Welcome to Sun West Mortgage Parsippany, NJ

What is a reverse mortgage?

A reverse mortgage is a type of home equity loan that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. Reverse mortgages are typically catered towards older homeowners, but they have also become a great retirement planning tool for many homeowners. This type of mortgage does not need to be repaid until the borrower passes away, sells the home, or permanently moves out. Borrower must maintain the house and pay property taxes and homeowners insurance.
Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage insured by FHA.

How do reverse mortgages work?

Unlike a traditional mortgage that borrowers pay back each month, a reverse mortgage makes payments to borrowers. Borrowers can get these payments in a lump sum, as regular monthly payments, as a line of credit, or as a combination of monthly payments with a line of credit. There are several factors that determine the amount of funds you can receive from a reverse mortgage, such as your age, value of home, and interest rate.

Who would benefit from a reverse mortgage?

A reverse mortgage makes senses for individuals who:

• Are age 62 and older who own a home or have small mortgages.
• Don’t plan to move.
• Can afford the cost of maintaining their home.
• Want to access the equity in their home to supplement their income or have money available for a rainy day.

What are the advantages of Reverse Mortgage?

• Does not require monthly payments from the borrower.
• Proceeds can be used to pay off debt or settle unexpected expenses.
• Funds can improve monthly cash flow.

Why should you choose SunwestInNewJersey?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in renovation and construction loan rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about the Reverse Mortgage process or any of our other home loan services, give our team at SunwestInNewJersey a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!

What are VA Loans?

Guaranteed by the U.S. Department of Veteran Affairs, the VA loan program is designed to assist both current active duty military members and veterans achieve homeownership. Eligible borrowers for this program are allowed to borrow at a higher percentage of the home value and the loan is guaranteed by the government against default.

What are the Advantages of VA Loans?

There is no down payment required and no monthly mortgage insurance payments. The minimum credit score required is as low as 500.

Eligibility

Active members of the military, veterans, and members of the National Guard are qualified to apply for VA loans. Spouses of service-connected disability or deceased military members may also apply for these types of loans.

Why should you choose SunwestInNewJersey?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in VA loan rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about the VA loan process or any of our other home loan services, give our team at SunwestInNewJersey a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!

What does it mean to refinance your home?

The process of refinancing a home means taking out a new loan to replace a current one. Homeowners who are currently paying off a home loan can apply and be approved for refinancing.

What are the advantages of Refinancing?

By refinancing, you can access the equity of your home through a Cash-Out Refinance option. You can also refinance to obtain a new, lower interest rate through a Rate & Term Refinance option. Refinancing also allows homeowners to pay off their mortgage more quickly if they desire to do so by changing their loan from a 30-year mortgage term to a 15-year mortgage term.

Eligibility

We often recommend refinancing to our clients who have good credit scores. The higher the score, the likelier you will be approved for a new loan. Once you have been accepted for a new loan, try to avoid using your credit cards excessively to help prevent your credit score from changing while your application is being reviewed.

Why should you choose SunwestInNewJersey?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in Refinancing rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about refinancing or any of our other home loan services, give our team at SunwestInNewJersey a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!

What is a Renovation and Construction Loan?

Designed for home rehabilitation purposes, FHA 203K loans can help pay for your home renovations. These loans are available both as a refinance and purchase. Thus, you can borrow against the equity in your home for home improvement and you can also get a single mortgage to finance both purchase and renovation of the home.

Eligibility

FHA 203K Loans can be a great option for home buyers who can meet these requirements:

1. Be able to prove that money was spent on renovating your home
2. Prove a decent credit score (580 or above)
3. List of improvements (some are not eligible for financing such as swimming pools)

If you meet these requirements, you may be able to qualify for an FHA 203K Loan.

Why should you choose SunwestInNewJersey?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in renovation and construction loan rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about the Renovation and Construction Loan process or any of our other home loan services, give our team at SunwestInNewJersey a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!

What is an Investment Property Loan?

An investment property, unlike most residential properties, is a property that is not your primary residence and has been purchased with intent to generate revenue, either through the future resale of the property, rental income or both.

An investment property can be a long-term project or an intentional short-term investment such as in the event of flipping, where real estate is purchased, remodeled or renovated, and sold at a profit.

Tips for Buying an Investment Property:

It is important to be patient and well-informed about the market value of the property you wish to purchase. Selecting real estate that is more likely to increase in value is the most important decision you will make, therefore, buying at the right price is crucial.

Before you purchase the home, have a professional building inspector perform an in-depth inspection of the property to find any potential problems as this may hinder your profit potential. Thereafter, it is recommended to do an in-depth inspection annually.

Investment properties usually accompany a higher interest rate. Be prepared to put down at least 20 percent of the property price as a down payment on the loan and ensure that your credit is in good standing.

Why should you choose SunwestInNewJersey?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in Investment Property loan rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about the Investment Property loan process or any of our other home loan services, give our team at SunwestInNewJersey a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!

What is a jumbo loan?

Jumbo loans are used to finance homes with loans exceeding the loan limits set by government sponsored entities (GSEs). It is suitable for borrowers who want to buy luxury homes or refinance existing large mortgages. Jumbo loans allow you to have larger loans at a lower rate because it does not conform to the requirements set by Fannie Mae and Freddie Mac.

What benefits do jumbo loans have?

1. Jumbo loans can assist you in borrowing the money needed to purchase pricier properties.
2. You can choose from a variety of different loan programs that may give you flexibility on your loan terms.
3. You can borrow the full amount of money from one loan instead of having to break it up into two different loans for buying a higher-priced home. This may allow you to have better interest rates.

Eligibility

You may be eligible to qualify for a jumbo loan if you can meet these requirements:

• Have a decent credit score (700 and above)
• Have a low debt-to-income (DTI) ratio (under 43% at least)
• Proof of accessible cash on hand

Why should you choose SunwestInNewJersey?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in Jumbo loan rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about the Jumbo loan process or any of our other home loan services, give our team at SunwestInNewJersey a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!

What is an FHA loan?

FHA loans are insured by the Federal Housing Administration and can be a great option for people who would normally find it difficult to qualify for a mortgage due to their income level, credit history, or their ability to put down a sufficient amount of down payment. For borrowers with a credit score of 580 or higher, these loans allow a down payment of just 3.5% of the total cost of the home. For those with a credit score between 500 and 579, a 10% down payment is required.

What are the benefits?

An FHA loan is one of the most attainable home loans on the market. Geared towards helping first-time home buyers, these loans offer affordable down payments and less-strict credit score requirements for those who qualify. Whether you’re in the market for a new home or seeking financial assistance to help renovate your current one, FHA loans can offer funding for your residential goals.

What is required to receive an FHA loan?

Before applying for an FHA loan, it’s important to know what to expect throughout the process. Once approved for an FHA loan, it is required to have an appraisal and credit report performed. A closing cost may also be required, depending on whether the home seller chooses to cover the closing costs or not.

Why should you choose SunwestInNewJersey?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in FHA loan rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about the FHA mortgage loan process or any of our other home loan services, give our team at SunwestInNewJersey a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!

What is a Conventional Loan?

A conventional loan is a mortgage that is not guaranteed or insured by any government agency such as FHA, VA, or USDA. Conventional loans are either conforming or non-conforming. Conforming mortgages are required to conform to underwriting guidelines and loan limits set by Fannie Mae or Freddie Mac, whereas Non-conforming mortgages have loan amounts higher than the loan limits set by Fannie Mae / Freddie Mac.

Conventional loans can offer the best interest rate and lowest fees, which can result in lower monthly payments. Most home buyers also choose a fixed-rate over an adjustable-rate mortgage to avoid any rising mortgage rates, which makes budgeting much easier. They are typically considered to be the most common, stable, and safest type of loan.

Eligibility

There are many benefits to a conventional loan such as faster home loan process, flexibility, and lower costs. Conventional loans can be a great option for home buyers who can meet these requirements:

1. Be able to make a down payment
2. Have a decent credit score (620 or above)
3. Prove a stable income

If you meet these requirements, you may be able to qualify for a conventional loan.

Why should you choose SunwestInNewJersey?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in Conventional loan rules and requirements and will ensure that you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about the Conventional Loan process or any of our other home loan services, give our team at SunwestInNewJersey a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!