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Applying for an Adjustable Rate Mortgage

How does the application process work for Capital One Home Loans?

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 If your application is cancelled or withdrawn due to inactivity after you accepted your offer, a $450 Processing Commitment charge will be applied to your credit card to cover our expenses.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.

Will I be required to provide information before I can close on my mortgage?

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.

  • Most recent paycheck stub, W-2 form or tax returns with year-to-date earnings for all borrowers.
  • Most recent retirement account statement, 401(k), Pension, IRA, bank statement, etc.
  • Proof of homeowners insurance.
  • If you’re buying a home, we’ll need the Purchase Agreement or Sale Contract.

How far in advance of closing is my rate guaranteed?

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.

How can I check the status of my mortgage application?

To check the status of your mortgage application:

  1. Go to capitalone360.com.
  2. Click on 'My Accounts' and sign in using your Customer Number/Saver ID (Username) and PIN.
  3. Click on the 'Check My Loan Status' link under the 'Loans' section.

You can also call 1-877-464-2151 between 7 AM and 7 PM CT to speak with an Associate.

How long will it take to close my loan?

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.

What documents will I need to provide for alimony/child support?

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.

Why is my email address required for my mortgage application?

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.

Does it matter if I don’t know the exact month that I moved into my current address?

Don’t worry, just give us your best guess.

Why do you need to validate my address?

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.

What happens if you can’t verify my address?

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.

Why do you need my previous address?

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.

What if my previous address was outside of the United States?

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.

Do I need to know the exact month that I moved into my previous address?

No, just give us your best guess.

How can I find my estimated taxes and insurance costs?

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.

Why do I need to provide my Realtor’s information?

With your permission, we’ll speak directly with your Realtor about info related to the property you’re purchasing.

Should I still fill out my Realtor’s info fields even if I don’t know everything?

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.

Why do I need to provide information about the other properties I currently own?

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).

How many of my other properties do I need to list?

You should list all of the properties you currently own.

Should I still list a property if I own it free and clear?

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.

My property is owned by my business. Do I need to include that?

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.

If I’m self-employed, should I enter my adjusted gross or net income?

Self-employed borrowers should enter your net income as reported to the IRS.

If I earned bonus and/or commission income, what should the amounts be based on?

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.

Do I need to know the exact start and end dates of my previous employment?

No, give us your best guess.

What does “type of business” mean?

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 I have a second job, should I include those earnings in my income total?

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.

What if I don’t see my income type listed?

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.


What type of documents do I need to provide for my income?

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.

Does alimony/child support need to be court required in order for me to include it as an income source?

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.

How long do I need to have collected income to include it on my application?

Each situation is different. In general, a 2 year history of stable income is required for approval, excluding retirement income.

Why do I need to provide information regarding my assets?

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.

For the asset information, should I enter the total across all accounts?

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.

Does the asset information have to be exact or can I enter estimates?

No, you only need to give us an estimate for the application.

Why do you need to know about properties on my credit report?

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.

How long do I have to accept my offer before the application expires?

Your application will expire after 15 days on a Refinance (30 days on a Purchase) after you apply.

Do I need to include alimony/child support payments on my mortgage application?

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.

What is a dependent?

A dependent is a person that you claimed as a dependent on your Federal Tax forms.

What is a judgment?

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.

Will you keep my credit card information on file?

No, we only use your credit card information for the application process. This information will not be shared or used for any other reason.

What is considered a Home Improvement?

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

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.

What impacts my rate?

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.

What is Public Assistance Income?

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.

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