Sun West Mortgage Review: Pros, Cons, What to Expect

0
705
big residential property with sold sign

One of the most popular mortgage companies available is Sun West Mortgage. With a wide selection of loan program types as well as refinancing options, they remain an ideal choice for many borrowers. In our article, we will be reviewing what this company has to offer and attempt to make a final recommendation for prospective borrowers.

Sun West Mortgage – Details and Overview

Founded in 1980, Sun West Mortgage has a great deal of experience working with borrowers all across the United States. They have loan officers in several different banking centers as well. These points are conveniently located in major cities in most states. With the exception of Georgia and Massachusetts, Sun West Mortgage is able to process mortgage applications for homes in all areas of the United States.

The headquarters for the company is located in Cerritos, California. As for mortgage types, Sun West Mortgage is an approved lender that participates in all of the major funding programs like FHA, VA, as well as standard prime loans. In addition, they also process refinance applications as well.

Sun West Mortgage Loan Process Explained

The Loan Programs Currently Available

As mentioned earlier, Sun West Mortgage offers all of the standard loan programs you would come to expect at a full-service lender. One of their most popular loan programs is FHA. These loans are designed for first-time home buyers who have limited capital for a down payment and generally have much more flexible credit requirements.

FHA Loans

With these loans, the minimum down payment amount varies based on the applicant’s credit score. Applicants who meet certain credit requirements can qualify for the minimum down payment amount of 3.5 percent. However, you will need to carry PMI for mortgages that fall anywhere below a 20 percent down payment market.

VA Loans

Another loan program that is very popular at Sun West Mortgage is VA loans. These mortgages are designed for military personnel and their immediate families to help them purchase affordable housing. It’s important to note that you do not have to be active duty to qualify for these loan types. In addition, certain civil defense agencies are able to qualify for this program as well.

The main advantage of VA loans is that they have a zero down payment requirement. In addition, the credit requirements are also somewhat flexible, and the rates are fairly competitive. Instead of a PMI, these loans charge a special funding fee at closing that is often significantly cheaper over the life of the loan.

Prime Loans

Sun West also offers typical prime mortgages that are designed for more stable borrowers who likely already own a main home. In addition, they offer refinance programs for existing homes as well.

What You Will Need to Apply

The starting documentation that you will need to begin your loan application at Sun West Mortgage is fairly standard. To start, go ahead and gather all of your supporting income documentation from the past two months. This includes things like paycheck stubs and invoices. Next, consider gathering your tax information from the past two years as well.

Besides your income documentation, Sun West Mortgage will likely want copies of your bank statements as well. This should include your current checking and savings account balances. In most cases, Sun West will want to see that you have a sizable amount set aside specifically for your down payment. However, certain loan programs like FHA loans allow for gifts to make up a sizable portion of your down payment.

The last thing you may want to consider getting before you apply is a copy of your credit report. The reason this is important is that you need to take the time to carefully review it for erroneous information. Invalid late payments and other negative information can negatively impact your chances of approval or result in a lower than average starting rate.

Once you are finished with the last step, go ahead and head over to their online Sun West application page. You will need to have a rough idea what the price of the property you are interested in is as well as the zip code for the general area. A mortgage broker will be in contact with you shortly after you submit the application to request the documents outlined above. When complete, you will receive your pre-approval letter that is useful for making offers on a home.

Closing and Beyond

boyfriend carries girlfriend in arms to their new home as fresh home owners

If things go well, you should have already found a home and entered a tentative agreement with a seller. During this process, you will be ordering a variety of inspections and appraisals to make sure that the home meets all of your given loan program’s criteria and standards.

In most cases, closing should not take any longer than one to two weeks. This is assuming that everything checks out at the property and that no revisions need to be made to the original agreement with the seller. It’s very important that you carefully monitor your spending during this step to avoid increasing your credit card debt load. The reason for this is that the lender will be requesting another updated credit report during this stage.

Once the loan is done with underwriting, you will finish the process by meeting with a closing agent. Afterward, you will sign the paperwork and receive the keys to your new home. The loan paperwork will have your account information that is required for setting up your online account at Sun West Mortgage. It’s recommended to do this as soon as possible to take advantage of all the online payment methods that they offer and other useful tools.

PROs and CONs of Sun West Mortgage

PROs

  • Available in all but two states in the U.S.
  • Offers a wide range of loan programs.
  • The online application allows users to monitor their loan approval in real time.
  • Their website includes several useful tools for new borrowers.

CONs

  • Specific rate information is lacking on their website.
  • No search function for locating local mortgage brokers or offices in your area.
  • Information on specific loan programs is hard to find on their page.
  • Periodically may stop lending in certain states.

Sun West Mortgage Customer Service Review

With a current Better Business Bureau rating of A-, Sun West Mortgage has established that it works with customers directly to resolve their concerns whenever possible. Unfortunately, the majority of the feedback on their BBB page is negative.

However, Sun West Mortgage has worked to address customers concerns. In addition, their website has a button that is very easy to locate for customers to use to reach management directly to help resolve their issues.

Contact Information

Final Thoughts

Overall, Sun West Mortgage has a lot to offer their customers. With a wide selection of loan program types and a streamlined online application process, their overall turnaround rates and processing times are fairly low. In addition, their website has a few basic mortgage calculators to help new borrowers see what type of home that they can afford. For those of you who have used Sun West Mortgage already, please tell us about your experience below.

Image source: 1, 2

LEAVE A REPLY

Please enter your comment!
Please enter your name here