You can apply over the phone, online or in a Capital One branch. Conditional offers are usually available immediately. Once you apply, we guarantee your rate for 60 days when purchasing or refinancing a home. Unlike many other lenders, there is no fee for our rate guarantee.
Before you submit your application, we'll ask that you provide your credit card information for us to start the process. We'll then begin processing your loan and incurring expenses. If your application is cancelled or withdrawn due to inactivity after you accepted your offer, a $450 Processing Commitment charge will be applied to your credit card to cover our expenses. You ONLY pay this charge if you cancel your application after accepting your offer, but it's important to understand if your offer should change for any reason and you cancel your application, you are still responsible for the Processing Commitment charge.
To get your home loan created as soon as possible, we’ll send you information that confirms the loan amount, interest rate, and payment terms as well as a letter requesting any supporting information we might need. When we receive this information from you, our Mortgage Processing Team will begin work on your loan. Once your home loan is ready to be closed, we'll call you to schedule a time and place for you to finalize your new mortgage.
To apply for a mortgage on a second home, please call us.
Yes. We try to make things simple by limiting the amount of information we need from you. Here's a list of some of things we may need. Everyone's situation is different so don't be intimidated by this list. We'll tell you exactly what you need to give us after you apply.
With our rate guarantee, once you apply for a Fixed or Adjustable Rate Mortgage, your rate will automatically be locked in for 60 days on purchases or refinances. To accept your offer, you will need to provide your credit card information. There is no fee for applying, however, if you decide to cancel your application after you accept your offer and we have begun incurring costs to process the mortgage, there will be a $450 Commitment charge to your credit card.
To check the status of your mortgage application:
You can also call 1-877-464-2151 between 7 AM and 7 PM CT to speak with an Associate.
As always, we’ll make every effort to process your Home Loan quickly. Typically, it takes anywhere from 45 to 60 days to close a loan on purchase applications (depending on your purchase agreement) and 30 to 45 days for refinances. This timeframe may increase or decrease depending on our incoming volume and how quickly we receive all of your required information.
If you’re purchasing a home, we’ll work hard to get you to your scheduled closing date on time. However, it’s important that you send in all required documentation as soon as possible to keep the process moving.
To stay up to date on your loan’s status, sign in to capitalone360.com and click on the ‘Check My Loan Status’ link.
You’ll most likely need to provide a fully executed copy of a divorce decree, property settlement agreement and/or a court order for child support. The actual required documentation will depend on your specific situation.
We need your email address so we can send you important updates about your loan application. We’ll be able to notify you when we receive your required documents and keep you up to speed throughout the entire loan process.
Don’t worry, just give us your best guess.
We validate your address against the US Postal Service address database to ensure we have the correct address listed on file and on all of your loan documents.
There could be a few reasons why we can’t verify your address with the US Postal Service. For example, if your house is brand new, it might not be in the system yet.
If no match is found, double check what you entered. If what you entered is correct, just select the option to use what you entered.
We have to ask for your previous address as part of the US Patriot Act. We also use it as part of our identify verification process.
If your previous address was outside of the US or was a Military Address, please give us a call at 1-866-327-4599 and one of our Associates will help you out.
No, just give us your best guess.
Try referencing your past mortgage statements or just give us your best guess. We’ll be able to determine the exact amounts once you send in your required documents.
With your permission, we’ll speak directly with your Realtor about info related to the property you’re purchasing.
Yes. Fill out as much as you can for now. If you remember your Realtor’s contact information after you submit your application, just give us a call and we’ll make sure it gets added.
We need to fully analyze your assets and liabilities to make a good decision about your loan request. Having this info helps us get a full picture of your debt obligations (or income).
You should list all of the properties you currently own.
Yes. You should list all the properties you own, even if there’s no mortgage/lien on the property. This includes rental, investment, vacation properties and vacant/farm land.
No. You won’t need to list the property if the mortgage is currently in the name of the business. Only list properties that are in your name.
Self-employed borrowers should enter your net income as reported to the IRS.
You should base the amounts you enter on your application from the previous year. We’ll require a 2 year history of bonus or commission income in order for it to be considered.
No, give us your best guess.
We just need to know the type of industry your business is involved with. For example, if you’re in construction, retail, banking, etc.
If you’ve worked a second job for 2 years or more, you can definitely include it and it’ll be considered for qualifying purposes.
If you receive public assistance, give us a call at 855-238-8766 and we can take the application over the phone.
Other than public assistance, unfortunately, if your income type isn’t listed, we won’t be able to use it as part of your application.
Keep in mind, for capital gains income, only long term capital gains (as defined by the IRS) that have been consistently received for at least 2 years will be considered for qualifying purposes.
For notes receivable income, only include the interest earned that has been reported on your tax returns for at least two years.
And if you’re listing income from 401k or IRA distributions, you need to be at least 59 ½ in order for this income to be considered.
Since there are many different scenarios, the documents we’ll require may change depending on your personal situation. You will find out more once your application is approved.
With this type of income, we would need an official court order in effect for it to be considered valid income. Only include income you’ll continue to receive for at least 3 years after the closing of your loan.
Each situation is different. In general, a 2 year history of stable income is required for approval, excluding retirement income.
At Capital One, we value clarity in all our processes. With this section we just need to know where the funds will be coming from to pay for certain things, such as your down payment and closing costs.
In this section, you should include your total balance for all personal checking and savings accounts that either you or the joint applicant is on.
No, you only need to give us an estimate for the application.
We need to know this information to better determine if you qualify for the mortgage. Our underwriters use past credit history to make a decision on your loan and we want to make sure we don’t put you in a position where you would be unable to make your payments. This information also acts as an added step of identity verification.
Your application will expire after 15 days on a Refinance (30 days on a Purchase) after you apply.
If you’re currently paying alimony or child support, you should disclose the required payment on your application. If you’re about to stop paying, we’ll look at your documentation that states the expiration date and determine whether or not the monthly expense needs to be considered for qualification purposes.
A dependent is a person that you claimed as a dependent on your Federal Tax forms.
A judgment is an official court decision that describes the rights and obligations of both parties in a lawsuit and typically involves a monetary award to the winner.
For example, a borrower is sued by a creditor for an unpaid debt and a court decides in favor of the creditor. The result is a judgment against the borrower until the debt (plus interest) is paid.
No, we only use your credit card information for the application process. This information will not be shared or used for any other reason.
A home improvement is considered repairing, rehabilitating, remodeling or improving a dwelling or the property on which it is located. Examples of this would range from landscaping to installing a swimming pool. Also, the improvements you make with the money obtained from a loan are not restricted to the home you are refinancing with us. If the money will be used to improve any property you own, then they would be considered to be used for home improvement.
Points are costs that can be added to or subtracted from your closing costs based on our lending guidelines (i.e. credit score and home value). Typically, 1 point equals 1% of your loan amount. The amount of points that are charged may change once we verify the information submitted in your application.
If your credit score is different than what you originally stated, the rate and/or points we listed may change once you submit your application.
Public Assistance is a government benefit, usually provided in the form of cash or vouchers. Electronic Benefit Transfers are a common form of Public Assistance. Some examples of government programs that provide such assistance include: Child Care Assistance, Medicaid, Supplemental Nutrition Assistance Program (SNAP), etc.
Keep in mind, when applying for a loan we'll ask to see documentation that shows how long this type of income will be received.