CapWest Mortgage is a division of Prospect Mortgage, one of the largest retail mortgage lenders in the United States. CapWest Mortgage was previously a division of Farmers Bank & Trust, a bank based in Great Bend, Kansas. In 2014, Prospect Mortgage, which is owned by Sterling Partners (a $5 billion private equity firm), closed 25,256 home loans: a total loan volume of $6.9 billion.
CapWest Mortgage has its headquarters in Stilwell, Kansas, and is an accredited business with the BBB (A+ rating).
How Do CapWest Mortgage Loans Work?
CapWest Mortgage accepts online and phone applications. Borrowers can select from a wide selection of mortgage types. CapWest Mortgage processes home loans in-house, which allows it to approve borrowers who may not have been considered by other lenders.
After completing the application and choosing the terms, sign all required documentation. CapWest will pass on the application to a loan officer, who will prepare the loan contract and submit your loan to underwriting. Funding a home loan can take anything from 30 to 60 days.
What Types Of Loans Does Prospect Mortgage Loans Offer?
CapWest Mortgage provides:
- Fixed-rate mortgages with 30-year and 15-year terms.
- Adjustable rate mortgages (ARMs) with 3/1, 5/1, 7/1, and 10/1 terms. Adjustable rate mortgages give borrowers a lower introductory rate for the first 3, 5, 7, or 10 years. After the initial period, the mortgage rates will follow the market index. ARMs are particularly suited to buyers who plan to resell in 5 years or less.
- FHA 203(K) renovation loan. FHA 203(K) renovation loans allow borrowers to finance the purchase and renovation of properties with the same loan. They are a valuable tool for borrowers who do not have the credit history to qualify for a regular 30-year loan.
- Jumbo loans.
- State and Local Bond Programs. Prospect Mortgage also provides access to many bond programs offered by cities and counties to assist buyers qualify for a loan at lower rates.
What Is CapWest Mortgage Loans’ Rating?
CapWest has an A+ rating with the BBB. It is a subsidiary of Prospect Holding Company, which Moody’s rates as Caa1. The Caa1 rating is given to companies with a stable outlook.
How Does CapWest Mortgage Loans Compare To Other Lenders?
CapWest Mortgage is a national direct lender that offers a broad range of mortgage products. Borrowers with less than perfect credit scores (as low as 580) and limited savings can apply for FHA loans with as little as 3.5% down payment. Prospect, CapWest Mortgage’s parent company, was among the top 10 mortgage lenders in 2014 and receives an A- rating from the BBB and a Caa1 from Moody’s.