Network Capital Funding Mortgage Review 2021

Good for: borrowers looking for a lender with online convenience and mortgage banker assistance.
Phil MetzgerNov 9, 2021

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Our Take

5.0

NerdWallet rating 

The bottom line: Network Capital Funding offers a good selection of loan products, a convenient application process and low rates, but tends to have higher origination fees.

Network Capital

Network Capital: NMLS#11712

Min. Credit Score

620

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros & Cons

Pros

  • A mobile app supports the loan process.
  • A good selection of loan products, including all government-backed mortgages.
  • Offers jumbo loans up to $30 million.

Cons

  • Doesn't lend in all states.
  • Website doesn’t provide customized mortgage rates.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Min. Credit Score

620

Min. Credit Score

620

Min. Down Payment

3%

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan Types and Products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

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Full Review

The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan demand and staffing issues increased their fees, adjusted minimum required credit scores or temporarily suspended certain loan products. While some products and business practices have returned to pre-pandemic levels, you might still find delays and limited options. If you can’t pay your current home loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

Network Capital Funding at a glance

Originally built on direct-mail advertising, Network Capital Funding, a home loan lender based in Irvine, California, moved to the airwaves in 2009, sponsoring the "Mortgage Radio Show." It's a program that continues today, airing on a dozen stations across the country.

And there is a lot to talk about. The lender provides an excellent selection of loan products, including specialty programs that target borrowers outside the usual lending box. Online capabilities are also a cut above.

Here’s a breakdown of Network Capital Funding's overall score:

  • Variety of loan types: 5 of 5 stars

  • Ease of application: 5 of 5 stars

  • Rates and fees: 4 of 5 stars

  • Rate transparency: 4 of 5 stars

Network Capital Funding mortgage loan types

Network Capital offers a broad selection of home loans, including purchase, refinance and jumbo mortgages. The lender also takes on all government-backed loans such as FHA, VA and USDA mortgages.

Additionally, Network Capital Funding has specialty loans and services:

  • Offers custom fixed-rate loan terms beginning at eight years.

  • Considers alternative credit data for some loan programs.

  • Provides a "same-as-cash" loan where an application is reviewed for approval within 24 hours to allow a home buyer to complete with all-cash offers.

  • Assists first-time borrowers with down payment assistance programs.

  • Offers bank statement lending and accepts investment properties as collateral.

Tri Nguyen, Network Capital Funding's CEO, says that the company will make home loans up to $30 million with varying levels of qualification.

Network Capital Funding HELOC: The lender also offers a home equity line of credit, or HELOC. These second mortgages are one 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. While Network Capital does offer HELOCs, it doesn’t actively market them and you won’t find them on the lender’s website. It plans to add them as an option on the website in the future, a representative said.

Network Capital Funding ease of application

Pushing 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.

A web-based app allows you to apply, get loan process updates, e-sign and upload documents, according to the lender. "We can electronically gather most pay stubs, W-2s, bank statements and tax returns with just a couple of clicks," Nguyen says.

"While mobile apps are helpful for those both tech and financial savvy, many of our consumers elect to consult with our professionals for advice and recommendations, which is our most competitive advantage," he says.

Network Capital Funding mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

  • Network Capital Funding earns 2 of 5 stars for average origination fee.

  • Network Capital Funding earns 5 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

Network Capital Funding tells NerdWallet — and states on its website — that it charges "no application, origination, rate lock, processing or underwriting fees to borrowers who qualify." However, the lender did report average origination fees to HMDA in 2020, as reflected in the two-star rating for fees stated above.

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.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Network Capital Funding mortgage rate transparency

Clicking on "Rates" from the menu takes 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 clicking on "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 the loan terms aren't unreasonable, they reflect a well-qualified buyer, as advertised mortgage rates often do.

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