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CapWest Mortgage

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CapWest Home Loans was first established in 1971 and is a division of Prospect Mortgage, one of the nation's largest independent residential retail lenders. CapWest Home Loans complies with FHA loans, meaning that it offers several options for borrowers that have lower incomes. Overall, CapWest Home Loans can work with you to:

  • Secure a mortgage loan
  • Secure a home equity loan
  • Refinance your mortgage

If you're interested in what customer are saying, jump down to the CapWest Mortgage reviews here.

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Attention: Services are not available in all states.

CapWest Home Loans' services are currently not available in Alaska, Delaware, Maine, Maryland, New York, Rhode Island, and Wyoming.

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The Good

  • Broad Loan Selection
  • FHA Lender
  • Low Credit Score Requirement
  • Flexible Down Payment Options
  • Easy Digital Process

Broad Loan Selection

CapWest Home Loans offers several loan options for borrowers to choose from, including—

  • Conventional fixed rate loan
  • Adjusted rate loan
  • Jumbo loan
  • Super jumbo loan
  • FHA loan
  • FHA renovation loan
  • VA loan
  • USDA loan

In addition to providing mortgage options for a conventional borrower, this mortgage lender also caters to those that are lower-income or first-time homebuyers who need flexible financing options. Those options specifically being an FHA Loan, VA loan, and USDA loan (more of this in the following section). As with any home loan though, the more you put down the more likely you are to have a lower rate and a lower monthly payment.

FHA Lender

CapWest Home Loans uses FHA (Federal Housing Administration) lenders to issue home loans. Having a loan that is backed by an FHA lender is a huge benefit to those with low or median income, because the loans are specifically designed to help those that qualify as a low or median income borrower. This also means that the down payment requirement is much more flexible. Borrowers can put down as little as 3% if they want to buy a house.

Not all traditional mortgage companies comply with FHA loan standards, meaning that those who have lower incomes should definitely looks to CapWest Home Loans as an option.

Low Credit Score Requirement

Because CapWest Home Loans works with FHA approved lenders the credit score requirement is characteristically lower, with a minimum at 580.

The lower the credit score, the higher the interest rate, but many traditional mortgage companies will not lend to those that have such poor credit, making CapWest Home Loans a great option for those that find themselves with a less then superb credit score.

Flexible Down Payment Options

CapWest Home Loans only requires borrowers to put down a down payment of 3% to secure a home loan.

It is recommended that borrowers put down a larger down payment in order to reduce the length of the loan and the interest rate however-those that find themselves needing to buy a house and don't have immediate funds for a large downpayment have alternative options with CapWest Home Loans.

Easy Digital Process

CapWest Home Loans is dedicated to making the home buying and home owning process easy. It offers a number of digital solutions, and even an app that allow you to be fully in the know with your loan. With its digital services and mobile app you will be able to submit important documents online, see your loan status 24/7, and easily be able to communicate with one of its team members.

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The Bad

  • No Deals for Costco Members

No Deals for Costco Members

In the past if you were a Costco member that was in the market for a home loan you could get some sort of discount with CapWest Home Loans. CapWest Home Loans used to have a partnership where it would offer discounts on its mortgage products if you were a Costco member, however this partnership is no longer active. Costco only offers a discounted rated through CrossCountry Mortgage so if you were hoping to take advantage of that promotion, it is no longer available with this company.

 

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The Bottom Line

CapWest Home Loans offers a broad loan selection, but it caters towards those with low income and a low credit score. If you are low income or a first time home buyer that is short on cash then CapWest Home Loans can be a great fit for you. In addition, borrowers will benefit from the ease and transparency of the mortgage loan process through all of its digital tools.

If you do not find yourself in either of those situations then perhaps a different home loan company may better fit your needs. Additionally, the company has not disclosed a number of important pieces of information on its corporate website, so you should speak to one of its representatives before securing your home loans.

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