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Frequently Asked Questions

What does getting a mortgage involve?

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.

Does it cost anything to apply for a mortgage?

No, Sun West does not charge an application fee for you to apply for a mortgage.

How long will it take to close my loan?

Sun West has one of the fastest turnaround times in the industry, and we offer 20 day closings, but every borrower’s situation is different, and due to documentation requirements and varying response times from the borrower, the average time to close a loan may be higher.

What is a refinance?

A mortgage refinance refers to obtaining a new loan for the purpose of lowering your mortgage payments, converting your existing loan into a more affordable or manageable loan, or getting cash out on available equity on your home. There may be a minimum waiting period from the date you closed your previous mortgage, based on the type of refinance you are applying for. Sun West also recommends that you check with your existing lender regarding any prepayment penalties. There will be fees involved when refinancing your home, although you may have the option of rolling these costs into your new loan.

What amount of down payment is required to obtain a mortgage?

Most types of mortgages require a minimum amount of down payment, except for VA and USDA programs. You may also be eligible for down payment assistance programs that can help you towards minimum down payment requirement on some of the loan programs. On Conventional Mortgages, your lender will require you to pay a Private Mortgage Insurance (PMI) premium as part of your monthly payments if you put down less than 20% of the purchase price of the property. There are government loan programs available with less stringent down payment requirements as well, such as an FHA loan that will require only a 3.5% down payment, but again, these programs also require mortgage insurance premiums. Finally, keep in mind that the amount of down payment you put down for a house will also affect your Loan-to-Value (LTV) ratio, which could then affect the amount of loan you are able to qualify for, or whether or not you will qualify at all.

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Reviews

Sean is extremely good in every respect. Quick responses, great communication, and in the end, a mortgage with great rates. If you need help finding the lowest rates and navigating the home mortgage process, this is the guy to use. I would recommend without any hesitation.

- Josie Truchan Pakula

Can honestly say that Sean Wohland and Team are the real deal! From start to finish, they cover all aspects of creativity, professionalism, top notch service, excellent communication skills and attention to detail. The kind of partner you want who is reliable, dependable and solid. Thank you Sean for your ability to relate to everyone and truly are the most supportive, patient person I know!

-Shara Terry

Sean goes way beyond any expectations a client would expect. His ability ranks along side of his interest in the work that he does. He completes his day only when his work is up to his high standards. He is a tireless young man who is creative as well as a stickler for details. In my opinion you just can not go wrong when you work with Sean Wohland

- Peggy Larson

Sean is a rock star at his job! He treats each client like they are his only client. He is amazing, accurate, professional and works tirelessly on each mortgage. You can stop shopping for a lender now…you are in good hands with Sean!

– Lisa Vandenburgh