Our mortgage loan team is on your side. BankWest employs South Dakota’s most-knowledgeable mortgage professionals, whose chief responsibility is to ensure that your homebuying experience is a smooth and happy process. From helping you determine what you can afford, through the approval process, to unlocking your new front door, BankWest is with you every step of the way.
Buy. Build. Remodel. Refinance.
Building or remodeling?
Whether you plan to start from the ground up or revamp your current home, choosing the right financial tools is an essential step.
BankWest has a variety of mortgage loan options to match your budget:
- Fixed-Rate Mortgages
With a fixed-rate mortgage from BankWest, your monthly principal payments remain the same throughout the life of the loan. If you plan on staying in your home for several years, you may find that a fixed-rate mortgage is right for you.
- Federal Housing Administration (FHA) Loans
FHA mortgages are government-insured loans that could be a good fit for homebuyers with limited incomes and/or funds for a down payment. BankWest, an FHA-approved lender, offers these loans, which are insured by the Federal Housing Administration.
- First-Time Homebuyer Loans
BankWest’s First-Time Homebuyer Program provides low-interest, fixed-rate mortgage loans for customers purchasing their first home. Customers might be eligible for this program if they have not owned a home in the past three years, have an income at or below the South Dakota Housing Income Limits and the home’s purchase price is less than $250,200.
- Veterans Administration (VA) Loans
BankWest is a VA-approved lender and it offers VA loans that are insured by the Department of Veterans Affairs. To qualify for a VA loan, you must be a current or former member of the U.S. armed forces or be the current or surviving spouse of a veteran.
- Rural Development (RD) Loans
BankWest’s Rural Development Loans are insured by the U.S. Department of Agriculture, and help low- and moderate-income families own their own home. An applicant must meet a number of criteria including income-eligibility, the legal capacity to incur a loan obligation, and a property that meets all program criteria.
- Bridge or Temporary Loans
A BankWest bridge loan is a short-term loan used until a buyer secures permanent financing or removes an existing obligation. These loans are generally used if a buyer experiences a lag between the purchase of one property and the sale of another property.
- Construction Loans
BankWest offers construction loans, which are different from home loans in many respects.
Some of the features of a construction loan include:
- Landowners may be able to use their lot as equity.
- Construction loans are set up as fixed-rate loans.
- Interest-only loan payments are made during the construction period.
- The homebuilder will make draws from the escrow account during the building process. A draw is a portion of the total cost owed to the builder at certain stages of the construction.
- After the home construction is complete, the borrower will convert the construction loan to permanent mortgage financing.
- Lot Loans
BankWest lot loans allow buyers to start paying on land before starting construction. Once the borrower is ready to build, the lot loan can become a construction loan.
- Jumbo Mortgages
A BankWest jumbo loan may be an option to purchase a luxury or higher-end home. A jumbo loan exceeds the maximum loan amount allowed by most mortgage investors. If a borrower has a low debt-to-income ratio, an excellent credit score and a larger down payment, then a jumbo loan might be the perfect option.
- Manufactured Housing Loans
One thing that sets BankWest Mortgage apart from many other lenders is that we provide full-service manufactured housing loans. Manufactured housing loans may include land/home financing or home-only financing.
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Our Customers Put it Best: What Makes BankWest Great
“Throughout the home financing process, I knew I could count on BankWest’s mortgage team to look out for my best interests. They were knowledgeable and professional, and they made sure there were no surprises.”
Curious about our rates?
Contact one of our mortgage originators below or call (800) 253-0362 to discuss our current home loan rates.
Meet BankWest’s Mortgage Lending Team
Getting a mortgage is a huge decision, and we’re here to help. BankWest has some of the most experienced mortgage originators in South Dakota. Their experience will make a huge difference when you are buying, building, refinancing or remodeling a home, and want to ensure that you’re getting the best mortgage option for your budget. Our team is available to answer your questions from the beginning to the end of the process. That’s the BankWest difference.