West Gate Bank Mortgage: Services They Can Offer for You

You are planning to purchase your home with the help of taking a mortgage. However, you don’t know yet where to apply for it. In fact, West Gate Bank Mortgage offers a variety of products that you can choose from and they will help you with every step in the process.

So, what are these services they offer? In this article, we will tackle everything you need to know about it. Also, we will provide you with a guideline on their process.

West Gate Bank About

West Gate Bank began its services in 1968 at 1204 West O Street, Lincoln with just one branch. Today, after 50 years of service to both the Lincoln and Omaha communities, they have seven branches in the hometown of Lincoln and four more spread throughout Omaha – all while amassing over $560 million worth of total assets. As a state bank that the Nebraska Department of Banking and the FDIC regulates, you can trust that they exceed expectations when it comes to banking services.

The Sjulin family proudly owns West Gate Bank, with Carl serving as Chairman, President, and CEO. All three siblings -Carl, David (an ENT physician located in Omaha), and Kathryn Lonowski (a legal professional based in Ft Collins) are graduates of the University of Nebraska-Lincoln.

Furthermore, WGB and its 220+ employees provide services to the Omaha and Lincoln communities that only those like them can offer. The company’s extensive involvement in local non-profits, charities, philanthropic activities, and beyond has earned them various awards such as the Federal Home Loan Bank Community Leader Award. Also, the Better Business Bureau recognizes them as an emphatic testament to their commitment to leadership and supporting their community.

West Gate Bank Mortgage Products

With local decision-making, local processing, and quality servicing, you can rest assured that your mortgage lending needs will be addressed right here at West Gate Bank Mortgage. To help you make the best decisions, they will guide you every step of the way – from pre-qualification to closing.

When you’re in the process of buying or constructing, trust that one of their Mortgage Lenders will be right by your side offering helpful advice and responding to any inquiries. As they are locals, they know this area like no other – because it’s their home too. Feel secure knowing that these friendly faces won’t go anywhere throughout the entire lending journey.

West Gate Bank’s mortgage lenders will do the following with you:

• Help you expedite the loan application process and get the funding you need quickly.
• They provide an array of loan structures to accommodate your needs and desires. Also, they will help you tailor a solution that meets all of your objectives.
• Take the time to meet you one-on-one and discuss your unique aspirations.
• Staying up to date throughout the application, approval, and closing stages is their priority. Also, they make sure that you are informed of all the necessary details so your process runs smoothly.

With that in mind, here are the following products you can choose from West Gate Bank Mortgage.

Conventional Loan

A conventional loan is a type of mortgage that typically requires the borrower to put down a large lump sum for a downpayment. You can use these loans to purchase property, build or improve upon existing properties, and finance vacation homes and secondary residences.

Unlike other types of loans such as FHA or VA loans, this loan is not insured by the government but rather secured with private lenders. It’s important to note that conventional loans usually come with higher interest rates than other types of mortgages. Therefore, borrowers should always consider their options carefully before applying for one.

FHA Loan

An FHA Loan is a mortgage loan insured by the Federal Housing Administration that helps you to make homeownership more accessible. It is one of the most popular types of mortgages available in the US today, largely due to its low down payment requirements and more flexible eligibility criteria than a traditional loan.

In addition, these loans are often easier to qualify for, offer competitive interest rates, and require lower closing costs than other conventional loan programs. Ultimately, these loans provide much-needed solutions for people who may not otherwise be able to secure financing for their dream home.

USDA Rural Development Loan

The USDA Rural Development Loan program provides eligible homebuyers with an attractive loan option that encourages the long-term growth and stability of rural communities. As part of the program, an affordable, fixed-rate mortgage is available for those purchasing a residential property in an eligible area as designated by the United States Department of Agriculture. You can use the loan to buy, build, repair, or improve homes in these rural areas.

Additional benefits include low or no down payment requirements, allowing qualified individuals to afford homes without needing to save a large sum prior to purchase. Furthermore, those who may not qualify for traditional financing may be more likely to meet USDA Rural Development Loan program standards. This type of loan is a great choice for eligible homebuyers looking to find the perfect property in a rural community.

VA Loan

A VA Loan is a mortgage loan that offers service members, veterans, and eligible surviving spouses of the U.S. Armed Forces the opportunity to purchase homes with no down payment and minimal closing costs. The Veterans Administration guarantees a portion of these loans, and lenders who work with the VA assume less risk, allowing them to offer more favorable terms such as lower interest rates than other traditional mortgages.

In addition to these benefits, no private mortgage insurance (PMI) is required for these loans. This is one of many ways the federal government shows its support for those who have graciously served our country in uniform. There are numerous resources available on how to apply for a VA Loan which can make it easier for veterans or families of those serving in the military to access homeownership with minimal barriers.

NIFA

This program is to help low- and moderate-income families purchase a home of their own. It can also assist those purchasing a second home or refinancing an existing loan. NIFA’s First-Time Homebuyer Loan program offers one of the most comprehensive assistance packages available for first-time homebuyers in Nebraska, making it easier to get the financing you need to become a homeowner.

Bridge Loan

A bridge loan is an innovative form of financing to help businesses to get from one stage to the next. This type of loan provides companies with much-needed capital when they are between funding rounds or need short-term access to cash.

Also, bridge loans allow businesses to cover expenses while they raise additional funds, launch new products, move into a new market, purchase equipment, and more. These loans have shorter terms than other types of financing and depending on the company’s credit score and financials, they can secure or unsecure it. By providing this type of support during consequential times in a business’s life cycle, bridge loans truly help bridge the gap and accelerate growth.

Construction Loan

West Gate Bank’s home construction financing team of experts will assist you through the entire process and safeguard your investment. From start to finish, they’ll be there with sound advice and guidance every step of the way!

The Residential Construction team of theirs offers:

• Fast and easy approval procedure: They understand that when you decide to build your dream home, the last thing you want is a long approval process. That’s why they strive to make it fast and effortless so your building can start right away!
• Project Management: From start to finish, they guarantee meticulous and thorough management of your project. Their dedicated Construction Loan Department ensures that your venture is in the best hands with their monitoring of monthly construction draws, on-site inspections, lien waiver tracking as well as budget reconciliation against actual spending. In the event something doesn’t appear correct according to them – you will be notified immediately!
• Personalized lending resolutions: When it comes to finding the perfect loan for your ideal home, you deserve a tailored approach that meets your individual financial situation. That’s why working with a local bank is essential. Since they understand everyone has unique needs and provide personalized loans catered specifically to you.
• Rapid improvement on monthly draws: As soon as they get your construction draw, their team will start processing it right away. They understand that numerous subcontractors are involved in your build and want to make sure they receive their payment quickly so you can stay on track with the project.
• Approachable service: With a local office and teams of experts ready to answer your questions, you can contact us at any time via phone, email, or in person. Their experienced staff already helps thousands of people pursue their dreams.

West Gate Bank Mortgage Application Process

Applying for a mortgage can be an overwhelming task, but West Gate Bank Mortgage’s process makes it easier. Their mortgage application involves several simple steps that any potential homebuyer or homeowner can complete.

1. First, you’ll submit basic information like name, address, and Social Security number.
2. Next, you’ll need to provide documents verifying your income, assets, and debts.
3. If you get approval for the mortgage loan, you’ll then supply additional documents related to the property you want to purchase.
4. Finally, West Gate Bank will schedule a closing date and review any final information needed from you as part of its quality control process.

Each step is simple and can help set your mind at ease after submitting your application.

Final Thoughts on West Gate Bank Mortgage

West Gate Bank is committed to helping you find the best mortgage options for your needs. Their easy-to-follow process ensures that each step of the mortgage application is straightforward and stress-free.

The bank’s team of experts is available to answer questions and provide assistance every step of the way. Plus, a variety of loan options and competitive rates mean that you can find the best mortgage for your budget.

If you’re looking for a hassle-free mortgage experience, West Gate Bank Mortgage is here to help. Start exploring their loan options now.

FAQs

Q: Is West Gate Bank a local bank?

A: Yes, West Gate Bank is a local bank that has been serving the community since 1895.

Q: Who owns Westgate Bank?

A: Westgate Bank is a privately-held, family-owned bank by the Sjulin family.

Q: Does West Gate Bank have Zelle?

A: Yes, West Gate Bank offers Zelle services for customers to easily send and receive money.

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