Capital One Mortgage Alternatives

Capital One, the prominent national bank responsible for the “What’s in your wallet?” campaign, discontinued Capital One Mortgage in 2018. If you’ve noticed that there are no Capital One reviews or Capital One mortgage rates published online, that’s the reason.

Its website states that it won’t be accepting new mortgage loan applications or servicing its existing loans. Although it still offers a range of other financial products, it is completely out of the mortgage loan business.

So what’s a home loan borrower to do? Fortunately, you still have a number of great options available. Here’s a rundown of the mortgage lenders that most closely resembled Capital One mortgage, plus a review of a few lending services Capital One continues to offer.

Capital One alternatives

We selected alternatives to Capital One Mortgage that have the same basic feel to them — big lenders who offer competitive mortgage loan rates that can be purchased nationwide.

Bank of America

Bank of America, once a close competitor of Capital One Mortgage, offers conventional 30-, 20- and 15-year fixed-rate home mortgage loans, adjustable rate mortgages, refinances and home equity loans. It has an Affordable Loan Solution® mortgage allowing eligible homebuyers the chance to finance with as little as 3% down. It also offers FHA and VA loans. You can prequalify or apply for your mortgage loan directly from its website.

Mortgage loan rates (as of July, 2020)

  • 30-year fixed: 3.375%, or 3.569% APR (with a 0.812 point)
  • 15-year fixed: 2.500%, or 2.859% APR (with a 0.907 point)
  • 5/1 ARM: 2.750%, or 2.933% APR (with a 0.857 point)
  • 30-year fixed refinance: 3.500, or 3.643% APR (with a 0.830 point)

Read our full Bank of America mortgage review.

Wells Fargo

Wells Fargo’s Home Mortgage Loans division offers a wide range of affordable mortgage loan products, including 30-, 20- and 15-year fixed rate mortgages, adjustable-rate mortgages, jumbo loans (both fixed- and adjustable-rate), VA loans, refinances and home equity loans. You’ll have to make an account with Wells Fargo to start your online mortgage loan application or call the lender at 1-877-937-9357.

Mortgage loan rates (as of July, 2020)

  • 30-year fixed: 3.00%, or 3.113% APR
  • 15-year fixed: 2.500%, or 2.686% APR
  • 5/1 ARM: 2.500%, or 2.686% APR
  • 30-year fixed refinance: 3.375%, or 3.470% APR

Read our full Wells Fargo mortgage review.

Chase

Chase Bank offers several personal home mortgages choices, including both fixed and adjustable-rate conventional mortgage loans, refinances and home equity loans. Its website will customize the loan rates available in your ZIP code so you can be aware of local variations in the available rates. The first step to its loan process is to prequalify online; a series of prompts will guide you through the process.

Mortgage loan rates (as of July 2020)

  • 30-year fixed: 2.875%, or 2.934% APR
  • 15-year fixed: 2.500%, or 2.549% APR
  • 5/1 ARM: 2.375%, or 2.708% APR
  • 30-year fixed refinance: 3.125%, or 3.195% APR

Read our full Chase mortgage review.

Ally Home

Ally Home, a division of Ally Bank, offers 30-, 20- and 15-year fixed loans, adjustable-rate loans, jumbo loans and loan refinances. It does not offer home equity loans at this time, nor does it publish all of its loan rates; you have to inquire about current jumbo loan rates. You can get $500 off closing costs if you also have a bank account with Ally. You can get pre-approved for a mortgage loan with Ally Home in three minutes by following the prompts on its well-designed website.

Mortgage loan rates (as of July 2020)

  • 30-year fixed: 3.000%, or 3.060% APR
  • 15-year fixed: 2.875%, or 2.980% APR
  • 7/1 ARM: 3.000%, or 2.940% APR
  • 30-year fixed refinance: 3.375%, or 3.440% APR

Read our full Ally Bank review.

Rocket Mortgage by Quicken

According to its FAQ, Rocket Mortgage offers a number of loan products at a slightly lower rate than Quicken Loans, its parent company, but it only publishes 30-year fixed loan product rates on its website, encouraging people to create a Rocket Mortgage account and start the pre-approval process online. It offers conventional fixed-rate mortgages, ARMs, refinances, VA loans and FHA loans. Unlike most big lenders, it is willing to work with people whose credit is below 620.

Mortgage loan rates (as of July 2020)

  • 30-year fixed: 2.875%, or 3.139% APR
  • 15-year fixed: unavailable
  • 5/1 ARM: unavailable
  • 30-year fixed refinance: unavailable
Lender 30 Year APR 15 Year APR Minimum Credit Score
Bank of America 3.375% 2.500% 620
Wells Fargo 3.000% 2.500% 620
Chase 2.875% 2.500% 620
Ally Home 3.000% 2.875% 620
Rocket Mortgage by Quicken Loans 3.139% N/A 580

Capital One loans

Although Capital One Mortgage is no more, there are still a number of opportunities to borrow money from Capital One Bank. Capital One ratings from customers indicate these financial products are solid options.

Credit cards

Capital One offers credit cards for credit building and businesses as well as premium cash back and travel reward cards. Capital One Venture Rewards is perhaps the best credit card in its premium line up. For people who don’t want to pay an annual fee, Capital One Quicksilver® offers 1.5% cash back rewards on every purchase.

Auto loans

You can finance a used or new vehicle through Capital One by getting pre-qualified through Auto Navigator, its online auto loan process. When you get pre-qualification, you’ll also receive estimated financing terms so you can go to the dealer with confidence.

Business loans

Capital One offers a number of valuable services for small business owners, including savings and checking accounts and business credit cards. It also offers equipment and vehicle loans, real estate loans for businesses, business installment loans and SBA 7(a) & 504 loans for eligible borrowers.

Too long, didn’t read?

Capital One home mortgage alternatives have a couple of things in common: Most publish rates online, and they make it easy for consumers to prequalify right on their websites. They are a great place to browse and find current benchmark rates, and for the experienced buyer with very good to excellent credit, they are the quick, no-nonsense choice. However, these published rates may not be available for people with less than excellent credit. First-time buyers might also want a more personalized experience at a regional bank or credit union.

Capital One Mortgage stopped offering home loans in 2018, but there is still plenty of mortgage and refinance options out there.

Keep reading

We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.

Valerie Fulton
Valerie Fulton
Contributing Writer

Valerie Fulton is a freelance writer who specializes in personal finance, real estate, higher education, home improvement and business copy. Her work has been published at Veros Real Estate Solutions, Bluehost, Sears, UPS, Movoto, Peak Communications and the University of Tennessee. Every summer, she travels from Austin, Texas to the coast of Maine with her two standard poodles in order to manage the vacation property she bought for a steal several years ago.

Reviewed by

  • Adam Morgan is a senior editor at The Simple Dollar. An award-winning journalist with more than 15 years of experience covering culture and finance, his writing has been featured in The Guardian, Los Angeles Times, Chicago Tribune, The AV Club, Chicago magazine and elsewhere.

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