If you’re in the market for a new home, one of the most important decisions you’ll have to make is choosing a mortgage lender. With so many options available, it can be overwhelming to determine which lender is the right fit for your unique needs. In this article, we’ll take a comprehensive look at Capital Bank Home Loans and help you understand your options.
Who Is Capital Bank?
Capital Bank is a regional bank headquartered in Rockville, MD that serves customers throughout Maryland, Virginia, and Washington D.C. The bank was founded in 1999 and offers a wide range of financial products and services to consumers and businesses alike.
One of the key areas where Capital Bank excels is in home loans. The bank offers an extensive selection of mortgage products designed to meet the needs of borrowers with varied credit histories and financial situations.
What Types of Home Loans Does Capital Bank Offer?
Let’s take a closer look at some of the home loan options available through Capital Bank:
Fixed-Rate Mortgages
A fixed-rate mortgage is a type of home loan where the interest rate remains constant for the entire duration of the loan. This means that your monthly payments won’t change over time, making it easier to budget for your housing costs.
Capital Bank offers several different fixed-rate mortgage options:
- Conventional Fixed Rate – This option features competitive rates and terms up to 30 years.
- FHA Fixed Rate – Backed by the Federal Housing Administration (FHA), this option allows borrowers with lower credit scores or smaller down payments to qualify for financing.
- VA Fixed Rate – Available exclusively to active-duty military members, veterans, and their families, this option offers favorable terms including no down payment requirement.
- USDA Fixed Rate – Designed for borrowers in rural areas who meet certain income requirements, this option features low rates and flexible underwriting guidelines.
Adjustable-Rate Mortgages
An adjustable-rate mortgage (ARM) is a type of home loan where the interest rate can vary over time. This means that your monthly payments can fluctuate, which can make budgeting more challenging.
Capital Bank offers several different ARM options:
- 3/1 ARM – With this option, the interest rate remains fixed for the first three years before adjusting annually.
- 5/1 ARM – The interest rate remains fixed for the first five years before adjusting annually.
- 7/1 ARM – Similar to the 5/1 ARM, but with a seven-year fixed period.
- 10/1 ARM – Features a ten-year fixed period before adjusting annually.
Jumbo Loans
If you’re looking to finance a high-value property, you may need a jumbo loan. These loans exceed the limits set by Fannie Mae and Freddie Mac, which are currently $548,250 in most areas of the country.
Capital Bank offers jumbo loans up to $3 million with favorable terms designed specifically for high-value properties.
Other Home Loan Options
In addition to the above options, Capital Bank also offers other types of home loans including:
- Home Equity Loans
- Home Equity Lines of Credit (HELOC)
- Construction Financing
- First-Time Homebuyer Programs
- Bridge Loans
Why Choose Capital Bank for Your Home Loan?
There are several reasons why borrowers choose Capital Bank for their home financing needs:
Local Expertise
As a regional lender, Capital Bank understands the local real estate market and can offer tailored solutions to meet your unique needs.
Flexible Underwriting Guidelines
Capital Bank recognizes that not all borrowers fit neatly into traditional lending boxes. That’s why they offer flexible underwriting guidelines that take into account your individual financial situation.
Streamlined Process
The home buying process can be stressful enough without having to navigate through complex loan requirements. Capital Bank streamlines the lending process to make it as simple and hassle-free as possible.
How to Apply for a Capital Bank Home Loan
If you’re interested in applying for a home loan through Capital Bank, the first step is to contact one of their loan officers. They’ll help you determine which loan option is right for you and guide you through the application process.
You can also apply online through their website. Simply provide some basic information about your financial situation, and a loan officer will get in touch with you to discuss your options further.
Conclusion
When it comes to financing your new home, having the right lender on your side can make all the difference. With its extensive selection of home loan options and flexible underwriting guidelines, Capital Bank may be the perfect fit for your unique needs. Contact them today to learn more about their offerings and start the journey towards homeownership!
FAQs
What is Capital Bank Home Loans?
Capital Bank Home Loans is a financial institution that offers home loans to individuals who are planning to purchase, refinance or renovate their homes.
What are the different options for home loans offered by Capital Bank?
The different options for home loans offered by Capital Bank include fixed-rate mortgages, adjustable-rate mortgages (ARMs), jumbo loans, FHA and VA loans.
How do I qualify for a home loan from Capital Bank?
To qualify for a home loan from Capital Bank, you will need to have a good credit score, stable employment history, sufficient income and meet other requirements set by the bank.
Can I apply for a home loan online with Capital Bank?
Yes, you can easily apply for a home loan online with Capital Bank through their website or app.
How long does it take to get approved for a home loan at Capital Bank?
The approval process for a home loan at Capital Bank usually takes about 30 days, but it may vary depending on individual circumstances.
What is the difference between fixed-rate and adjustable-rate mortgage (ARM) offered by Capital Bank Home Loans?
A fixed-rate mortgage has a stable interest rate throughout the life of the loan while an ARM has an interest rate that fluctuates based on market conditions after an initial fixed period.
What is the maximum amount I can borrow through jumbo loans at capital bank?
The maximum amount you can borrow through jumbo loans at Capital bank varies depending on your location and other factors, but it typically ranges from $510,400 to $765,600.
Are there any special benefits or discounts available for veterans under VA loans at capital bank?
Yes, veterans under VA loans at Capital Bank can enjoy benefits such as no down payment, low interest rates, and reduced closing costs.
How do I know if refinancing my home loan with capital bank is a good option for me?
Refinancing your home loan with Capital Bank may be a good option if you want to lower your monthly payments, shorten the life of your loan, or take advantage of lower interest rates. It’s best to speak with one of their professionals to determine if this is the right option for you.
What should I consider before taking out a home loan from Capital Bank?
Before taking out a home loan from Capital Bank, you should consider factors such as interest rates, closing costs, repayment terms and any potential penalties for early repayment. Additionally, it’s important to make sure that you can afford the monthly payments and understand all the terms and conditions of the loan.