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What is a Fixed Rate Mortgage?
A fixed-rate mortgage has a fixed interest rate over the term of your loan, regardless of whether bank interest rates rise or fall. This means that your borrowing costs and monthly payments will stay the same, so you know exactly how much your mortgage will cost you right from the beginning.
When interest rates are going up, fixed-rate mortgages protect you from rising monthly mortgage costs. But if interest rates drop, you would have to refinance to get the lower rate and reduce your monthly payments. A fixed-rate mortgage may be more difficult to qualify for than an adjustable-rate mortgage, since your initial mortgage payments would likely be higher.
If you expect to stay in your home for many years, or you’re just more comfortable knowing what you’ll be paying from month to month, a fixed-rate mortgage may be right for you.
What is a 15 year Fixed Rate Mortgage?
A 15-year fixed rate mortgage is fixed and amortized over a 15-year period. This means your interest rate is fixed for the life of the loan and you’ll pay off your mortgage in half the time of a 30-year loan because you’ll be paying down more principal and less interest.
What is a 30 year Fixed Rate Mortgage?
A 30-year fixed rate mortgage is fixed and amortized over a 30-year period. This means your interest rate is fixed for the life of the loan and your principal and interest payment will remain the same.
What's the minimum amount I need for a down payment?
To purchase a primary residence (the one you live in), you'll need at least a 20% down payment. For a vacation home, you'll need at least a 25% down payment.
What type of property can I finance?
Capital One can help you get a mortgage on your primary residence. These include single family homes, town homes, condos, multi-units (2, 3, or 4 units) and co-ops in New York. For vacation homes, these include single family homes, town homes, condos, and co-ops in New York. We can also help you get a mortgage for investment (rental) properties. These include single family homes, town homes, condos, and multi-units (2, 3, or 4 units). We cannot consider applications for leaseholds, mobile or manufactured homes, log homes, condotels, timeshares, properties greater than 15 acres, unimproved land, or trust-owned properties not held in a family trust.
How long can I lock my rate?
Once you apply for an Adjustable Rate or Fixed Rate Mortgage, our rate guarantee will automatically lock your rate for 60 days if you are purchasing or refinancing a home – for FREE. This rate guarantee means you'll be protected if rates go up.
What are Closing Costs?
We incur expenses when processing your loan, such as appraising the value of your home and checking your credit; these are third party fees that must be paid at closing. The first page of the Home Equity application can estimate these costs based on your specific details. If you are reviewing offers from other banks, use these estimated costs to compare and make sure you're getting the best deal.
What are 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 is an escrow analysis?
Taxes and insurance can change over time. An escrow analysis is performed once a year to ensure that we are collecting enough money to make all required payments for the next 12 months. After we complete our review, we'll send you an annual escrow analysis statement that details any changes to your account.
What is the contact information for the various departments across Home Loans?
How do I arrange to have a property inspection completed?
If you'd like to have a property inspection completed, simply contact us (800-933-9100 Option 2) and we'll arrange for an inspection company to contact you within 3-5 business days to schedule an appointment. If you're making repairs to your property and need an inspection, contact us approximately one week before the repairs are 90% complete.
How can I tell if my loan is assumable?
Can I add someone's name to my mortgage?
Yes, you can add someone to the title of the property by executing a deed of transfer. You may want to consult an attorney to have this done. You can only add someone to liability for the loan through an assumption Opens a new window or refinance.
How do I provide you authorization to discuss my loan(s) with my spouse or a third party?
In order to discuss your loan with a third party or spouse who isn't on the loan, we need your signed authorization. Please send a letter to our Customer Service Opens a new window department, signed by all parties on the loan, with the specific names of those authorized to receive information.
How do I remove my ex-spouse from my loan?
An ex-spouse’s name can be removed from our billing records by providing us with a copy of the divorce decree and deed transferring title. The ex-spouse can only be relieved of liability for repayment of the loan through an assumption Opens a new window or refinance.
How do I report an error on my credit report?
If you believe there is an error on your credit report, send a copy of the report with a written request describing the error in detail to our Customer Service Opens a new window department in Eagan, MN.
When is my home loan reported to the credit bureau?
All home loans, both current and delinquent, are reported to the credit bureaus on a monthly basis.
What do I do if I find an error on my mortgage account(s)?
In case of an error or questions about your electronic transfers or your monthly mortgage statement, call our Customer Service Department at 1-800-933-9100, option 2 as soon as possible. Please be prepared to provide the following information when you call:
Why do I need to provide information about my Home Owners Association?
Remember this is an optional field. We need to gather this information anyway, but the sooner we get this information the sooner we can begin processing your loan.
How can I change my name?
To change your name due to marriage, divorce, etc., be sure to update your name with the Social Security Administration (SSA) first. Then you can give us a call at 1-888-464-0727 from 8 AM to 8 PM and an Associate will help you out. Keep in mind, we may need more documentation if you’re changing your first and last name.
You can also send in a written request signed and dated within the last 60 days along with a copy of the legal document that includes both your old name and new name by:
Mail: Capital One 360
P.O. Box 60
St. Cloud, MN 56302
If you need to update a misspelling or want to add a middle initial, give us a call and an Associate will help you out.
Who can I contact if I have questions on the Servicemembers Civil Relief Act (SCRA)?
Questions about the Servicemembers Civil Relief Act (SCRA)? Learn more Opens a new window or contact us any of the following ways:
How can I request more information or report a possible error with the servicing of my loan?
To request more information or report a possible error regarding the servicing of your loan, you must send a letter to:
Capital One, NA
Please be sure to provide the following information with your request: