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CAP COM congratulates all of the Capital Region seniors graduating this month!

Frequently Asked Questions from Homebuyers

Some of the most frequently asked questions are below, but feel free to call the experts at CAP COM’s Homeowners Advantage with any other questions you may have.

Getting pre-qualified for your mortgage is an important step before you shop for a home. It tells you how much home you can buy and makes applying for your mortgage easier. It also let’s sellers know that you’re serious about buying a home. Our pre-qualification process is quick and easy.

Call us at (518) 458-2195 ext. 3129 or Apply Now to an application. We’ll help you find an affordable mortgage solution that meets your needs. Then, we’ll give you a pre-qualification letter you can use to make your offer.

There are many different types of Mortgages available, including mortgages tailored for first-time home buyers, low-to-moderate income homebuyers, and buyers who need very large loan amounts (those loans are often called jumbo loans).

There are many different types of Mortgages to choose from and there are advantages and disadvantages to each. The best option for you will be based on a number of factors including age, history of home-ownership, amount saved for down payment, location and condition of home and credit score. The best way to select a loan product is by talking to us. We’ll present you with different scenarios that best meet your needs.

The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:

  • Earnest Money: The deposit of about $1,000 that is supplied when you make an offer on the house
  • Down Payment: A percentage of the cost of the home that is due at settlement
  • Closing Costs: Costs associated with processing paperwork to purchase or refinance a house

Our experts at Homeowners Advantage can help you with an estimate of these costs.

In the event that you do not have a 20% down payment, lenders will allow a smaller down payment – as low as 3% in some cases. With the smaller down payment loans, however, borrowers are usually required to carry private mortgage insurance (PMI). Private mortgage insurance may require an initial premium payment and may require a monthly fee depending on your loan structure.

A point is a fee that may be assessed at closing by the lender to obtain a specific interest rate. Each point is equal to 1% of the loan amount (e.g., two points on a $100,000 mortgage would cost $2,000). Generally speaking, the longer you plan to remain in a property or hold your mortgage, the more advantageous it is to pay points. There is no requirement to pay discount points; whether or not you decide to pay points is completely up to you. The Mortgage rates shown on our website are 0 points.

You can check the status of your application any time on our website. Just click on the link below and sign in with the login you created when you started the application.

Track My Application

The Loan Estimate or LE gives you an estimate of your settlement charges and loan terms if you are approved for the loan. The estimate includes an itemized list of fees and costs associated with the loan and is provided within three business days of applying for a loan. The LE is only an estimate. The final closing costs may be slightly different but will be outlined to you at least three days prior to closing in the Closing Disclosure Form.