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.
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Neat Capital mortgage review
By Kat Aoki
- Minimum credit score
- Conventional: 620
FHA: 620
Jumbo: 700 - State availability
- Only available in: CA, CO, CT, DC, NM, TX, WA
Our verdict
This fintech lender claims it can help you close up to three times faster than average, but it’s currently available in only a handful of states.
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:
- Instant Preapproval. This option takes about five minutes to complete and doesn't require a hard credit check. It's a good option for buyers who want to make immediate offers with a preapproval letter in hand.
- Platinum Approval. This more in-depth option will take at least 20 minutes to complete and requires a hard credit check. It's best for buyers who want to make cash-like offers and protect their earnest money up to $50,000. Approval takes about two days.
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.
Pros
-
Quick preapproval
-
Platinum application
-
Earn $100
Cons
-
Limited availability
-
Lacks details
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Login credentials for sensitive accounts required
Details
Features
| 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 requirements
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:
- Residency in California, Colorado, Connecticut, District of Columbia, New Mexico, Texas or Washington.
- Two years’ history of employment.
- A FICO credit score of at least 620 or higher.
- No history of bankruptcy for at least two years.
- While assets are not a specific requirement, it depends on the loan.
Documentation
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:
- Personal identification.
- 30 days of your most recent pay stubs.
- Most recent two years’ W2s.
- Most recent 60 days’ assets (checking/savings accounts), if required.
- Homeowner’s insurance quote (while optional, it’s good to have this at the time of application).
- Most recent mortgage statement (for refinance loans).
For self-employed persons:
For Schedule C self-employed persons:
- Personal identification.
- Most recent two years’ tax returns (1040s).
- A year-to date P&L and balance sheet.
- Bank statements showing revenue for the last two months (at minimum).
- Business license.
For Corporations or Partnerships:
- Personal identification.
- Most recent two years’ 1120 tax returns.
- Most recent two years’ 1040 tax returns.
- Most recent two years’ Schedule K-1.
- A year-to-date P&L and balance sheet.
- Bank statements showing business deposits for the last two months (at minimum).
Charges a flat $995 underwriting fee on its home loans
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:
- Credit report
- Appraisal
- Home inspection
- Private mortgage insurance (PMI)
- Homeowner’s insurance
- Attorney’s fees
- Title insurance
- Escrow fees
- Recording fees
- Taxes
How to apply for a mortgage with Neat Capital
Apply for a Neat Capital mortgage with an instant preapproval that includes a soft credit check. Follow these steps:
- Visit the Neat Capital website.
- Choose the Get Pre-Approved in 3 Minutes button.
- Provide the six pieces of required information.
- Receive and download your preapproval letter if you prequalify.
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.
What types of mortgages can I get through Neat Capital?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products offered by Neat Capital
Neat Capital also offers these specialized types of mortgages:
- Mortgage refinancing. Neat Capital offers refinance loans that can be used to lower your interest rate, shorten the loan’s term, consolidate other debts or pay off expenses.
How Neat Capital’s mortgage products compare to other lenders
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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Neat Capital reviews and complaints
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.
Pros and cons of Neat Capital
Pros
- Quick preapproval. Neat Capital claims to have a three-minute preapproval application that does a soft credit pull only.
- Platinum application. Lets you know if your loan is approved in as little as two days, allowing you to make cash-like offers. Backs up to $10,000 of your earnest money if the transaction falls through.
- Earn $100. If you upload your files in the first 24 hours of starting your application, you’ll earn $100.
Cons
- Limited availability. Only available in CA, CO, CT, DC, NM, TX and WA.
- Lacks details. The Neat Capital website doesn’t list loan types, fees or eligibility requirements.
- Login credentials for sensitive accounts required. The Finicity system requires login credentials. However, your credentials are not accessible to Neat Capital.
What is Neat Capital?
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.
Frequently asked questions
How do I contact Neat Capital support?
If you have questions for Neat Capital, you can get help by phone, email or social media.
- Phone: 888-210-5232
- Email: help@neatcapital.com
- Facebook: @neatcapital
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.
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