Every once in a while, I’ll take a look at a specific mortgage lender or product to determine the good, the bad, and the ugly.
Today we’ll take a look at a mortgage lender named “CapWest Mortgage,” which is one of the bigger online players.
If you do a search for mortgage rates online, there’s a decent chance they may show up on your radar.
They’re actually a division of Farmers Bank & Trust, which is a 104-year-old family-owned bank out of Kansas.
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The age of the bank is actually one of the “benefits” CapWest highlights, with age presumably being on your side when it comes to quality and service.
Of course, we all know that some of the oldest institutions can still give you a raw deal, so one shouldn’t bank on age alone.
Still, being backed by a large bank allows CapWest to originate all types of loans, including conventional mortgages, FHA loans, VA loans, and even Homepath mortgages, in all 50 states.
While that’s fine and dandy, it’s not all that different from any other major lender out there.
Well, for one, they’ve got a “Customer for Life Program,” which includes VIP service , $997 off future loan transactions, and guaranteed mortgage rates below the national average.
There’s also less paperwork and a streamlined process for those who previously received their mortgage from CapWest, which many other lenders offer as well.
For the record, CapWest’s standard lender fees are $997, so they’re essentially waived on subsequent loan transactions.
Of course, you still have to pay normal third party fees and all prepaid items, so it’s not a no cost loan.
Additionally, if you refer a friend, they’ll receive 50% off the standard lender fees. That’s roughly $500 off.
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