You will pay ZERO closing costs with CapCenter (restrictions apply). Most lenders charge between 1-3% of your loan amount to close on your home. CapCenter offers a home purchase calculator to estimate how much cash you will need to buy a home.

No, CapCenter can issue your mortgage pre-approval using a soft credit check, which will not impact your credit score. Once you are under contract to buy a home, we will need to run a hard credit check on all applicants to issue a final approval.

CapCenter does not require any preparation to submit a mortgage appliction, but there are a few things you can do before applying for a mortgage to help the process go more smoothly:

First-time home buyers may qualify for additional savings and loan products with CapCenter.

If you haven't owned a home in the three years prior to purchasing your new home, you may be eligible for first-time home buyer benefits. Different agencies and municipalities have slightly differing definitions of first-time home buyer and certain benefits may depend on factors such as income, so we recommend consulting with our licensed loan consultants to see which savings you may qualify for.

If you qualify as a first-time home buyer, you may qualify for lower rates and/or lower fees, if applicable. Your loan consultant will guide you through this discovery process.

You will need a credit score of at least 620 to buy a home with CapCenter. Once you apply for a pre-approval, a CapCenter loan officer can request a soft credit report, which allows us to view your credit score without impacting your credit.

To preserve cash when buying a home, you want to minimize upfront costs such as the down payment, discount points, home inspection fees, and home appraisal fees. There are also recording fees and recordation taxes that are significant costs at closing.

Down payment is usually a significant portion of the upfront cash payment. Each loan product may have different down payment requirements, so it will help to work with a loan consultant to find the best loan product that you qualify for. However, down payment goes straight into your equity, so you technically don't "lose" the cash.

Going with a no-closing-cost lender such as CapCenter is a great option if you want to preserve cash when buying a home.  When you bundle realty and mortgage with standard loan options, CapCenter may be able to waive closing costs for a zero closing cost purchase.  Not only does a zero closing cost purchase help preserve cash when purchasing a home, the loan option gives you additional flexibility with refinancing in the future because less sunk costs are involved in obtaining the mortgage.

A mortgage pre-approval is typically valid for a certain period of time, usually 60 to 90 days.

During this time, CapCenter will have reviewed your credit report, income, and assets to determine how much you can afford to borrow. The pre-approval letter that the lender provides will include the approved loan amount, the interest rate and the terms of the loan.

It's important to keep in mind that a pre-approval is not a guarantee of a loan, and the lender will still need to verify the information provided before approving the loan. The secondary verification of information may even seem repetitive, but lenders are required to verify certain information after a period of time. Additionally, if there are any changes in your financial situation, such as a decrease in income or an increase in debt, this could affect the lender's decision to approve the loan.

The average minimum down payment when buying a home ranges from 0% to 5% depending on your situation. If you qualify for a VA loan, you are not required to put money down!

CapCenter recommends that your first step should be to get pre-approved with a mortgage lender. Getting pre-approved will give you a great idea of how much you can afford, and pre-approval letters will give home sellers confidence when you submit offers on homes. At CapCenter, you can get pre-approved within the same day and quickly get connected with a CapCenter agent.

Absolutely, in fact, you will enjoy additional savings when you buy and sell with CapCenter. If you require home sale proceeds to make your down payment, a CapCenter Realtor will help you write a home sale contingency.
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Connect with an expert CapCenter agent, and we will consult you through the process.