Network Capital Home Equity Loan Review 2024
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Our Take
4.5
Network Capital’s home equity loan stands out because it allows customers to borrow up to 90% of the equity in their home, which is more than what you’ll find at many competitors. The lender also offers a wide range of terms — borrowers have their choice of 10-, 15-, 20-, 25- and 30-year loans. However, Network Capital does not list home equity loan rates on its site.
Pros
- Homeowners can borrow up to 90% of their equity.
- No appraisal requirement.
- Repayment terms range from 10 to 30 years.
- Home equity loans are available for second homes.
Cons
- Website does not list home equity loan rates.
- Borrowers must speak to a representative by phone to complete an application.
Lender | Max. loan amount | Max LTV | Min. credit score | |
|---|---|---|---|---|
$400,000 | 85% | 640 | Visit Lenderat Figure at Figure | |
$750,000 | 80% | 580 | Visit Lenderat New American Funding at New American Funding | |
$1,000,000 | 85% | 670 | Visit Lenderat Bethpage Federal Credit Union at Bethpage Federal Credit Union |
Full Review
Network Capital home equity loan rates and discounts
Most home equity loan interest rates are indexed to a base rate called the prime rate. Your offered rate will include a margin the lender has added to the prime rate. Offered margins depend largely on factors like your credit score, your existing debt, your income and the amount you wish to borrow. They will vary by lender.
Current prime rate | Prime rate last week | Prime rate in the past year — low | Prime rate in the past year — high |
|---|---|---|---|
7.75% | 8% | 7.75% | 8.50% |
Network Capital does not list home equity loan rates on its website.
An online quote request feature shows a maximum loan amount of $3,000,000, and applicants looking for a quote will be asked for their contact information and to choose the best time of day for a representative to call them.
Applying for a Network Capital home equity loan
The home equity loan contact form is a new addition to the site as of 2024.
According to agents we reached via chat and the customer service line, borrowers have to speak to a loan officer on the phone to complete an application. When we created an account to explore the application process, there did not appear to be a way to apply online, though borrowers can sign in to track their loan’s progress once an application is initiated.
What to know about Network Capital home equity loans
Network Capital allows customers to borrow up to 90% of their home equity, which is more than many competitors. Borrowers can expect closing costs equivalent to 1% of the loan amount, which is lower than the typical home equity loan fee of 2% to 5%. There are no application fees or prepayment penalties, and the lender does not require an appraisal. Network says it takes an average of 20 days to open the home equity loan account after applying. Among lenders that we surveyed, the average time to close ranged from five to 48 days.
Borrowers have their choice of a 10-, 15-, 20-, 25-, or 30-year payback term. Longer terms will have the advantage of lower monthly payment requirements, while shorter terms will result in less interest paid overall. Another distinctive feature of Network Capital home equity loans is that they are available for second homes, unlike some lenders that restrict equity borrowing to primary homes.
According to the lender, the minimum credit score required to qualify for a home equity loan is 660.
» MORE: Best home equity loan lenders
Alternatives to a Network Capital home equity loan
Borrowers looking to borrow a lot of their equity may be interested in Andrews Federal Credit Union, which has a borrowing limit of 95% of the value of the property minus the mortgage balance. Borrowers who would rather avoid paying closing costs on their home equity loan can do so at U.S. Bank.
Home equity loans let homeowners access a lump sum by converting equity into debt. You’ll repay the loan at a fixed interest rate over an agreed period of time. Alternatives to a home equity loan include a home equity line of credit (HELOC) or a cash-out refinance. HELOCs offer greater flexibility to withdraw funds, up to the credit limit, as needed, but often have adjustable interest rates. A cash-out refinance replaces your existing mortgage with a larger loan. It will be most appealing if mortgage rates are lower than your current rate, and closing costs will apply.
Network Capital offers both a HELOC and cash-out refinance.
NerdWallet’s home equity loan star ratings are awarded by the editorial team based on the following evaluated factors: available terms, maximum combined loan-to-value ratio, closing costs and other fees, whether a prepayment penalty applies, ease of rate shopping and ease of application.
