Sun West is a mortgage lending company based out of California. Don’t let that fool you into thinking this company only offers loans to those who reside in California. The company has a presence across the country, and many buyers look to companies like Sun West to offer them competitive rates and more personalized service when applying for a mortgage. What’s beneficial about using Sun West as the servicer of your mortgage is not only the personal service, but it’s also the many different types of loans the company makes available to buyers.
Loan Types Available
Sun West is a full-service lender, which means any type of loan is available to buyers. Your financial situation has an effect on the type of rates you get with your mortgage and your approval as a whole, but there are more comprehensive solutions available to you when you work with Sun West.
If you have a down payment that equates to at least 20% of the asking price of the house you want, you might qualify for a traditional mortgage. If you’re buying a home worth more than $417,000, Sun West offers jumbo loans. FHA loans are available for anyone who cannot afford a minimum 20% down payment, and VA loans are available for those buyers who do or did serve in any branch of the United States military.
Sun West also offers refinance programs for buyers who already own a home. You can refinance for a lower rate, for a longer term, and for your own personal reasons. You can also qualify for a reverse mortgage. You must meet specific age and income requirements for a loan like this, but it’s available.
Sun West also works with USDA for buyers with low income. These programs allow buyers with low income or moderate income a chance to buy rural properties with a USDA mortgage. It’s a government-assisted program that helps buyers find the home of their dreams with an affordable payment when homes are so expensive.
Sun West offers competitive rates on par with the lowest rates in the country. You will not know what kind of rate you qualify for until you apply for a mortgage pre-qualification with Sun West, and then it depends on several more factors.
- Your credit
- The age of the home you buy
- The kind of home you buy
- The location of the home you buy
- The value of the home you buy
- The appraisal of the home you buy
There are factors lenders must consider before issuing a loan to anyone. If you don’t have the money to make a down payment and your credit isn’t spectacular, Sun West’s loan officers might suggest an FHA loan for you. This means you will pay a higher rate, but you won’t necessarily be denied a mortgage because of your imperfect credit.
It’s important to pre-qualify so you know the rate you’re working with going forward. An added benefit of a pre-qualification for a mortgage with Sun West is that it makes buying a home faster. If you’re pre-qualified when you make an offer, sellers are more likely to accept and move forward.
Mortgages are expensive, and they shouldn’t be entered into lightly without ample consideration for what might occur in a few years. Take your time to search for a loan with a company that works for and with you. Don’t be afraid to forgo the big national banks in favor of smaller banks, either. These banks often work with buyers as people rather than numbers. This increases your chance of being approved for a mortgage.