Normal processing time is 7 to 10 business days. The actual time necessary to process and close the loan may vary from the estimate due to loan volume and any delays in our receiving information from you or from third party suppliers. Therefore, we are unable to guarantee that your requested loan will be processed within the estimated time or prior to the expiration of any firm lock-in commitment. For this reason, you should assure yourself that the time period specified in the lock-in commitment is sufficient for your purposes.

We typically quote rates without the necessity of Borrower paying for any discount points or origination fees in connection with the Loan. At the time you lock in the loan terms, you will be offered the opportunity to buy down the rate.  In such event, you must pay for the cost of such rate reduction (commonly referred to as "discount points").

To the extent we require private mortgage insurance (PMI) in connection with your loan, you will be responsible for the cost of the PMI. Loans which exceed 80% of the appraised value of the property typically require PMI.

In addition to the monthly installments of principal and interest, you will be required to remit monthly escrow deposits for the payment of real estate taxes, hazard insurance and flood insurance premiums (if your home is in a flood plain), municipal assessments, private mortgage insurance, or FHA Mortgage Insurance Premiums (if applicable), and all other items for which an escrow is established under the terms of your loan documents. An initial deposit for these items will be required at loan closing.

Lender‘s title insurance for the loan is required on all loans.  Lender‘s title insurance will not insure your ownership interest in the residence but will solely insure losses incurred by us due to any title defect in the property securing the loan. You should seek the advice of your attorney regarding any questions you might have regarding the availability and cost of title insurance for your ownership interest in your residence.

In the event you are purchasing the residence which will serve as the collateral for the loan you are applying for we may offer to pay for an owner‘s title insurance policy which insures your interest in the Property ("Owner‘s Policy"). If we do make such an offer, it will be included on a written "Commitment Letter" delivered to you. In such event, you must solely rely upon the advice of your attorney based upon his review of the commitment to insure your title to the Property for the purpose of determining the adequacy and reasonableness of the commitment for such Owner‘s Policy. Please note: any offer to pay for the Owner’s Title Insurance will be contingent upon you using a title insurance provider from CapCenter’s Approved Provider list and the Loan-to-Value (LTV) not being less than 60%.

On Refinance transactions, we may engage the services of an attorney to represent us in closing the loan you have applied for. The attorney so retained shall solely represent us. If you elect to seek advice from your own attorney you will be responsible for the costs of your attorney. We recommend that you seek the advice of an attorney to answer any legal questions you may have with respect to this loan or to assist you in satisfying our conditions for this loan if necessary. However, your attorney will not be required to serve as escrow / or closing agent in the event you are refinancing and you choose our No Closing Cost option. 

In the event you are purchasing a home, we will require you to retain an attorney to represent your interest in such purchase and we will require your attorney to serve as escrow agent for the purpose of closing the loan being applied for hereunder. CapCenter will agree to credit you up to $400 for your closing attorney if the closing attorney you select is from our Approved Attorney list.

We maintain a controlled list of required providers (or rely on a list maintained by others). We will require or choose a particular provider from our controlled or approved list.

You must acknowledge that you have been advised of the Flood Disaster Act of 1973 and the requirements that you provide flood insurance coverage on any Property serving as collateral located within an area designated as a Flood Hazard Area. If the Property falls within a flood hazard area as defined in the Act, then you must preauthorize lender and lender‘s successors and/or assigns to purchase such insurance and you further agree to pay promptly the cost thereof.

CapCenter will provide you a copy of the appraisal report to be obtained in connection with the loan for which you are applying at or before closing.

The loan you are applying for will not be assumable.

Unless otherwise approved by us in writing, you must represent and confirm that you will occupy the Property as your Primary Residence.

If you are refinancing a mortgage with us, then by signing you loan Application, you will be representing that your property offered as collateral for the loan you are applying for hereunder is not currently for sale, and further represent that you have no present intent to offer it for sale.

Secondary liens against the Property securing any other financing are not permitted at the time of closing unless approved by us in writing. If a secondary lien is permitted, it will have to be made subordinate to our lien.

CapCenter reserves the right, in our sole discretion, to cancel any Commitment to lend to you for any of the following reasons:

Our Commitment to lend is made only in writing executed by us and will be subject to certain terms and conditions as contained in the Commitment.

We will order an appraisal of the Property from an approved appraiser. The appraisal must be addressed to us. The loan will not be made unless the appraisal is acceptable to us in all respects and supports a value for the Property equal to or greater than the value set forth on our Commitment to you. The appraisal must conform to the requirements of the Fannie Mae Seller/Service Guide. The appraisal must be supplied to us at least five (5) days before closing and must not be dated more than ninety days prior to Loan closing.

We must receive a mortgagee title insurance policy from a land title insurance company acceptable to us ("The Title Company") on the latest ALTA Revised Form, insuring the first priority and validity of the Deed of Trust against the Property in the amount of the Loan with only such exceptions as are approved by us ("Permitted Encumbrances"). The policy must contain no exceptions for mechanics or materialmens liens or survey exceptions. The policy shall contain on ALTA 8.1 Environmental Lien Protection Endorsement and otherwise be satisfactory in form and substance to us. We reserve the right to require such affirmative coverage endorsements as we deem necessary. The original and one copy of the title insurance policy or proforma policy or binder as well as the insured closing letter must be submitted to and approved by us prior to Loan closing.

We must be furnished, at or prior to settlement, with an "Insured Closing Service" letter from the Title Company stating that the Borrower‘s settlement agent or closing attorney is approved by the Title Company to conduct title settlements under the Title Company‘s insured closing service.

We reserve the right to receive a Certificate of Occupancy in Borrower‘s name from appropriate public officials for newly constructed homes, or other evidence satisfactory to us, evidencing (i) that the Property and the improvements or proposed improvements thereon and the use thereof conform to existing zoning and subdivision laws, specified variances, if any, and other applicable laws, ordinances and regulations, (ii) that all public utilities required to adequately serve the Property and the proposed improvements, including, but not limited to public water and public sewer, are available and connected and that tap-on and connection fees have been paid; and (iii) that the Property, including any proposed improvements, conform to all existing environmental laws, rules and regulations.

Unless waived by us, we must receive a survey prior to closing which locates all improvements and easements with complete information as to the width or distance from boundary lines and providing a Property legal description which agrees verbatim with Schedule "A" of the Title Insurance Binder/Policy and Schedule "A" to the Deed of Trust securing the loan being applied for. The survey must state whether the Property is located in a HUD defined Flood zone. The survey must not be older than six months at the time of closing. For refinance transactions, an old survey may be used by you if you have the old survey updated or you sign an affidavit certifying there have been no substantial changes to the Property since the date of the last survey, as long as the Title company does not take exception to the age of the survey. If the Title Company does take exception to the age of the survey, a new survey may be required.

At the time of closing you must provide us with the original fully paid policy or binder of Hazard insurance with extended coverage issued by a company acceptable to us. In the event you are purchasing the Property, you will be required to provide a receipt for the first year’s premium. The hazard insurance coverage must be at least equal to the lesser of the replacement value of improvements on the Property and the loan amount for regular amortizing loans. The policy must contain the following mortgagee clause: Capital Center L.L.C., its successors and or assigns: 4510 Cox Road -Suite 302; Glen Allen, Virginia 23060.

If the Property improvements are partially or wholly located in any flood zones, Flood Insurance is required at a minimum coverage equal to the lesser of the loan amount or minimum limit of coverage available for the particular Property type under the National Flood Insurance Program.

A loan to you shall be conditioned upon (i) our confirming the accuracy of the information set forth on the Application executed by you based upon evidence independently received from a third party in form and substance acceptable to us in our sole and absolute discretion, and (ii) no material and adverse change in Borrower‘s financial condition between the time of Application and the closing of your loan.