Frequently Asked Questions
How do I know if I am able to refinance?
Should I select the 15 year or 30 year product?
What if my credit isn’t perfect?
I bought a house in the past six months. Can you refinance my current loan?
I refinanced with CapCenter earlier this year. Am I eligible to refinance again? Would the paperwork be the same?
Is it worth it for me to refinance?
If the interest rate on my existing mortgage is half a point higher than the rates posted on your website, is it worth it to refinance?
How much could I refinance and still have the same or a lower monthly payment?
Will refinancing lower my current payment?
Can you explain the entire process of obtaining a loan to me?
Should I refinance now, or will the rates go lower?
How often do interest rates change/do you update your website?
How do your rates compare with other lenders?
I saw a lower interest rate in the newspaper. Why shouldn’t I get a loan from that company?
Are there really no closing costs?
Isn’t this just a gimmick -- don’t you just roll the closing costs into the loan amount?
Since you are paying for my closing costs, would it be advantageous for me to pay points to get a better interest rate?
Do you charge an origination fee?
How do you make money if you don’t charge closing costs?
I’ve closed a loan with CapCenter in the past. Do I need to submit a new application?
How long does the application process take, and what information will I need?
What documentation is required for a refinance?
Can I back out after I submit my application and before I receive my written loan offer?
Can I make changes to my application after submitting it?
Who handles my closing, and where do I sign the paperwork?
How can I contact someone at CapCenter to help me?
Do I have to escrow for taxes and insurance? Can I waive escrow?
Can I qualify for a purchase loan before I have found the property I wish to purchase?
Please explain the $19.25 credit report fee. How does this fee work?
Do you charge the credit report fee if I withdraw because rates go up?
When can I lock my rate? I want to lock today. Is that possible?
How do I lock in a rate?
I just completed the online application. Can I still change the discount points?
If I fill out the online application, am I pre-approved or locked into a rate?
Once I have locked in a rate, can I float down within the rate lock expiration period if the rate goes down?
If my application is approved and the rates go lower, will I be able to adjust my rate?
How much cash will I need at closing, i.e., which costs/fees can be included in the loan amount at closing?
Can the closing cost estimate provided by the calculator on the CapCenter website (which includes PMI, property taxes, and insurance) be rolled in to my loan amount or taken out of the “cash-out” amount?
Does the cost of the discount points required for the interest rate I selected get rolled in to the loan or do I have to pay it at closing?
Would I be able to roll the closing costs into the loan and get the closing costs back when I get the loan?
Can I roll my escrows for taxes and insurance into the loan amount?
Can I pay off and close my HELOC or second mortgage if I refinance with CapCenter?
Does CapCenter offer construction or home renovation loans?
Do you refinance commercial investment property?
Does CapCenter offer equity lines of credit?
What can I do if my loan has gone in to foreclosure?
How do you handle closings that are not in Richmond? Do I need to come to your office?
Do both co-borrowers have to attend the closing?
Does CapCenter still allow closings in areas outside Richmond?
Is there a penalty if we pay off a CapCenter loan off early?
Are discount points tax-deductible?
I am shopping for a mortgage. Will another credit inquiry hurt my credit score?
What can I do to improve my credit score?
The "Loan to Value ratio" (LTV) is the ratio of your loan amount to the value of your property. Whenever possible, keep your LTV below 80% in order to avoid having to obtain Mortgage Insurance.
We ask for your city/county in order to check loan limits (which vary by location for certain product types) and also to determine whether we offer realty services in your search area.
CapCenter now offers additional savings if you choose to work with a CapCenter Realtor
. If you haven't already hired a Realtor
, we'd be happy to represent you.
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