Network Capital Mortgage Review 2024
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Our Take
4.5
Network Capital stands out for its wide range of mortgage offerings, including niche products like physician loans, non-QM loans, ITIN loans and mortgages for manufactured homes. However, details about these loan types are nonexistent on the lender’s website. Most likely to appeal to borrowers interested in alternative mortgages with flexible requirements.
Pros
- Reported average time to close is 20 days, far below the industry average.
- Products like non-QM loans and ITIN loans make borrowing more accessible.
- HELOCs offer long draw terms, up to 30 years.
Cons
- The lender’s website offers limited loan details.
- HELOCs have a minimum loan amount of $50,000.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
Network Capital is a nonbank mortgage lender with corporate headquarters in Miami. Loans are available in most states, except for Connecticut, Hawaii, Missouri, Massachusetts and New Hampshire.
🏠 Popular loan types include: conventional loans; rate-and-term refinancing; cash-out refinancing; jumbo loans; FHA; VA; USDA.
🔑 Specialty loan options include: renovation loans; interest-only loans; co-op loans; nonwarrantable condo loans; loans for second homes; self-employment loans; reverse mortgages; physician loans; ITIN loans; non-QM loans; loans for manufactured homes.
💵 Home equity borrowing options: home equity loans; HELOCs.
» MORE: How to apply for a mortgage
How we score Network Capital
Every year, writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
Lender has a NerdWallet home loans rating of 4.5 stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
Network Capital also earned bonus points for offering mortgages for manufactured homes, as well as products with a minimum required credit score ≤ 600.
What borrowers say about Network Capital
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers’ subjective experiences, NerdWallet has gathered customer satisfaction ratings from Zillow. We also contacted Network Capital customer support.
→ Above-average customer rating on Zillow.
Customer rating: 4.88 out of 5, as of the date of publication. Rating reflects close to 400 customer reviews.
🤓 Our Nerds say…
Customer service is available in person, over the phone or via live chat on Network Capital’s website. Users must input their email to use the live chat feature, though. When we called, we were immediately connected with a representative.
Alternatives to a home loan from Network Capital
We recommend comparing mortgage rate offers from three or more lenders.
Borrowers interested in a non-QM loan may also consider PrimeLending.
Borrowers who want to explore a variety of loan types can explore offerings from Truist.
More from NerdWallet
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).
