Capital One announced on Nov. 7, 2017, that it was exiting the home mortgage lending and home equity lending business immediately. If you’re looking for a mortgage lender, click here for more information and help with finding the right mortgage lender or see a couple of similar lenders below.
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If you’re looking for a straightforward mortgage or refinance option, Capital One has the stability and offerings to meet your needs. The company — which is most visible for its catchy credit card commercials with actor Samuel L. Jackson asking “What’s in your wallet?” — also offers a variety of mortgage products.
With more than 2,800 mortgage loan officers registered with the Nationwide Multistate Licensing System, Capital One provides access to customer service, technology and tools to help you better manage and track your loan’s progress.
Let’s see how McLean, Virginia-based Capital One stacks up against other mortgage lenders.
AT A GLANCE
- Operates in all 50 states and Washington, D.C.
- Offers purchase and refinance loans with fixed rates of 15 and 30 years, and 5/1 and 7/1 ARMs, as well as cash-out refinances.
- Offers FHA loans in branch locations only.
Compare Capital One with other lenders.
In This Article
- A look at Capital One mortgage products
- Customer service in all the right places
- What Capital One does best
- Where Capital One falls short
A look at Capital One mortgage products
Capital One has the usual offerings that can be expected from a major lender: purchase and refinance loans with 15- and 30-year fixed rates, as well as 5/1 and 7/1 adjustable-rate mortgages, or ARMs. Low- to moderate-income borrowers with little money saved for a down payment can apply for a Federal Housing Administration loan in eight states — Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas and Virginia — and Washington, D.C.
Mortgage rates vary based on the type of product at Capital One, which offers loans up to a maximum amount of $2.5 million.
Applicants are evaluated on their overall financial picture, including their credit score, credit history, income and down payment, company spokeswoman Prachi Purohit said.
Customer service in all the right places
The institution has a limited number of branches in eight states and Washington, D.C., but it has a well-connected online presence for its mortgage and banking customers. They can get an online account and access to rate quotes and calculators, as well as a toll-free call center.
“Capital One allows customers to pre-qualify for a home loan with no impact to their credit score from any device, and digitally track progress from application to closing,” Purohit said.
Getting a Capital One mortgage if you’re an existing banking or credit card customer brings with it online access to all of your accounts in one place.
What Capital One does best
- Capital One’s website provides customer service 24/7, free rate quotes and pre-qualification and loan applications.
- It has an extensive array of mortgage education content and tools online.
Where Capital One falls short
- Capital One doesn’t offer a wide range of loan terms or its own low-down-payment mortgage.
- It doesn’t offer Veterans Affairs loans or U.S. Department of Agriculture loans, and it offers FHA loans in only a handful of states.
If you’re looking for a no-frills home loan, a Capital One mortgage or refinance is a reliable choice. You’ll need to be well-qualified with a good credit score, stable income and solid history of on-time payments to get the most competitive rates and terms.
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Deborah Kearns is a staff writer at NerdWallet, a personal finance website. Email: [email protected]. Twitter: @debbie_kearns.
NerdWallet’s star ratings for mortgage lenders are awarded based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
