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HomeCredit & LoanSolar West Mortgage Overview: Close to Instantaneous Underwriting to Get Your Residence...

Solar West Mortgage Overview: Close to Instantaneous Underwriting to Get Your Residence Mortgage Closed Quick


Not many mortgage firms have been round because the Eighties, however “Solar West Mortgage” has.

Nonetheless, that doesn’t imply they function their enterprise like a dinosaur. Fairly the opposite.

They make use of the newest digital expertise and supply quite a few instruments to make your mortgage expertise a nice one, and likewise a quick one.

The SoCal based mostly lender refers to itself as a “mortgage manufacturing facility,” within the sense that they’re a well-oiled machine that has been honed to perfection over a long time.

And their hundreds of buyer critiques appear to again that up. Learn on to be taught extra about them.

Solar West Mortgage Quick Info

  • Direct-to-consumer retail mortgage lender
  • Provides house buy loans, refis, and renovation loans
  • Based in 1980, headquartered in Buena Park, CA
  • Licensed in 48 states, Puerto Rico, and the U.S. Virgin Islands
  • Funded greater than $11 billion in house loans final yr
  • Most energetic in house state of California (35% of complete mortgage quantity)
  • Additionally function wholesale and correspondent divisions and LowRates.com

Solar West Mortgage Firm, Inc. is a direct-to-consumer retail mortgage lender based mostly out of Buena Park, California.

They received began all the best way again in 1980, and right this moment are a $10 billion+ a yr mortgage originator.

In 2021, their bodily department rely surpassed 80, which implies you’ll be able to apply in particular person or on-line relying in your choice.

They’re principally a refinance lender, with such loans accounting for about three-quarters of total manufacturing.

And they’re energetic in FHA lending, with these loans making up about 20% of their quantity.

Except for their house state of California, they’ve a robust presence in Arizona, Florida, Maryland, and Texas.

In the intervening time, they’re licensed in each state apart from Georgia or Massachusetts, together with Puerto Rico and the U.S. Virgin Islands.

The best way to Apply with Solar West Mortgage

To get began, you’ll be able to go to their web site or go to an area department. Those that decide to go surfing can hit “Apply Now” to start.

You’ll be requested if you happen to had been referred to a particular mortgage officer. In that case, enter their title. If not, you’ll be able to seek for mortgage officers by location, then learn bios about them earlier than you proceed.

Solar West Mortgage prides itself on wonderful customer support and quick flip occasions. Which means getting your mortgage to the end line in weeks, not months.

The corporate refers to its enterprise as a “mortgage manufacturing facility,” with a “manufacturing course of” that has been engineered over 40 years to get your mortgage funded on time.

They provide a digital mortgage utility that permits you to full most duties electronically, whether or not it’s the app itself, eSigning disclosures, or scheduling your signing date.

You can even securely add documentation and circumstances by way of their web site, with doc requests clearly listed to keep away from any confusion.

As soon as your mortgage is submitted, you’ll be able to examine standing 24/7 by way of the SeeMyLoanStatus web site by getting into in your login credentials.

There you’ll see an utility guidelines, together with estimated dates for occasions to happen, equivalent to when docs will exit, and when your mortgage will fund.

They are saying they provide “close to instantaneous underwriting,” which incorporates assured 8am approvals and 4-hour circumstances assessment.

In different phrases, they’re quick, so so long as you maintain up your finish of the deal, they need to be capable to get your mortgage funded rapidly and simply.

When you have questions alongside the best way, your lending group (mortgage officer and processor) will be capable to assist.

All in all, they appear to have a really effectively organized, proprietary system for closing loans, and the newest expertise to take the headache out of acquiring a mortgage.

Mortgage Applications Out there at Solar West Mortgage

  • Residence buy loans
  • Residence renovation loans: FHA 203k and HomeStyle Renovation
  • Refinance loans: price and time period, money out, streamline
  • Conforming loans backed by Fannie and Freddie
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans
  • Down fee help
  • Non-QM loans
  • Reverse mortgages
  • Manufactured house loans
  • Small Enterprise loans
  • Fastened-rate and adjustable-rate loans in numerous mortgage phrases

Solar West Mortgage presents an intensive menu of house mortgage applications, whether or not you’re a house purchaser or present home-owner seeking to refinance a mortgage.

Additionally they supply house renovation loans, together with each the FHA 203k and Fannie Mae HomeStyle Renovation.

You may get your arms on all of the fundamentals, equivalent to conforming loans, FHA/VA/USDA, together with jumbo loans.

However they go a step additional in providing portfolio loans together with non-QMs, reverse mortgages, manufactured house loans, and even Small Enterprise Loans for properties with 5 or extra residential models.

They lend on all main property varieties, together with single-family houses, condos/townhomes, 2-4 funding properties, and extra.

Each fixed-rate and adjustable-rate loans can be found in all kinds of mortgage phrases to suit all borrower wants.

Solar West Mortgage Charges

Solar West offers a listing of day by day mortgage charges on their web site for typical, FHA, VA, and USDA loans.

Merely click on on “My Mortgage Data” to see right this moment’s charges, then toggle between the totally different mortgage varieties as wanted.

When you like what you see, you’ll be able to click on on the specified price and fill out a brief contact kind to nail down pricing on your actual mortgage state of affairs.

From what I noticed, their pricing appeared fairly aggressive, which is smart given their place as a big unbiased mortgage financial institution.

However you gained’t know for certain except you run your mortgage state of affairs by a mortgage officer first.

When you do, you’ll want to inquire about any charges, equivalent to a mortgage origination price, processing, and underwriting.

Then you’ll be able to store their mortgage APR with different banks, lenders, and mortgage brokers to see the place they stand.

Solar West Mortgage Opinions

Solar West Mortgage has a superb 4.74-star score out of 5 on Expertise.com from about 5,000 buyer critiques.

Remember to filter by mortgage originator to seek out somebody actually distinctive to work with based mostly on buyer satisfaction.

Additionally they have a stable 4.8-star score from greater than 3,000 Google critiques, which may be very spectacular given the massive pattern measurement.

Over at Zillow, they’ve received a fair higher 4.87-star score out of a doable 5 from about 500 buyer critiques.

Lots of the buyer critiques on Zillow point out that rates of interest and costs/closing prices had been decrease than anticipated.

Moreover, they’ve a 4.4-star score on Fb from about 300 critiques, which is a superb score as effectively.

Lastly, they’re an accredited enterprise with the Higher Enterprise Bureau (BBB) since 2018 and presently maintain an ‘A+’ score based mostly on buyer grievance historical past.

Solar West Mortgage Execs and Cons

The Good

  • Can apply for a house mortgage on-line from any gadget
  • Provide a digital mortgage utility that’s principally paperless
  • Fast flip occasions for each approvals and satisfying circumstances
  • They provide 20-day mortgage closings
  • Show their day by day mortgage charges on-line
  • Large number of mortgage applications to select from
  • Glorious critiques from hundreds of previous prospects
  • A+ BBB score, accredited enterprise since 2018
  • Free mortgage calculators and mortgage glossary on-line

The Maybe Not

  • Aren’t accepting functions in Georgia or Massachusetts
  • Don’t checklist lender charges on-line

(picture: Bruce Fritz)

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