CapWest Mortgage Review

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If you have been thinking about purchasing a home, securing an affordable interest rate on your mortgage will ensure that you don’t pay too much for your property over time. Rates are at an all time low and doing business with a reliable company, like CapWest Mortgage, can help you obtain a mortgage that meets your needs or allow you to refinance your current mortgage. CapWest Mortgage is a parent company of Farmers Bank Trust which is a family owned bank that has been federally chartered since 1907.

CapWest offers a conservative arrangement of home loan and mortgage products including, FHA, and VA loan products. They also offer 30 year fixed rate mortgages, 15 year fixed rate mortgages, 5/1 ARMs in addition to a number of mortgage refinance products. They can initiate loans throughout the entire United States and according to CapWest Mortgage, they provide some of the lowest rates and closing costs on the market and there are no miscellaneous or hidden costs. Once you finance your home through CapWest, they will continue to service all your home loan needs for free, even on new home mortgages. This is their Customer for Life Program.

CapWest Mortgage Rates

CapWest Mortgage is a Fannie Mae direct lender. This gives the company an advantage because it enables them to keep their rates low which ultimately translates into a savings for the borrower money. CapWest Mortgage has traditionally been known to qualify borrowers for a mortgage product even if their credit is less than perfect. Their is no home appraisal required and you can finance up to 97% of your home’s value. CapWest will also negotiate on behalf of the borrower to scale down some of the unavoidable third party fees, which will make your mortgage most affordable.

CapWest Mortgage Complaint History (source BBB)

The Better Business Bureau suggests that when considering complaint information, you should take into account the company’s size and volume of transactions.  Consumers should also understand that the nature of complaints and a firm’s responses to them are often more important than the number of complaints.  BBB processed a total of 15 complaints about this company in the last 36 months, a standard reporting period. Of the total of 15 complaints closed in 36 months, 7 were closed in the last year.

These complaints concerned :

  • (1) Regarding Billing or Collection Issues
  • (3) Regarding Contract Issues
  • (2) Regarding Customer Service Issues
  • (3) Regarding Refund or Exchange Issues
  • (4) Regarding Sales Practice Issues
  • (2) Regarding Service Issues

These complaints were closed as:

  • (12) Resolved
  • (3) Administratively Closed

Based on BBB files, this CapWest Mortgage has a BBB Rating of A+ on a scale from A+ to F.

How To Get A Mortgage Quote

Anyone with good credit who wants to buy a home or refinance their mortgage is a candidate for a mortgage from CapWest. The company can originate loans in any of the 50 states. CapWest Mortgage is also a Costco-approved, national lender. This means if you are a Costco member, you will be eligible to receive a special member discounts. To find out more about this discount you can call 1-877-800-7818 and representatives are available to take your call 24 hours a day, seven days a week.

To get a mortgage rate quote you can go to their website and apply anytime.

Published or Updated: March 6, 2013

Comments

  1. Cliff Lange says:

    I have some experience with CapWest. I was referred to them through Costco and used them for a re-finance. They took forever to get the paperwork through, we’re talking months. Each month I would receive a pay-off statement from Bank of American with a $5 charge. A few months go by and I keep getting these charges. After the refinance finally went through, I kindly asked Paul Clipston and John O’Gorman if they wouldn’t mind reimbursing me for the pay off charges because of the fact that it took so long for them to get it done. Absolute crickets. I never once heard from them again. I sent them multiple e-mails and they never bothered to respond. I’m just amazed that after I just paid them a lot of money to refinance that they couldn’t spare a few dollars and pay for something that was their fault. It’s not even about the money now. It’s the fact that their customer service is horrible and they just take your money and leave you. There seems to be quite a few other reviews like this out on the internet. Beware!

  2. Tom Carroll says:

    I just had my rate lock withdrawn by CapWest today. I was referred to CapWest via Costco’s website, (I am an Executive member). To say the least, I do not think much of this company, although I love Costco. I was trying to do a straight refinance, with no money out, to lower my interest rate from 4.55 to 3.125. I was also going from a 15 year to a 10 year loan (I had 11 years left on my mortgage). They took my deposit and ordered reports as usual. My credit score was excellent, and the value of the home came back as I had told them on the app. The loan amount was to be less then 60% of the appraised value. All was done and in place, including the title search. In the end, their underwriting department came back and said that my income (Social security and Retirement pay) was not enough. Now consider that the my monthly gross is over 4 times the new monthly payment amount; the new monthly payment was going to be less than the current payment; I have been adding an extra $200+ every month for 3 years to pay down the principle. (I refi’d in 2009 to lower interest rate and I took the old loan from 30 to 15 years at that time. The extra payments had shaved a year off the 15 year loan.) My new monthly payment was going to be about $300 less than what I have actually been paying. Still, they said my income wasn’t enough… In order to get the loan, I would have to sign up to get $2,000 a month out of my 401k!! This is more than double the new loan payment amount. My MBA is over 30 years old, so I looked in the mirror, and then checked with my wife, and yep, there is no ‘stupid’ stamped on my forehead. I thought about setting up the withdrawal, which I could always cancel after the loan closed, but the more I thought about how inane this request seemed… In the end, I told them I was not going to set up the withdrawal, and they withdrew the rate lock. (Oh, this has been going on long enough that the current rates are less than my locked in rate…)

  3. Patty B says:

    I have refinanced with CapWest twice and they were awesome. I saw in ad in the Costco Connection. I had no idea I could get a mortgage through a program at Costco, but I’m glad I saw it.

    The online website was very easy to use. I grabbed all the documents CapWest needed, scanned them, then uploaded them right to the website. I did forget one page of my bank statement which meant I had to rescan that, but otherwise it was pretty easy.

    They had someone come out to my house for the closing which was nice because of how hectic my schedule is. I saved about $350/month when I refinanced the second time so I’m using that extra money actually to pay down the principal faster. I think I will own my house in about 7 years which is pretty good!

    Definitely will recommend CapWest.

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