Sun West Mortgage Company
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About Sun West Mortgage Company
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Sun West Mortgage Company (NMLS #3277) is a private mortgage lender that provides a variety of loan options, including conventional, FHA, USDA, VA and jumbo loans. The company has been in business since 1980 and is headquartered in Buena Park, California. Sun West Mortgage originated close to $9 billion in loans during 2021.
Pros & Cons
- Wide variety of loan products
- You can prequalify with a soft credit pull
- Guaranteed turnaround times on applications
- Not available in Massachusetts or Georgia
Sun West Mortgage Company offers conventional mortgages, government-backed mortgages, renovation loans, HELOCs and reverse mortgages. You can start the approval process online, but you’ll have to talk with a loan officer to finalize your application. The company promises quick approval decisions, sometimes within a few hours.
Sun West Mortgage Company does not publish its starting rates online, but Home Mortgage Disclosure Act (HMDA) data shows that its average rates do tend to be just above the national average.
Sun West Mortgage Company offers both fixed-rate and adjustable-rate mortgages (ARMs). Most borrowers prefer fixed rates because it’s easier to budget for a monthly payment that won’t change. However, ARMs often get more popular when mortgage rates rise.
With an ARM, you’ll generally have a low fixed rate for an initial period, typically three to 10 years. After that, the rate will reset and adjust occasionally according to market conditions. This means that your rate may increase and raise your monthly payments.
Sun West Mortgage Company average home purchase rate vs. national average
|Year||Difference from national average|
You can start the application process by visiting Sun West Mortgage Company’s website and starting an application. The site will prompt you to complete a contact form with your name, email address, phone number and state of residence. From there, a loan officer will contact you to assist you through the application process.
Before you speak to your loan officer, it may be helpful to gather the following documents:
- Two prior years’ tax returns
- Recent pay stub
- Bank account statements
- Retirement account statements
Your loan officer will ask you questions about your income and assets, so having this information handy could help speed up the process.
Once you complete the application (including satisfying all conditions), you could receive a decision the same day.
Sun West Mortgage Company application features
|Mobile document upload||Undisclosed|
|Physical branches||19 states|
|Publishes minimum rate on website||X|
|Pre-qualification (no hard credit pull)|
|Certified approval letter|
Sun West Mortgage Company offers several different loan options, including conventional loans (with fixed or adjustable rates), FHA loans, VA loans, USDA loans and jumbo loans (conventional loans that exceed conforming limits). Fixed-rate mortgages are available in the following loan terms: 10, 15, 20, 25 and 30 years.
Sun West Mortgage Company also offers reverse mortgages (for borrowers age 62 or older), home renovation loans and small business loans (which can be used to purchase properties with five or more residential units).
After 2019, Sun West Mortgage Company saw a significant increase in home purchase applications, which more than doubled from 2019 to 2020.
In 2021, borrowers initiated 13,641 home purchase applications with the company. About 7% (924) of applications were denied, which is a slightly lower denial rate than the 8% industry average. Ultimately, about 67% (9,131) of home purchase loan applications made it to closing.
Loan applications for home purchases only by year
|Home purchase applications||13,641||13,081||5,284|
|Home purchase loans closed||9,131||8,991||3,477|
|Home purchase applications denied||924||800||474|
|Home purchase preapprovals denied||5||5||0|
With Sun West Mortgage Company, you can refinance your existing mortgage whether you are looking to secure a lower interest rate or get cash out. In 2021, about 68% of loans the company originated were for refinancing (with rate-and-term and cash-out refinances combined). About a third of loans (31%) were for home purchases.
Refinances became more popular in 2020 and 2021 as mortgage rates fell to historic lows. In January 2021, 30-year fixed average rates bottomed out at 2.65%, according to the Federal Reserve Bank of St. Louis.
Rates rose sharply during 2022. As of September 15, 2022, the average 30-year fixed rate sat at 6.02% — over three percentage points higher than the average at the same time in 2020. Fewer borrowers are expected to refinance in 2022 for that reason.
However, you may still consider refinancing if it helps you achieve your financial goals or saves you money. For example, you may consider a cash-out refinance if you plan to pay for a large purchase or emergency expense.
However, it may not make sense to refinance if your new rate will be higher than your existing rate, especially since you’ll have to pay closing costs on your new loan. Consider other means of accessing funds, like home equity lines of credit (HELOCs), home equity loans or personal loans, before you decide to refinance.
Home purchase vs. refinance loans by year
|Home purchase loans||31.12%||30.05%||36.62%|
HELOC and home equity loans
According to a company representative, Sun West Mortgage Company does offer HELOCs, but there is no information about them on the company’s website. It’s unclear whether the company offers home equity loans as well.
Generally speaking, you’ll need at least 15% equity in your home to qualify for either a HELOC or a home equity loan, but Sun West may have different requirements.
Like a cash-out refinance, a home equity loan can be a good option when you need a lump sum of cash. On the other hand, a HELOC is generally better when you need access to cash over time or you’re not sure how much you’ll need. Some potential uses of a HELOC include paying for recurring education expenses or completing extended home improvement projects.
Sun West Mortgage Company discloses some of its borrower requirements online. We’ve included what we could find on common types of home purchase loans in the table below.
While the company does not state its minimum credit score requirement for conventional loans, you’ll likely need a score of 620 to qualify based on industry norms. You’ll also need to offer at least a 3% down payment (most down payments on conventional loans are higher).
FHA loans and VA loans from Sun West have lower credit score requirements (500 or higher). However, if your credit score is less than 580, you’ll need to offer a 10% down payment on an FHA loan instead of the 3.5% minimum. VA loans and USDA loans do not require down payments.
Sun West Mortgage Company mortgage requirements by type
|Min. credit score||Min. down payment||Compare with other lenders|
|FHA||500||3.5% with 580 credit score||FHA lenders|
Sun West is more transparent about its requirements for jumbo loans, stating that borrowers need credit scores of 660 or higher, debt-to-income (DTI) ratios under 43%, and proof of accessible cash on hand.
Costs and fees
Sun West charges a flat $995 underwriting fee on all loans except streamline refinances.
Fees like this are part of the closing costs you’ll pay for a new mortgage. Borrowers generally spend between 2% to 5% of the loan amount on closing costs. Other closing costs include third-party services (like the appraisal fee or title search fees) and prepaid items (like mortgage insurance premiums or real estate taxes).
After you apply for a mortgage, you should receive a Loan Estimate, which details the closing costs you can expect on your loan. You’ll also receive a Closing Disclosure that finalizes all closing costs three business days before your closing.
What is Sun West Mortgage Company?
Sun West Mortgage Company is a private mortgage lender headquartered in Buena Park, California. The company offers conventional, VA, FHA, USDA and jumbo (nonconforming conventional) loans. You can also get a reverse mortgage or a renovation loan with the company.
Is Sun West Mortgage Company legit?
Sun West Mortgage Company originated close to $9 billion in loans in 2021. The company has been in business since 1980, and it’s licensed in 48 states nationwide.
At the time of publishing, NMLS Consumer Access shows no regulatory actions against Sun West Mortgage Company since 2017.
Where is Sun West Mortgage Company available?
Sun West Mortgage Company is licensed in 48 states, Puerto Rico and the U.S. Virgin Islands. However, its website states that it's not currently accepting mortgage applications for properties in Georgia and Massachusetts.
The company operates 25 branches across 19 states and Puerto Rico.
Currently there are no customer reviews.
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- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
- Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed September 9, 2022.
- NMLS Consumer Access, “Sun West Mortgage Company, Inc.” Accessed September 9, 2022.
- Federal Reserve Bank of St. Louis, “30-Year Fixed Rate Mortgage Average in the United States.” Accessed September 9, 2022.
Sun West Mortgage Company Company Information
- Company Name:
- Sun West Mortgage Company
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