program include siding, roofing, flooring, basic remodels, electrical, plumbing appliances and many more. First time homebuyers can use this program too. One loan, one payment and one closing! Contact your local mortgage loan officer today to get started.

     
  • When should I start preparing for a spring build?

    The first step would be to visit your bank to get pre-approved for the project. At Western State Bank, our local processing and underwriting make this easy and can take as little as five minutes. Once you have your pre-approval in place, a great place to start is with your realtor or builder if you are working with one. Lots have been selling very fast so it would be prudent to try and find a lot and location that you like. Building a home may seem like a complicated process, however, it doesn’t have to be. Having an experienced lender can make the construction process an exciting and worry free time for you and your family. Contact your local mortgage loan officer today to get started.

     
  • Do you offer construction financing?

    Western has two kinds of construction lending – loans for those borrowers that will live in the home AND loans for builders that are building the homes. We have mortgage financing available for when the home is completed with competitive rates and low fees. We have long term interest rate locks too, up to 360 days. Western has experienced a large increase in new construction this spring and already has many homes being built. Our Mortgage team is ready to help you build your dream home. Contact your local mortgage loan officer today to get started.

     
  • What’s the process to obtain a VA loan?

    VA helps Service members, Veterans, and eligible surviving spouses become homeowners. VA Home Loans can provide an excellent opportunity to buy a home with as little as zero down payments. You should work with a bank that is approved by the VA to underwrite these loans. At Western State Bank, we specialize in VA loans right here in our bank. First you need to obtain your Certificate of Eligibility, which we can help you with too. Contact your local mortgage loan officer today and let us know that you are a Veteran and we can start the process with you toward your home-ownership goal.

     
  • Do you offer financing outside of North Dakota and Arizona?

    Western State Bank is approved to do mortgage financing in most states. It is important to have a prequalification letter to give to your realtor or to the seller as you proceed into final negotiations. When you find the home you want to purchase, you need to provide the purchase price, real estate taxes, and HOA dues (if any) so that we can give you an updated letter for the property. Once your offer is accepted and the loan is approved, we will order the appraisal, title work, and set up the closing. Having our local processors and underwriters involved in the process is a real asset when it comes to preparing for your closing as we want the process to be hassle-free. Contact your local mortgage loan officer today to get started today.

     
  • Can we finance our lake home with Western?

    Yes, financing in the lakes area is one of my specialties. I would like to talk to you so that I can give you a prequalification letter. You can show this letter to your realtor or seller so they know you are ready to proceed. When you find a property you are interested in, I can provide you with a good faith estimate. Once your offer is accepted we will order the appraisal, title work, and set up the closing location and time for you upon final loan approval. We want this process to be hassle free and make purchasing your second home a positive experience. Having our local processors and underwriters involved in the process is a real asset when it comes to approving and preparing for your closing. You can complete an online application or call your local mortgage loan officer to get the process started.

     

 

Stay Connected!

Western State Bank will be closed Monday, May 29, in honor of Memorial Day. Normal business hours will resume on Tuesday, May 30. Have a safe & happy Memorial Day weekend!