Searching for a mortgage loan can be frightening. There are so many things to consider when choosing a lender, so it is difficult to decide where to turn. Your mortgage will probably be your largest creditor to pay, and you will be paying the loan for many years; therefore, you want a lender whom you can trust to handle your loan. Capital One is a company that provides mortgages to consumers.
When you think of Capital One, many people think of credit cards; however, the company also offers several loan options, including mortgages. Capital One mortgages are provided in all 50 states of the country. You can buy a new home, or you can refinance an existing home. If you obtain a good interest rate, you might want to choose a fixed-rate loan with either a term of 15 or 30 years. If your interest rate is high, or if you think you will only be in your home for a few years, you might choose an adjustable rate mortgage. Adjustable rates are available for 5/1 or 7/1 terms. With Capital One, you have the option of obtaining a cash-out refinance as well.
One of the disadvantages of Capital One is that an FHA mortgage is only provided in eight states of the country. This is the most popular type of mortgage available as the income and credit requirements are less than that of other loans. You also can get a FHA loan for a down payment as little as 3.5%.
To be eligible for a Capital One mortgage, the underwriters will look at your credit history, credit score, and income. You can pre-qualify for a loan, and it will not affect your credit score. The lender will offer you a free rate quote. You can do this online, and you can track the progress of your loan. If you are an existing Capital One customer, you can link your accounts, so they will be easier to manage.
Capital One offers excellent customer service. You will have account access at any time of the day or night. The website is user friendly, and you can access numerous tools and educational content. The terms of the loans offered are limited with Capital One.
Capital One is a reputable and reliable lender; however, there are numerous disadvantages. The lender has a limited number of branches across the country, so you might not have access to a real live person. VA loans are not available, nor are USDA loans, and FHA loans are only provided in a few states. You will need a good credit score and good credit history to get the lowest rates. If the loans offered by Capital One are suitable to your needs, the company is a good choice.