Buying a home is a long process that involves more than just attending open houses and packing up your belongings. Homebuying includes planning, financial review, paperwork, and costs that can add up quickly. The good news? You don’t have to do it alone! Starting your homebuying process at West Bank can set you up for success throughout your journey.

What is Prequalification?

Prequalification is the first step of homeownership. As soon as you start to consider purchasing a home, set up a meeting with a banker to discuss your financial situation. This process, known as prequalification, will help you figure out the financial parameters of your house search.

During the prequalification, your banker will gather basic information about your finances to run preliminary calculations. Based on this, the banker can provide an estimate of possible loan amounts and options.

At the end of the prequalification process, if you qualify, you’ll receive a letter outlining your estimated loan amount and terms. This information will help you understand your borrowing power and guide you as you begin your home search. You are not actually approved for that amount until the bank verifies documentation relating to your income, debt, assets, and credit.

Questions to Ask Your Banker

All questions are welcome as you discuss the homeownership journey with your banker. One of our bankers can help you think through things like:

• What will my estimated monthly payment be?
• What are the estimated closing costs, and how much should I expect to pay?
• What loan options are available to me?

Your First Meeting

When first meeting with a banker about buying a home, it’s helpful to have a general idea of your:

• Income
• Bank account balances
• Monthly budget

Ready to Start the Process?

Buying a home can feel both exciting and overwhelming. The homebuying process brings with it many big decisions, but you don’t have to do it alone. As a local community bank built on strong relationships, we take pride in making sure our customers receive the best care and support.

To find out if you could be prequalified, apply with one of our bankers at a West Bank location near you.