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Network Capital mortgage review

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A lender with low rates and $0 lenders fee program.

Network Capital provides a streamlined loan process, closing in only 15 days if everything goes smoothly. But you’ll need to request that your phone number is put on its do-not-call list to stop receiving marketing phone calls.

Details

Loan types Conventional, Refinance, FHA, VA
Other minimum credits Government-backed loans: 600
Available States AL, AZ, CA, CO, DC, DE, FL, IA, IL, IN, LA, MD, MI, MN, NC, NJ, NM, NY, OH, OR, PA, TN, TX, VA, WA

Pros

  • $0 lender fee programs
  • Quick closing
  • Streamlined application
  • Multiple options to contact customer service

Cons

  • Limited loan options
  • Not licensed in all 50 states
Network Capital has excellent reviews on both Trustpilot and the Better Business Bureau (BBB). With 220 reviews on Trustpilot, 46 reviews on the BBB, all average to 4.5 out of 5 stars. Most users report an easy, simple and quick process.

The main complaint is that Network Capital calls repeatedly. The company responded to these complaints confirming that the user’s phone number has been added to its do-not-call list.

What types of loans does Network Capital offer?

  • Conventional. Fixed-rate loan options with 5% down and interest rates as low as 3.62%. Adjustable-rate loans have introductory interest rates as low as 3.8%.
  • FHA. Borrowers with FICO scores of at least 600 can qualify for an FHA loan, with down payments as low as 3.5%.
  • VA. $0 down payment for qualified service members, veterans and spouses.

Other loans offered by Network Capital

  • Refinance. Its VA IRRRL and FHA Streamlined programs don’t require an appraisal or income verification. HARP 2.0 offers a maximum loan-to-value (LTV) of 150%.
  • HomeReady. Fannie Mae’s HomeReady program offers down payments as low as 3% and is for borrowers that meet the income limits.
  • Home Possible. Freddie Mac’s Home Possible program has down payments as low as 3% for low- to moderate-income borrowers.

Network Capital fees

Network Capital’s has $0 lender fee programs covers application, origination, processing and underwriting fees for qualified borrowers. Other third-party fees you can expect include:

  • Settlement fees
  • Title fees
  • Appraisal fees
  • Survey fee
  • Pest inspection

Requirements

Requirements to qualify for a loan with Network Capital depends on the loan you apply for. Government-backed loans require a credit score of 600 or higher. Network Capital prefers to see a maximum 43% debt-to-income (DTI) ratio, and a 780 credit score will get you the best rates.

Documentation

To approve your home loan, Network Capital needs to verify your identity, income and credit. You can submit most of these documents online:

  • Homeowner’s insurance policy copy
  • Tax returns for the past two years
  • W-2 statements for the past two years
  • Bank statement copies
  • Social Security, pensions, alimony and rental income statements or award letters

How to get a home loan with Network Capital

  1. Start the home loan process online and a loan officer contacts you to upload supporting documents. Here are the steps to get started.
  2. Go to Network Capital’s homepage.
  3. In the banner, click Apply Now.
  4. Select whether you want to purchase or refinance a home.
  5. Choose if you’re purchasing a single-family detached or a townhouse.
  6. Select how you’ll use the property – for example, as your primary home or as a rental property.
  7. Enter the ZIP code and click Continue.
  8. Answer if you’ve chosen your home and if you’re working with an agent.
  9. Input the estimated purchase price and down payment percentage. Click Continue.
  10. Answer whether you or your spouse has served in the military.
  11. Fill out your contact information and the best time for a loan officer to contact you. Click Continue.
  12. Detail how you heard about Network Capital and consent to the disclosure. Click Submit. You should hear back from a loan officer within three business days.

Pros and cons of Network Capital

Pros

  • $0 lender fee programs. Network Capital waives application, origination, processing and writing fees for qualified borrowers.
  • Quick closing. Some programs can close in as few as 15 business days.
  • Streamlined application. Network Capital provides an online loan application process with e-signing initial disclosures.
  • Multiple options to contact customer service. You can chat online, call, request a callback or sit down with a loan officer at its California or Florida locations.

Cons

  • Limited loan options. Look for another lender to borrow from the equity in your home or jumbo loans.
  • Not licensed in all 50 states. Network Capital is only licensed in 24 states and Washington DC.
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What is Network Capital?

Network Capital is a direct lender with headquarters in Irvine, California. It opened its doors in 2002 and opened another office in Miami in 2017 as its East Coast Regional Headquarters. It also hosts a radio show called Mortgage Radio.

Frequently asked questions

Expert review

Kimberly Ellis

Review by


Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

Network Capital is a good option for borrowers looking for low down payment options, a streamlined online application and fast closing. But you’ll need to look elsewhere for USDA, jumbo and home equity loans.

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