At Sun West, we dedicate ourselves to providing a world-class customer experience.
Working For You
All of our loan experts are dedicated to helping you find the perfect loan for your needs and goals.
Our parent company Sun West has passed down nearly 40 years of experience to everyone at Sun West through excellent leadership and loan capabilities.
Frequently Asked Questions
Many homebuyers interested in getting a mortgage often encounter questions and concepts during the
mortgage process that they may not fully understand. This Q&A section is created to answer some of the
most common questions and concepts that you will likely see when learning about mortgages.
First, you will need to submit a mortgage application with us, either in person, by phone, or using our easy-to-use online form, whichever makes you feel more comfortable. One of our licensed loan officers will get in touch with you and discuss your mortgage needs and objectives with you. Next, we will check your credit scores and request you to submit the necessary supporting documents so that we can verify your identity, the source of your income, and your current debt for underwriting purposes. An appraisal will also be performed on your selected property. Once you have submitted all the documents and your loan is approved with no outstanding items, we will then prepare the closing documents so that you can get ready to sign your loan package. After your loan is funded, you are on your way to move into your new home.
c. Discount points
d. Third party service fees for appraisal, credit report, flood certification, etc.
e. Title and escrow / attorney charges
f. Transfer / intangible / mortgage tax as required by the city, state, etc.
g. Per diem interest
1. Private Mortgage Insurance (PMI): PMI is applicable for conventional loans. It is an insurance coverage that your lender will require you to purchase if your down payment is less than 20% of the loan amount. The purpose of this insurance is to protect the lender’s investment on the loan. This is generally paid from your escrow account each month and is collected together with your monthly mortgage payment.
2. FHA Mortgage Insurance: This mortgage insurance serves the same purpose as a PMI but has a different name because it is charged by your lender for taking out FHA insured. You will be required to pay a portion as an upfront premium during closing, plus a monthly amount.
3. Hazard Insurance: It is homeowner’s insurance required by the lender to protect their investment against damage to the property, before the loan is paid in full. Note that a separate Flood Insurance may be required in certain areas, in addition to Hazard Insurance.
4. Title Insurance: Just as the name suggests, Title Insurance is indemnity insurance purchased to protect the property title. The title insurance protects against title defects and any possible lawsuits against it due to documentation deficiencies or lien claims. It is important because it protects both the lender’s and borrower’s interests.
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