Solar West Mortgage Assessment: Close to Instantaneous Underwriting to Get Your Dwelling Mortgage Closed Quick


Not many mortgage corporations have been round for the reason that Nineteen 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 most recent digital expertise and supply quite a few instruments to make your mortgage expertise a nice one, and in addition a quick one.

The SoCal primarily based 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 study extra about them.

Solar West Mortgage Quick Information

  • Direct-to-consumer retail mortgage lender
  • Provides dwelling 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 dwelling loans final 12 months
  • Most lively in dwelling 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 primarily based out of Buena Park, California.

They acquired began all the best way again in 1980, and right this moment are a $10 billion+ a 12 months mortgage originator.

In 2021, their bodily department rely surpassed 80, which implies you may apply in individual or on-line relying in your desire.

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

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

Apart from their dwelling 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.

How you can Apply with Solar West Mortgage

To get began, you may go to their web site or go to a neighborhood department. Those that choose to go surfing can hit “Apply Now” to start.

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

Solar West Mortgage prides itself on glorious customer support and quick flip instances. Meaning 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 software that lets you full most duties electronically, whether or not it’s the app itself, eSigning disclosures, or scheduling your signing date.

It’s also possible to securely add documentation and situations 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 may verify standing 24/7 by way of the SeeMyLoanStatus web site by coming into in your login credentials.

There you’ll see an software guidelines, together with estimated dates for occasions to happen, reminiscent of 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 situations overview.

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 shortly and simply.

If in case 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 most recent expertise to take the headache out of acquiring a mortgage.

Mortgage Packages Obtainable at Solar West Mortgage

  • Dwelling buy loans
  • Dwelling renovation loans: FHA 203k and HomeStyle Renovation
  • Refinance loans: fee 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 dwelling loans
  • Small Enterprise loans
  • Fastened-rate and adjustable-rate loans in numerous mortgage phrases

Solar West Mortgage gives an in depth menu of dwelling mortgage packages, whether or not you’re a house purchaser or current house owner seeking to refinance a mortgage.

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

You will get your arms on all of the fundamentals, reminiscent of 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 dwelling loans, and even Small Enterprise Loans for properties with 5 or extra residential models.

They lend on all main property sorts, together with single-family properties, 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 supplies an inventory of each day mortgage charges on their web site for typical, FHA, VA, and USDA loans.

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

For those who like what you see, you may click on on the specified fee and fill out a brief contact type to nail down pricing to your actual mortgage situation.

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

However you received’t know for certain until you run your mortgage situation by a mortgage officer first.

When you do, remember to inquire about any charges, reminiscent of a mortgage origination payment, processing, and underwriting.

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

Solar West Mortgage Evaluations

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

Make sure to filter by mortgage originator to search out somebody really distinctive to work with primarily based on buyer satisfaction.

Additionally they have a strong 4.8-star score from greater than 3,000 Google critiques, which could be very spectacular given the big pattern dimension.

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

Most of the buyer critiques on Zillow point out that rates of interest and charges/closing prices have 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 at present maintain an ‘A+’ score primarily based on buyer criticism historical past.

Solar West Mortgage Execs and Cons

The Good

  • Can apply for a house mortgage on-line from any system
  • Supply a digital mortgage software that’s principally paperless
  • Fast flip instances for each approvals and satisfying situations
  • They provide 20-day mortgage closings
  • Show their each day mortgage charges on-line
  • Large number of mortgage packages to select from
  • Wonderful 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 purposes in Georgia or Massachusetts
  • Don’t checklist lender charges on-line

(photograph: Bruce Fritz)


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