Sun West Mortgage Company Reviews

For most loan types, Sun West Mortgage Company publishes its daily starting rates online. As of the time of writing, Sun West’s rates for conventional, FHA, VA and USDA loans fall slightly below the national average of 5.98% for 30-year fixed-rate mortgages. Rates for non-qualifying mortgage loans, renovation loans and home equity loans range from roughly 6.5% to 7.6%.

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.

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

Sun West Mortgage Company offers several different loan options, including conventional loans (with fixed or adjustable rates), FHA loans, VA loans, USDA loans and non-qualifying mortgage loans. Fixed-rate mortgages are available in the following loan terms: 15, 20 and 30 years.

Sun West Mortgage Company also offers reverse mortgages (for borrowers age 62 or older), home renovation loans and single close construction loans, which combine construction and mortgage loans for borrowers building their own homes.

Refinancing

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 2024, about half of loans the company originated were for refinancing (with rate-and-term and cash-out refinances combined).

You may consider refinancing if it helps you achieve your financial goals or saves you money. For example, you might 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.

HELOC and home equity loans

Sun West Mortgage Company offers both HELOCs and home equity loans. For HELOCs, the company acts as a broker rather than a direct lender.

Generally speaking, you’ll need at least 15% equity in your home to qualify for either a HELOC or a home equity loan. Sun West recommends that borrowers have 15% to 20% equity, along with a FICO score of at least 680, plus stable income, positive payment history and a debt-to-income ratio of no more than 50%.

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, VA loans and USDA loans from Sun West have lower credit score requirements (500 or higher for FHA and VA loans, 581 or higher for USDA loans). 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

Sun West does not publish information on the exact closing costs you’ll pay for a new mortgage. However, 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.