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 last 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 my current mortgage rate is half a point higher, is it worth it to refinance?
How much could I refinance and still have the same monthly payment or less?
Will refinancing lower my current payment?
Can you explain the entire process to me?
Should I refinance now, or will the rates go lower?
What have rates been doing lately – going up or down?
How often do rates change/do you update your website?
How do your rates compare with other lenders?
I saw a lower rate in the newspaper. Why should I not go with 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?
How much will it cost me to refinance?
I’m a past customer; do I need to submit a new application?
I am looking to refinance a second home. Do I need to fill out a new application if I refinanced with CapCenter before?
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?
Does submitting an application obligate me to refinance with CapCenter?
How do I contact CapCenter to make application changes or ask questions?
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 or can I waive escrow?
Can I qualify for a purchase loan before I have found the property I wish to purchase?
Please explain about the $18.50 credit report fee; how does this fee work?
For what charges am I liable if I complete an online application without locking?
Do you charge the $18.50 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 30 day period if the rate goes down?
If my application is approved and the rates go lower, will I be able to adjust my rate?
Are there additional fees/points to take cash out on a refinance?
How do I take cash out when I refinance? Is there a fee?
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 given from the online calculator including PMI, tax, and insurance be figured into the loan or taken out of the cash out amount?
Does the cost of the points get rolled up into the loan or do I have to pay it at closing?
Would we be able to roll the closing costs into the loan and get the closing costs back when we get the loan?
Can you roll escrows into the loan?
Can I pay off and close my HELOC or second mortgage if I refinance with CapCenter?
Does CapCenter provide construction loans?
Do you refinance commercial investment property?
Does CapCenter offer equity lines of credit?
Do you still offer an 80/15/5 loan?
What can I do if our loan has gone 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 a loan off early?
Are the discount points tax-deductible?
Whenever possible, keep your LTV (Loan to Value) below 80% in order to avoid having to obtain Mortgage Insurance.
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