Capital Assets Utah Valley / FAQs

FAQs:

What are your best rates?
Our rates depend on you. They can be higher or lower depending on how much you want to pay for that rate. We are a mortgage broker and have access to rates and programs with multiple lenders. We will obtain the BEST rate available on the market for your situation, Email us for a quote, or see Market Monitor for more information.

Will you tell us when the rate gets to a certain point?
Yes we will! We are monitoring the rates for a number of clients (updated daily). When the rate hits their 'magic number', we can then lock and contact the client to discuss options. This service is free, and although we cant influence rates, we'll be ready when they are - for YOU. Let us know what rate you're looking for! Add me to your rate watch list.

What are average closing costs?
Average closing costs total between 2%-3% of a loan amount. With smaller loans, the percentage will be higher, and large loans may be less than 2%. Capital Assets' fee is normally the standard 1% origination. Total closing costs will include title, lender, appraiser, prepaids, and escrow amounts. We will be happy to get you a good faith estimate of costs - anytime!

What is a no-cost loan?
A no-cost loan is not really a loan without costs. No one will work for free, including us. Otherwise, we wouldn't be in business! No-cost loans are loans with higher rates. If the market rate were 6% on a given day, a no-cost loan might be 6.5%. No-cost loans should only be done in certain cases - let's review your situation.

Can you beat my bank?
It depends. Usually, on small mortgages or lines of credit, banks can do better. With a normal purchase or refinance, we are faster, we have better programs, and we can match or beat the rates given by the bank. The main difference is that we work for you, and we specialize in mortgages - unlike banks or credit unions, which are depository institutions and NOT mortgage companies.

How long does it take to get a loan?
Most loans are processed within approximately two weeks. Our fastest turnaround is usually 2-5 days (for a purchase) - from meeting the client to funding the loan. If the loan is a refinance, We have to wait the rescission period, which stretches the process a bit. We will push the loan as fast as you want us to. If you need help with credit issues, or some additional preparation before the loan is ready to go, we will take as much time as needed to prepare you for financing on the best possible terms.

What paperwork do you need to get a loan?
Please see our Apply Now page for general documents needed. Sometimes we can do without tax returns or paystubs, but more is usually better than less. Depending on what kind of loan you need, you may not have to provide income or asset documentation. Most lenders, though, will want to verify in some way that you will be likely to pay them back! That's reasonable, isnt It?

Why is my credit score different depending on who checks it?
Credit scores are based on many factors. The main reason for the variation is that a mortgage inquiry (and resulting score) will grade a person on a completely different scale than a credit card inquiry, insurance inquiry, personal inquiry, etc. They ALL grade and score your credit based on their own unique criteria. So, any score but a mongage score is not going to make much difference in qualifying for a mortgage.

Thank you so much for pulling strings and jumping through hoops for us. We appreciate your friendship and we are happy to call you a friend. Thanks again, your friends

RBN Pleasant Grove, UT

As usual you performed admirably; we appreciate your hard work and putting up with us. We wanted to thank you and in the future we will use you and tell friends and family.

Thanks,
RVB Richmond, UT

I want to send this to thank you on our behalf in helping us refinance our home mortgage. You were very kind, and courteous, and went out of your way to do paper work with unpleasant people, and were consistent on letting us know how things were going. Now we will be able to save on interest as well as stay in our home.

Sincerely,
CPN Wallsburg, UT

Thank you for all your time and hard work it took to get us our house loan. It truly was a miracle for our family, when we thought no one could help us! Thank you for those gift cards. They were greatly appreciated! I hope you have many blessings and spread your kindness and keep helping families in need for many years to come!

Best wishes,
DNL Orem, UT

Thanks for all you did to make us homeowners again. Rest assured, I will recommend your services to anyone I know that needs help. Again, thanks.

Sincerely,
LKF Orem, UT

Thank you so much for your help with this whole mortgage situation. We know that you have really gone far beyond your job description, and for far less money than you should have to. We look forward to doing a couple of firsts with you in March/April--maybe we can make it up to you then. Thanks again for everything

CJJ Provo, UT

There just aren't enough words for me to adequately express my thanks to you. I hope that you can FEEL my word and how grateful I am for what you have done. It is certainly much more than I expected. Not having a house payment in December has been such a great blessing and helped me DO Christmas without going into debt.

During this whole process you have been such a champion and expert for me. It is a very daunting process and even though it was hard for me, I knew it was what I need to do to get where I could pay off my house before I retire and get a newer cat at the same time. It was nice to have someone working on the refinance/loan process that I could trust and who was looking out for me. I will look back on this experience as a positive one and am grateful for the opportunity to meet you.

You also know my sister. We were talking a little while ago and I mentioned that I had gone through a mortgage broker and was in the process of a refinance/ loan. When I told her I was working with Capital Assets, she remembered you guys. What a small world we live in. She had such nice things to say about you and your family and it was a reaffirmation to me that I HAD done the right thing and met the right person!!!!

Best wishes to you always. (P.S. Thank you so much for the appraisal report. It came the other day in the mail.)

SM SLC, UT

I also wanted to thank you for referring me to Capital Assets Utah Valley. He couldn't have been a more caring and patient person to work with. He was always so reassuring and pleasant when I was trying to sort things out financially and emotionally. It is obvious that he really knows his business. I would not hesitate to refer anyone to him. He was so creative in trying various approaches. If one lender wasn't willing to give an acceptable offer, he would go to another. I know he spent a lot of time negotiating to help us.

Warm Regards,
ATD Lehi, UT