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About Network Capital Funding Corporation Reviews
Network Capital Funding Corporation (NMLS #11712) is an online direct mortgage lender available in 43 states. The company has borrower perks that stand out, like no lender fees and closing in as little as 15 business days. The company underwrites your purchase loan upfront — usually within 24 hours — so the seller can be confident the loan will close. Network Capital has been in business since 2002.
Pros & Cons
- Posts daily rates on its website
- Closings in as little as 15 days
- No lender fees for qualifying borrowers
- Not available in CT, GA, MA, MO, NH, NV and UT
- No mobile app
Network Capital is a direct mortgage lender offering home purchase and refinancing loans. Its products include conventional, FHA and VA loans. Qualifying borrowers pay $0 in lender fees. You can check starting rates online and usually get preapproved for a loan within 24 hours.
The experience overall was very good with Network Capital. They were very attentive, had great customer service, and when you call, somebody does something. The application proces...Read full review
Network Capital's reps were on everything and were always accessible. When I had a question, I'd either call or email them, and I got a response back right away. We ended up midwa...Read full review
Our editors’ take on Network Capital Funding Corporation
After reading through ConsumerAffairs reviews, we found that many of Network Capital’s customers had complicated credit histories or financial situations. Having less-than-ideal credit requirements or buying a new home with caveats is hard with many online-only lenders. We highly recommend Network Capital for these types of situations since reviewers said the loan officers had knowledge and experience navigating them.
We also recommend Network Capital for individuals who want to complete the mortgage process quickly. Its site boasts of a 15-day closing period, but reviewers saw even faster results than that.
Jason from California was able to close their refi in a week, and another California reviewer refinanced in nine days, saying, “[Network Capital] got me the lowest rate by far of anyone I had previously talked to.”
Unfortunately, Network Capital is not available in all states. Also, if you are looking for a lender with the lowest rates, other lenders might be a better choice. Finally, if you have an uncomplicated financial situation, there are other lenders out there that offer a streamlined, tech-savvy application process and mortgage app to help with your application.
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Reviewed April 6, 2023
Justin with Network Capital is outstanding. I went through the process with them and they got to the appraisal but wouldn't pay it. I told him I was going on to another business. I went with NewDay USA and was almost at closing. Justin called me up and said, "Let's talk about it." I told him I didn't want to talk to him and hung up on him. He turned right around and called me back. He was persistent. I asked him to tell me one thing to me that'd make me change my mind, and he said 5%. NewDay USA was charging me almost 8%. Justin wasn't able to give me 5% although he tried. I ended up with 6% which is still a lot better than what NewDay was gonna charge me. I was impressed with Justin. I felt he was a friend. He knew his business and how to get things done. I also worked with two women, Susan and Sally. They did the trench work and got everything signed and done. They were both very good.
Reviewed March 5, 2023
Conventional banks take months and months, paperwork back and forth. It’s frustrating at times. Network Capital eliminated all of that by sending me a document stating exactly what I needed and it was a step-by-step process. The reps were very clear and concise. We had the emails back and forth but the process was so simplified, it was almost unbelievable. I was the world's biggest skeptic and when I spoke with them, I said I would give them a try. And it worked out because they simplified the whole process. If that's the new way of doing business, I would recommend it to anyone. I would use these new lending places again if I have to or recommend anybody to use them.
Network Capital is particular for details and if something is off, they'll let you know that you need to correct it, which was what happened. I had to correct it and then, they came out. The appraisal and the application process was straightforward. When you're doing stuff like this, it's a lot of paperwork. But even it was a lot of paperwork, it was online and it was a step-by-step process. So they take all the guess work out of it. Two people worked with me and they walked me through. They stuck with me through thick and thin. In my case, it was not difficult because my credit was good. But they worked out well.
Reviewed March 4, 2023
The reps from Network Capital were very professional. I like people who can do their jobs like it's nothing, because that's what you do. They did what they said they would and when they said they would get it done. They stood up to the appraiser and the underwriters over a mistake in appraisal. I've never met anybody, so far, ever before that would do that. And those people are worth knowing. They weren't successful with that appraiser but when I called the VA, they were successful in making that appraiser do what they were supposed to do. The rate was a little high, but not to me, because the rates had gone up. I come from the age where people were paying 12% for mortgages at one time and 7% was not at all uncommon from most of my lifetime. The price of mortgages in the past few years has been unbelievable. I'm still waiting for the other shoe to drop on that one.
People should go with Network Capital. I like the way they do their job. I would've probably paid a very similar cost for my mortgage anywhere else, because right now, I'm having a bad credit period, and not of my doing. I had some identity theft, which caused me some serious problems, mainly with my credit score with a USAA Bank. It's not been a pretty situation, so I would not have gotten a better interest rate anywhere else. Network Capital does a good job and don't mess around. If they run into a delay, you'll know exactly what the problem was and why, because it's usually not them. They're right on top of things.
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Reviewed March 3, 2023
I have lots of problems with the bank that had my previous mortgage. They let somebody steal another property of mine. It was mortgage fraud. Network Capital Funding worked with me really well. I got one of the government loans because I ended up, from that other bank, going through a bankruptcy that I shouldn't have had to go through. I had some phone conversations with Network Capital about my financial situation, and then I was contacted by a representative who took more of the specific numbers.
They gave me some quotes on what they could do for me. I had to submit documents of all types. They were reviewed by their underwriters. Then I got some disclosure forms on it, but towards the end, I didn't like that I didn't find out until later on that they would transfer me out to another lender. It still went through, and they had somebody come here and do the paperwork with me. I got the payout and the satisfactions on some of the other loans that I had and checks to pay those off.
The loan officer was phenomenal, and she was easy to reach. She was knowledgeable, and she was very caring and extremely patient. The closing costs are really high. They said that these government loans were supposed to make it an equal opportunity for everybody, even if they had compromised interest to be able to take advantage of low interest rates, and that's not so because I think we pay much higher closing costs to get the same loan. Then there was a lot of interference with my past banks. They blocked getting my lending. There were a lot of additional people that were causing blockages and sabotaging my loan.
Reviewed Feb. 16, 2023
Network Capital was able to satisfy my needs. I was looking for something to get me out of a conventional loan into a VA loan and still be able to do the refinance, and they had a package that was offered that suited that need. From the first contact to the closing was less than 45 days. They had a great team. I only had to deal with three people the entire time. The first person that I made contact with made sure to keep following up with me. “Hey, did this person help you? Now that you're in this next stage, did they help you to get to the next stage?” He's even followed up with me a couple of times since we've been closed. “Hey, have you had any problems? Did you get your payment book in the mail? Have you set up all your payments all right? Is everything going good? Any problems with the website?” So, they've been really good.
The way the piece works is Network Capital does the initial thing. Even though my loan was sold off, he still stayed in touch with me to make sure things were going well. As far as the rates, they came in under all the market, so that was good. I can't say that I'm happy because my previous one was much lower but I was in a spot where I had to refinance, and they were able to beat the current market by over a point. So, that was a good thing for me.
Reviewed Dec. 18, 2022
I was going through other lenders to get a cash out refinance of a rental property but I felt that they were not being honest with me and it turned out that I was right. It really wasn't something that would require intervention with a lawyer but nevertheless, you want truthfulness and transparency with a lender. But I did get a phone call from Drake ** from Network Capital and he really took care of me along with Craigneisha **. The process was fast and flawless and most importantly, they were 100% transparent!! I would most definitely do business with them again. But there was one glitch that I wish Network Capital could remedy. For me to get the loan I had to pay off some creditors which was no problem but I wish that Network Capital would pay them off instead of sending me a check to send to my creditors to pay off the balance.
One creditor claim that they did not receive the payment and I went to collections. I received the typical nasty grams and was constantly being harassed even though I told them that I sent the check. And I even sent them a copy of the cancelled check that I got from Network Capital. The issue was finally resolved but after some headache. Even with that hiccup though, I really liked the attention I received from Drake and Craigneisha, and will seek them out again whenever I plan to refinance or get a loan!!
Reviewed Nov. 6, 2022
I called Network Capital Funding and the individual I ended up with was Joseph. He was so kind and so persuasive to assure me that he could get things done. There was a problem that was existing with me being on a deed with my husband but not the mortgage. Joseph was better than a typical person who I was paying money to and he knew his job. If he didn't know what he was doing, he reached out to the proper party to find out because I would not work with them until he was able to clarify several things.
One thing he had to clear off for me was by me being on the deed and not the mortgage, would they still be able to assist me? He checked with whomever it was and said yes. I was denied three to four times by other entities that said the same thing. Joseph said, "No, ma'am. We are our own entities, we don't have a third party to help. We lend our own money." I asked, "Who's your underwriter to make sure that they are gonna approve this? This is my credit score. If y'all can work with it, let me know." He said they would still have to pull it, but it sounded pretty good because my credit score showed 7 something. But then as they pulled it under whatever mark, it was 680 something.
I also told Joseph that on my credit report, it said I owned a timeshare. But I got rid of that several years ago. He checked into it and talked to someone. They said it was not a problem. Network Capital could still work with me. My credit was good too. Joseph worked very diligently and the process took less than 45 days. Joseph was very good at what he does. He knows how to get to the source, comes back, and works with the clients. I do not like the rate but I needed to get out of that bad assumed mortgage that I took on that was once my husband's. Network Capital on the whole has been pretty good so far.
Reviewed Aug. 31, 2023
Thanks for your timely response I highly appreciate your prompt response to my loan application. It was a pleasure working with you. I am quite pleased with your work and response to my urgent needs. Your net work is very important to me. You have shown to me how effective and efficient you are in caring for your clients. I will highly recommend you to anyone who need financial assistance.
Reviewed Aug. 30, 2023
Network Capital Funding did very well. There was a couple of hiccups in the process but everything was handled. So, we were happy with them. We worked very closely on the phone and the computer throughout the whole thing. I'm an ex-mortgage guy, so I totally understand the business and they didn't have to explain a whole lot of stuff. It took about 12 days to resettlement. It was very quick.
My loan officer was very good. He understood me, and I understood him. We rock and rolled right through it. We'd love to have a better rate, but it's just impossible given the economy. We're in the middle of a rate hike. So, the rate changed and they called us quite a bit to say, "Look, lock in, lock in. We need you to lock in because they're going up." They were very proactive in helping us with the rates. The one thing that I would have wished would happen was we had requested that they service our loan but the loan was sold off right away after it was financed.
Reviewed Aug. 29, 2023
Jedd and the Network Capital team did a wonderful job in assisting me with my loan and they are number one in my book. The team was very professional, pleasant and knowledgeable about their business. The team also kept their word on every promise they made to me and that meant that they were trustworthy.
Reviewed Aug. 28, 2023
I like to mention Jedd ** who went over and above in making my loan with Network Capital a complete success. Without his focus and determination on getting me the best rate and the service he offered day in and out while helping me accomplish a goal!! Thanks again Jedd!
Reviewed Aug. 9, 2023
Network Capital Funding Corporation was very courteous. They checked out the situation. And it was interesting how far the loan officer went to try to help me.
How we rated Network Capital Funding Corporation
We scored Network Capital high for its application process and requirements. Many online lenders will automatically deny applicants who do not have the listed requirements, but ConsumerAffairs reviewers report that Network Capital’s loan officers will work closely with individuals who have complicated finances and histories to see if a loan is possible.
Network Capital receives a good rating for its rates and costs and fees because we believe that other online-only lenders can offer a better deal, especially for buyers with high credit scores and uncomplicated financial histories.
Network Capital posts its starting rates for conventional, FHA and VA loans on its website. Note that these rates are for highly qualified borrowers. Getting a quote directly from the lender will give you a better idea of what you qualify for.
Home Mortgage Disclosure Act data shows that Network Capital’s average home purchase rate from 2019 to 2021 ranged from 0.11% lower than the national average (2020) to 0.36% higher (2019).
“I got a very good rate looking at the conditions of the market. They also said that whenever it's convenient for me or it's worthwhile, they'll try to lower the rate if the market permits,” said Jesus, a reviewer from California.
“[The loan officer]...was able to not only match the other company's interest rate, but offer a lower rate and better terms within about an hour,” said another reviewer based in Florida.
Network Capital offers both fixed-rate and adjustable-rate mortgages (ARMs). A fixed-rate loan guarantees you have the same rate for the entire life of the loan. An ARM has an introductory rate that's fixed for a set amount of time and then changes regularly. For example, a 3/1 ARM has a fixed rate for three years and then adjusts yearly after that. ARMs are a popular choice for borrowers who don’t plan to live in their home long or are comfortable with the risk of a rising payment in the future.
Network Capital Funding Corporation average home purchase rate vs. national average
|Year||Difference from national average|
Application process: Excellent
When you apply for a mortgage, lenders typically ask for bank statements, pay stubs, investment accounts, tax returns and other financial documents. Network Capital has an online application process and platform that lets you sync bank accounts and other finances, so the company can automatically collect your information. This saves you the hassle of uploading a lot of documentation. If you do need to upload documents, though, you can do it on the website.
When you apply for a loan, the company will match you with a loan officer who will work with you through the entire process. Having one point of contact helps ease some of the stress of buying or refinancing a home.
Tanya, a ConsumerAffairs reviewer from Maryland, had this to say about working with Network Capital Funding Corporation: “Refinancing or buying houses can be very stressful, but Network Capital was on top of it … explaining things and working with us to try to get us the rate that we wanted. … We've financed several homes and refinanced several times and this was the best experience.”
The company asks for documentation to be submitted with the application (some lenders let you wait until later in the process). Getting the information upfront allows Network Mortgage to underwrite your loan package so you're fully preapproved, giving sellers confidence that you have financial backing.
Kristi from Texas said, “The application process was fairly easy. They sent me everything that they needed for me and I responded and it seemed to work smoothly.”
Another reviewer shared similar praise with only some complaints about the burden of the closing documents: “My experience was efficient, effective and very professional. Their agent gave us documents to show what he was proposing as opposed to just telling me what it is and me hoping they're telling the truth. The process was seamless,” they said. “The only thing was, there were a lot of documents to physically sign at closing. We had a 200-page closing document so if they can find a way to streamline that, that will be perfect.”
Network Capital Funding Corporation application features
|Mobile document upload||X|
|Publishes minimum rate on website|
|Pre-qualification (no hard credit pull)|
|Certified approval letter|
Loan types: Good
Network Capital offers conventional, FHA and VA home purchase and refinance loans with fixed and variable rates. Some lenders offer more loan products, but Network Capital offers the most popular mortgage types.
In 2021, Network Capital received 1,985 home purchase loan applications and closed on only 200 of these loans. It denied 307 (about 15%) of these applications.
One Indiana homeowner was looking for a very specific loan type and was able to use Network Capital to do so: “I was looking for something to get me out of a conventional loan into a VA loan and still be able to do the refinance, and they had a package that was offered that suited that need. From the first contact to the closing was less than 45 days.”
Loan applications for home purchases only by year
|Home purchase applications||1,985||768||413|
|Home purchase loans closed||200||108||71|
|Home purchase applications denied||307||94||75|
|Home purchase preapprovals denied||0||0||0|
Refinancing can give you the opportunity to lower your interest rate, change your loan’s term length, switch to a different type of loan or get cash out of your home equity. From 2019 to 2021, over 97% of Network Capital’s loans were refinance loans — either rate-and-term refinances or cash-out refinances.
Home purchase vs. refinance loans by year
|Home purchase loans||1.50%||0.93%||2.26%|
Network Capital provides some general information about requirements for conventional, FHA and VA loans.
The company says conventional loans generally require a credit score of 620 and a debt-to-income (DTI) ratio of 36% or lower.
FHA loans and VA loans require a credit score of 580. You can put down as little as 3.5% on an FHA loan. VA loans don’t require a down payment.
We rated the lender’s requirements as excellent since it helped a few reviewers access a home loan or refinance when their financial situation had previously been rejected by other lenders.
Alistine from Illinois had a complicated financial situation with a foreclosed timeshare on their credit report that had caused them to be denied three to four times by other lenders. Network Capital worked with them closely to still provide a home loan. Not only did their loan officer help them prove they had the right requirements for a loan, but the process took less than 45 days to complete.
Another reviewer shared a similar review saying they could not refinance their home through other lenders but Network Capital was able to work with them.
Network Capital Funding Corporation mortgage requirements by type
Cost and fees: Good
Network Capital says it has no lender fees for qualifying borrowers; there are no application, origination or underwriting fees. However, this doesn’t mean you won’t pay any closing costs on a Network Capital loan. Examples of costs you may owe at closing include an appraisal fee, escrow funds, a recording fee and title fees.
After Network Capital receives your application, it will send you a Loan Estimate form, which gives you an idea of your loan costs. This can be helpful to have while you compare lenders.
Lori from Wisconsin had a good experience with their loan officer but was not impressed by Network Capital’s closing costs. They said, “The closing costs are really high. They said that these government loans were supposed to make it an equal opportunity for everybody, even if they had compromised interest to be able to take advantage of low-interest rates, and that's not so because I think we pay much higher closing costs to get the same loan.”
Terry from California was able to complete a refinance with Network Capital in only 12 days. They said, “[The loan officer] was very honest and upfront about everything and there were no hidden fees or additional costs that were added late in the process. His company provided the lowest cost and the best rates of the many companies I looked at.”
Compare Network Capital Funding Corporation to other lenders
|Network Capital Funding Corporation||New American Funding||Rocket Mortgage|
|# of reviews||1,125||818||1,191|
|Purchase options||Conventional, FHA, VA and refinancing||FHA, USDA, conventional, refinance, HELOC and reverse||Conventional, jumbo, FHA and VA loans|
|Refinancing options||Cash-out, rate and term||Cash-out, rate and term, cash-in||Cash-out, rate and term|
|Minimum credit score||580 to 620||580 to 640||580 for government-backed loans; 620 for conventional|
|Read Reviews||Read Reviews||Read Reviews|
Network Capital Funding Corporation FAQ
What is Network Capital Funding Corporation?
Network Capital is a direct mortgage lender that was founded in 2002. It offers purchase and refinance loans in most states, charging no lender fees to qualifying borrowers.
Is Network Capital Funding Corporation legit?
Network Capital is a legitimate mortgage lender with two decades of experience in the industry. From 2019 to 2021, it mainly specialized in refinance loans. The company is licensed in 43 states at the time of publishing.
Where is Network Capital Funding Corporation available?
Network Capital is an online lender that is licensed in 43 states as of publishing. It is not available in Connecticut, Georgia, Massachusetts, Missouri, New Hampshire, Nevada or Utah.
Network Capital Funding Corporation Company Information
- Company Name:
- Network Capital Funding Corporation
- Company Type:
- Year Founded:
- 7700 Irvine Center Drive, 3rd Floor
- Postal Code:
- United States