Network Capital Mortgage Review 2023
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Our Take
4.0
The bottom line:
Network Capital Funding offers a good selection of loan products and a convenient application process but tends to have high origination fees.
Full Review
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Pros & Cons
Pros
- A good selection of loan products, including government-backed FHA and VA mortgages.
- Provides a “same-as-cash” loan that allows borrowers to compete with cash offers.
- Online application process is clear and simple to follow.
Cons
- Doesn't lend in all states.
- Website doesn’t provide customized mortgage rates.
- Lender fees are on the high side, according to the latest federal data.
Compare to Other Lenders
Min. credit score620 | Min. credit score620 | Min. credit score620 | Min. credit score620 | Min. credit score620 |
Min. down payment3% | Min. down payment3% | Min. down payment3% | Min. down payment3% | Min. down payment3% |
Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA | Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA | Loan types and productsPurchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA | Loan types and productsPurchase, Refinance, Fixed, Adjustable, FHA, VA, USDA | Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity |
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Full Review
What borrowers say about Network Capital mortgage
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from Zillow.
Network Capital Funding receives a customer rating of 4.88 out of 5 on Zillow, as of the date of publication. The score reflects more than 385 customer reviews.
Network Capital mortgage variety of loan types
4 of 5 stars
Network Capital offers a broad selection of home loans, including purchase, refinance and government-backed loans, such as FHA and VA mortgages.
Additionally, Network Capital provides a "same-as-cash" loan where an application is reviewed for approval within 24 hours to allow a home buyer to compete with all-cash offers.
» MORE: Best lenders for FHA loans
Network Capital mortgage ease of application
5 of 5 stars
Tapping an orange "Home Purchase" or "Home Refinance" button on Network Capital’s website takes you through some initial questions to gather basic information. At that point, and before a credit score is pulled, a mortgage banker contacts you and helps guide the process from there.
The lender also allows borrowers to upload documents and track the progress of their loans online.
Network Capital mortgage rates and fees
2.5 of 5 stars
Network Capital earns 2 of 5 stars for average origination fee.
Network Capital earns 3 of 5 stars for average mortgage interest rates.
Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.
Network Capital mortgage rate transparency
4 of 5 stars
On Network Capital’s website, if you select "Rates" from the menu, it'll take you to a page where you can view mortgage rates on a sampling of four loan products. Customized rates aren't available online.
The rates shown are impressively low, but selecting "Rate Information" below each quote reveals the reason why: The rates include a debt-to-income ratio below 25% and a credit score over 780, with 40% down.
While these loan terms aren't unreasonable, they reflect a well-qualified buyer, as advertised mortgage rates often do.
Alternatives to Network Capital mortgage
Here are some comparable lenders we review that borrowers can consider.
NBKC offers a similar online experience, and Guaranteed Rate provides a comparable variety of loan types.
» MORE: Best online lenders
More from NerdWallet:
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Methodology
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).
