Network Capital Mortgage Review 2024

Good for: borrowers looking to compete with all-cash offers or hoping to close quickly, as well as self-employed home buyers.
Phil Metzger
By
Last updated on January 10, 2024
Edited by
✅ Fact checked and reviewed
Johanna Arnone
Edited by
✅ Fact checked and reviewed

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Our Take

4.0

Home loans overall
NerdWallet rating
The Nerdy headline:

Network Capital Funding offers a wide selection of loan products, including options for self-employed borrowers, and an online application with mortgage advisor assistance, but origination fees tend to be on the high side.

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Network Capital
Network Capital: NMLS#11712

Min. credit score
540
Min. down payment
3%
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA, Home Equity

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.
  • Closing possible in as few as 15 days, the lender says.

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.
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Full Review

What borrowers say about Network Capital mortgages

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 rating reflects nearly 400 customer reviews.

Network Capital's mortgage loan options

  • 5 of 5 stars

Network Capital offers a notably broad selection of home loans, including purchase, refinance and government-backed loans, such as FHA, VA and USDA mortgages. Also on the menu are hard-to-find options, such as loans for non-warrantable condos and conventional mortgages for manufactured homes. Home buyers who don’t meet traditional lending criteria, including self-employed borrowers, can consider a non-QM loan from Network Capital.

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.

Network Capital mortgages are not available in Connecticut, Massachusetts or New Hampshire.

Network Capital HELOC and home equity loan

The lender also offers a home equity line of credit (HELOC) and home equity loans. These second mortgages are a way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation.

Network Capital’s HELOC minimum loan amount is $50,000, and the line of credit maxes out at $500,000, with no origination fee, annual fee or inactivity fee. The HELOC comes with a draw period of 10 years (typical for HELOCs) and a repayment period of 10 or 20 years.

The lender’s home equity loans do not require an appraisal or an application fee, and borrowers can choose from repayment periods of 10, 15, 20, 25 or 30 years. That flexibility stands out among competitors, as does the option to access up to 90% of the equity in your home.

After clicking "Get a Quote" on the website, you can select "Home Equity" and answer a few questions about the home equity line or loan you seek, along with information about your property, existing mortgage and other details. Then you'll need to wait for the lender to contact you.

What it’s like to apply for a Network Capital mortgage

  • 3 of 5 stars

Selecting 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 advisor will contact you and help guide the process.

A phone number is easy to locate at the top of the lender’s website. An online chat option requires contact information to proceed.

We found the online mortgage application by clicking “Sign In” on the homepage. This took us to a page with links for managing mortgage payments or signing in to begin an application or check an application’s status. New users need to create an account. You’ll be able to upload documents online, the lender tells us.

Network Capital's 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.

NerdWallet analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates. We measure annual averages across all loan types, as reported by the lenders. Overall, Network Capital had higher origination fees than average, with mortgage rates that were typical in the industry.

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's 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 sample mortgage rates on 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 a home loan from Network Capital

Here are some comparable lenders we review that borrowers can consider.

Pennymac also offers government-backed USDA loans, and Guaranteed Rate provides a comparable variety of loan types.

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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).

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