Step 1: Get a quote
Start by comparing your current rate, payment and remaining term with what's available today. A quote shows your estimated new rate and payment. Think about your goal first: a lower payment, a shorter term, or cash out. Each points to a different loan.
Step 2: Apply and lock
The online application takes about 15 minutes. It covers your income, assets, debts and property. A loan consultant will review it with you. When you go ahead with a CapCenter loan, you pay an upfront Good Faith Deposit, which is refunded in full when your loan closes.
Locking your rate holds it while your loan is processed, so a market move doesn't change your terms.
Step 3: Send your documents
You'll get a list of what's needed. Upload it as soon as you can. It usually includes:
- Recent pay stubs and W-2s, or tax returns if you're self-employed
- Bank and asset statements
- Your current mortgage statement
- Your homeowners insurance information
- A photo ID
Step 4: Appraisal and underwriting
Many refinances need an appraisal, but not all. If yours does, you'll schedule a visit. With CapCenter, the appraisal is covered under ZERO Closing Costs.
Next, an underwriter reviews your file and confirms everything meets the loan's rules. They may ask for a few more items. Answering within a day keeps your file moving.
Step 5: Closing Disclosure and closing
You'll receive your Closing Disclosure at least three business days before closing. Compare it with your Loan Estimate and ask about anything that changed. Then you sign your documents with the settlement agent.
Step 6: Right to cancel and funding
When you refinance your primary home, federal law gives you three business days after closing to cancel. Your loan funds after that, and your old mortgage is paid off. On a second home or investment property, this waiting period generally doesn't apply.
Keep things moving
A few habits help your refinance close on time.
- Reply to requests quickly and send complete documents.
- Avoid new credit, large unexplained deposits or job changes until funding.
- Keep making your current mortgage payment.
- Tell your loan consultant right away if anything changes.
What it costs
With CapCenter's ZERO Closing Costs, CapCenter pays for or waives the closing costs typically required to process the loan (restrictions apply). You still fund prepaid interest and your new escrow account, which aren't lender fees. Your old servicer usually refunds your old escrow balance after payoff.
