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Neat Capital is a fintech mortgage lender that specializes in unique situations, jumbo loans and loans for the self-employed. It works directly with homebuyers, helping them with residential mortgages, first mortgages and refinances. The lender leverages Finicity’s open banking platform to help provide faster decisions and less back and forth while your loan is being underwritten.
Conventional: 620
FHA: 620
Jumbo: 700
Minimum credit score
Only available in: CA, CO, CT, DC, NM, TX, WA
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Refinance |
---|---|
Minimum credit score | Conventional: 620 FHA: 620 Jumbo: 700 |
State availability | Only available in: CA, CO, CT, DC, NM, TX, WA |
NMLS # | 1467706 |
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Neat Capital is a fintech lender that offers loans through its wholly owned subsidiary, Neat Loans. Neat Loans focuses on creating a streamlined digital application process and claims it can approve loans three times faster than the industry average for many borrowers.
Neat Loans is ideal for homebuyers who want to get the ball rolling quickly to make offers on homes. To this end, Neat Capital offers two types of online preapproval processes to give you a faster decision:
While Neat Capital is a fully digital lender, its platform can help you feel more in control of your loan by allowing you to track it electronically at every step. This makes it a good choice for tech-savvy borrowers who want a quick decision and don’t need to meet with a loan officer in person.
To find out if you meet the requirements for a Neat Capital home loan, you’ll want to get preapproved online or speak with a loan officer. Basic eligibility for a loan with Neat Capital includes the following:
While everyone’s situation is different, here’s the basic documentation you’ll need to apply for a mortgage from Neat Capital.
For employed persons:
For self-employed persons:
For Schedule C self-employed persons:
For Corporations or Partnerships:
Neat Capital doesn’t list its fees and costs online, so we called the company and were told it charges a flat, unwaivable underwriting fee of $995. This amount is pretty average in the lending industry, although some digital lenders waive these fees.
In addition to Neat’s underwriting fee, prepare to pay anywhere from 2% to 5% of your loan’s total value in closing costs, depending on your state.
Closing costs typically include:
Apply for a Neat Capital mortgage with an instant preapproval that includes a soft credit check. Follow these steps:
If you are preapproved, Neat Capital invites you to apply for a loan either through its website or wait for a loan officer to contact you. Once you submit a full application, the company will run it through the system to verify your assets for later review by the underwriting department.
Neat Capital also offers a Platinum approval, where an underwriter reviews your application and you’re given an official approval to make a cash-like offer in as little as 48 hours. It also guarantees up to $50,000 of your earnest money if the transaction falls through.
Neat Capital also offers these specialized types of mortgages:
Compared to other lenders, Neat Capital offers a standard range of loans, including conventional and government-backed loans. What makes Neat Capital different is its ability to process applications faster, software integrations that can verify assets electronically and its Platinum preapproval process to help you compete with all-cash offers.
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As of July 2022, Neat Capital has a 4.57 out of 5 rating on Zillow from a small number of customers, most of whom report positive experiences with the company. While Neat Capital is not accredited by the Better Business Bureau (BBB), it has an A + rating with zero complaints registered in the last three years.
Customers report being thrilled with the service and expertise of their loan officers, as well as the company’s ability to integrate with financial systems for faster data gathering. As of this writing, we could not find any major negative feedback from customers except for one complaining of a slow application.
Founded in 2015, Neat Capital is a Boulder, Colorado-based fintech lender built to help borrowers compete with all-cash offers. In January 2021, the company closed on $22.5 million in Series B funding, which it will use to make its platform more scalable and to add new distribution sources and features to improve its customer-facing interfaces, according to National Mortgage News.
How do I contact Neat Capital support?
If you have questions for Neat Capital, you can get help by phone, email or social media.
Is it better to apply for a loan through the website or work with a loan officer?
Neat Capital recommends getting a soft prequalification first and then calling the company to find a loan officer to work with.
How will applying for a prequalification affect my credit score?
Neat Capital performs a soft credit pull to check if your income and assets qualify for a loan before submitting the application. It doesn’t affect your score. If you have any questions, contact a loan officer.