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Network Capital mortgage review
Competitive rates and a $0 lender’s fee program, but the selection of loans is limited.
Network Capital provides a streamlined loan process and closing in around 15 days if everything goes smoothly. But the only types of loans it offers are conventional, VA and mortgage refinance loans.
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Conventional: 620
VA: Low-to-mid 600s
Minimum credit score
3%
Minimum down payment (Conventional)
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
State availability
Details
| Loan products offered | Conventional, Refinance, VA |
|---|---|
| Minimum credit score | Conventional: 620 VA: Low-to-mid 600s |
| Minimum down payment (Conventional) | 3% |
| State availability | 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 |
| NMLS # | 11712 |
Review by
Kimberly Ellis
kimberly.ellis@findercrew.comKimberly Ellis is a personal finance writer at Finder, specializing in banking and financial literacy. After teaching in public and private schools, Kimberly zeroed in on personal financial education to help families and kids develop lifelong money skills. She hails from New York City, graduating summa cum laude from Queens College with a BA in elementary education and mathematics, as well as a New York State teaching certificate. 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 may be a strong option for borrowers looking for low down payment mortgages, a streamlined online application and faster-than-normal closing. But if you’re after a USDA loan, jumbo loan or a home equity loan, you’ll need to look elsewhere for now.
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Network Capital requirements
To find out if you meet the requirements for a Network Capital home loan, fill out a form online or call the company to speak with a loan officer directly.
Basic eligibility for a loan with Network Capital includes:
- Two years’ history of employment
- FICO credit score of 620 or higher
- No history of bankruptcy for at least two years
- Debt-to-income (DTI) ratio of 36% or less
Documentation
To apply for a mortgage from Network Capital, you’ll need:
- Photo identification
- Tax returns and W-2 statements for the past two years
- Bank statement copies
- Social Security, pensions, alimony and rental income statements or award letters
- Homeowner’s insurance policy copy
- Other documentation as requested by your loan officer
Costs and fees
Network Capital has $0 lender fee programs that cover application, origination, processing and underwriting fees for qualified borrowers. Other third-party fees you can expect to pay include:
- Settlement fees
- Title fees
- Appraisal fees
- Survey fee
- Pest inspection
How to apply for a mortgage with Network Capital
Here’s how to apply for preapproval with Network Capital.
- Go to its website and select Apply now.
- Select an option of Home Purchase, Home Refinance or Cash-Out Refinance.
- Answer a series of basic questions about your home loan or refinance goals.
- Enter your contact information, including your name, email and phone number.
- Select a time for a callback from a loan officer and continue answering the questions.
- Provide consent to be contacted.
- Wait to be contacted by a loan officer, who will provide you with a personalized rate quote and one-on-one consultation.
Alternatively, you can skip the above process and call the company directly at 800-300-0018.
What types of mortgages can I get through Network Capital?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products offered by Network Capital
Network Capital also offers these specialized types of mortgages:
- Mortgage refinance. Can be used to lower your interest rate, shorten your loan term or to consolidate debts and pay off expenses.
How Network Capital’s mortgage products compare to other lenders
Compared to other lenders, Network Capital offers a lower-than-average number of home loan products and no specialized loan programs for first-time homebuyers.
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Network Capital reviews and complaints
As of August 2022, Network Capital has a 4.88 out of 5 rating on Zillow from 386 customers. It has been accredited by the Better Business Bureau (BBB) since 2003 and has an A+ business rating, a 3.62 out of 5 customer rating and 119 customer complaints closed in the last three years.
Customers report being thrilled with the knowledge and helpfulness of their loan officers when they had questions, as well as the interest rates they received. Complaints with the company center around specific loan officers not following through with tasks and asking for additional documentation at the last minute.
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. The company claims some programs can close in as few as 15 business days. This is much faster than the industry average of 47 days.
- Customer service options. Chat online, call, request a callback or sit down with a loan officer at its California or Florida locations.
Cons
- Limited loan options. Network Capital doesn’t offer USDA loans, jumbo loans or HELOCs for those looking to tap into their home’s equity.
- Not licensed in all 50 states. Network Capital is only licensed in 24 states and Washington DC.
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 The Mortgage Radio show with mortgage expert Sean Meador, which airs on stations across the country.