Network Capital Funding Corporation

Network Capital Funding Corporation

 4.8/5 (155 ratings)
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Network Capital Funding Corporation
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About Network Capital Funding Corporation

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.

Overall Satisfaction Rating

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Pros

  • Posts daily rates on its website
  • Closings in as little as 15 days
  • No lender fees for qualifying borrowers

Cons

  • Not available in CT, GA, MA, MO, NH, NV and UT
  • No mobile app

Bottom Line

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.

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Rated with 5 stars
Verified

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...

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Rated with 5 stars
Verified

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...

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Rates

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).

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

YearDifference from national average
2021+0.18%
2020-0.11%
2019+0.36%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Application process

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.

Network Capital Funding Corporation application features

FeaturesAvailability
Online application
Mobile document uploadX
Physical branchesX
Publishes minimum rate on website
Rate lock
Pre-qualification (no hard credit pull)
Certified approval letter

Loan types

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.

Loan applications for home purchases only by year

202120202019
Home purchase applications1,985768413
Home purchase loans closed20010871
Home purchase applications denied3079475
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

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

202120202019
Home purchase loans1.50%0.93%2.26%
Refinance loans58.12%83.84%58.70%
Cash-out refinance40.38%15.24%39.04%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

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.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5803.5%FHA lenders
VA5800%VA lenders

For other loan types, read our guide on USDA loans.

Costs and fees

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.

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 Reviews

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How do I know I can trust these reviews about Network Capital Funding Corporation?
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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: 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.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 20, 2022

    The guy, Sebastian, was good. He convinced me to try to go with Network Capital Funding. When he talked to me about it, he explained to me how they were gonna do this and that. I took his advice and gave him the information that he needed to get the loan processed. He did most of the preliminary paperwork. Everything went like clockwork and on time. I had tried to get a loan through a different agency. I had just started a job so they told me to come back in another six months and do it again. It was like jumping through hoops at a dog training show. Every two or three days, they would call me, and they would want more crap that I'd have to do. I'm a long-haul truck driver and it got to be tiresome. Then they denied me anyway. The first time I tried to get the mortgage, the rate was 2.25%. After I got with Network Capital, it went all the way up to 5.1. I lost almost three and a half points, messing around with the other company.

    Network Capital Funding said there were no fees but they charged about $6,000 for the closing costs which was a little bit much. That's not counting the extra money for the title searches and all the other kind of legal stuff that's normally on there. I recommended them to another friend of mine that was trying to get a mortgage. He went ahead and used them and they did the same thing on him. They charged him an extra $3,000 on closing costs. Also, as soon as I got my mortgage, they transferred it to PennyMac. I would probably recommend Network Capital Funding again to somebody else, but I would give them the information that I know now that they're probably gonna sell your mortgage before they ever get a payment and that to watch out for the fees that they're gonna charge.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 1, 2022

    The person that was handling my refi, Teddy, was amazing. We had some bumps in the road, but he was on top of everything. Initially, Network Capital Funding contacted me, and we talked for an hour. When things made sense, then we started the process. There was a young girl who does all the financing and goes through the loan. Teddy set everything up and got all my stuff prequalified, then we went through another lady. This was Alexa, and Teddy and I were upset about her, ‘cause she delayed a lot of stuff at the end.

    I was going through a credit repair company, and I told them to stop, because in an FHA loan, I can't have disputes. Every week, the dispute was popping up, which was hindering the loan, and every time we pulled credit, it’d go down. After a certain amount of time, Alexa stopped caring. When I tried to reach out to let her know where I was at as far as getting everything resolved, no phone calls. She wouldn't return texts. Until finally, when I got to the point where my credit was back where I need it to be, I called Teddy. “Hey, I think we're in a good spot.” He said, “Let me get on it. Have you heard from her?” I said, “Teddy, she stopped answering for about a month when I was trying to get in touch with her.” Teddy took it to her supervisor and his supervisor.

    We were having issues getting funded, ‘cause I go through a credit union, and most credit unions have to go to a federal credit union to do their wire transfer. Alexa delayed my mortgage, and I don't ever want her on any of my stuff that I do with Network Capital again. I ended up having to dish out more money to pay everything off than if she would have got it done before the deadline, which she had all the chances. We had deadlines to pay off cars, mortgage, the other mortgage, and it went over that deadline by four days. So, I had to get renewed payoffs, and I got them within one day. Alexa didn't start doing the last couple payoffs till that Monday, and I got everything done on a Friday. I did her job pretty much.

    On the other hand, Teddy cared. You can tell who's who and who's fake, and Teddy was a genuine person. When we thought things weren't gonna go through, he said, “Dude, we're gonna get it done. Might take a little longer, but I will get you where you need to go.” This gentleman didn't come out with a client. He came out with a friend. He is gonna be doing my next refi next year to get me out of an FHA loan. I won’t use nobody else. Whoever hired Teddy made a good call. If we had more people like Teddy, it’d make everybody's life easier.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 31, 2022

    Network Capital Funding offered me a rate of 4.1, but once the word gets out that you're looking to refinance, everybody and their brother contacts you. One of them said, “3.87, no points,” and I was actually gonna go to them. I sent it back to the Network Capital Funding rep and said, “Look, can you guys meet on 3.87?” I'm not familiar with mortgages, but I figured the rate is the rate across the board. The rep said, “I'm not sure. But why don't you send me the link? And I'll tell you if it's a legitimate offer. Because a lot of times they'll lowball you to get you to do this, this, and this.” To his credit, he looked at it and said, “That's a great offer. I would go with that if I were you. But just give me a second. Let me talk to my manager and see what we can do.”

    Network Capital Funding met the offer, so I did the exact same thing I was gonna do, but I did it with them. I went with the lower interest rate, 3.87 and for 20 years. They sneak their fees in there through points though, and I get that. The rep was a good guy and it seemed like he wasn't just being a salesperson. We even exchanged personal numbers. He made the process very comfortable.

    My original loan was sold to Network Capital Funding, so a lot of the stuff, they already knew about. I'm an elevator mechanic. I work for the union, and each company has to pay the exact same, but because I changed companies, I had to show a couple of extra W-2s. The process only took a couple of days and the only hiccup I had was with the W-2s. I don't get a paper statement and it went back and forth with the underwriter four times about sending official documents. I had someone else on the loan as well that I wanted off of the loan. I was able to kill two birds with one stone, and they made that seamless. I didn't have any contact with this other person, which was great. However, my loan’s already been sold by them. Didn't even have my first payment.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 20, 2022

    Network Capital's rates were lower than what I had. I got a refinance from them and at first, they were quick in giving me a call back. I left my information and was told that someone would get back to me. Then, somebody spoke to me and I went through some numbers with them. But after giving him all the information, he said that it would be difficult for me to get a mortgage based on all the information I've given him. Somebody else gave me a call and said that they could work on this mortgage. He went through the numbers and said he felt very good about it. One thing led to the next and I got great results at the end.

    I was working with someone and things were going pretty well. But something happened in the office with COVID and I just didn't hear from him. I waited, emailed and called, but I didn't hear from him. So I called the number on there that they told me to call. Luckily, we had his manager's number on there and he said that he'd take care of it right away. And he did. He got me in touch with another person. So they were quick on it and within a couple of days, everything was back on and going through.

    I have done several mortgages in my lifetime and this is one of the easiest processes. Some of those companies would drag you out, ask you for the same documentation, repeat it again a week or two later, then ask you to give more documentation, and then tell you that they got to check this and that. With Network Capital, there might have been little bumps here and there and the process was not perfect, but it was very smooth compared to a lot of the other companies out there. I've always been extremely scared and nervous when having to go through this kind of a process. It's very strenuous and the amount of paperwork that you have to put together, back and forth, bogs you down. There's never enough paperwork and always they want something else. But working with Network, I'm not as frightened if I have to do it in the future and I wouldn't hesitate to go back to them again.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 27, 2023

    I worked with Jedd ** and his team on a home refi. They were very efficient, communicative, and got the loan funded quickly. They were able to get me a better-than-expected rate with lower-than-expected fees. Overall, it was an exceptional experience.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 27, 2023

    Jedd was awesome with helping with my loan, very knowledgeable. Made everything quick and easy and was on schedule with everything he said. Made refinancing a breeze, will be using Network Capital for all my house needs. Thank you so much.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 26, 2023

    Had an easy time going through the process of refinancing, my mortgage, and being able to pay off some of my debt. Chris did an amazing job and consistently followed through any time I had questions. Sarah and Ryan also were great and helped me a lot with questions and information that was needed.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 26, 2023

    Jedd ** And his crew really made this experience easy. They kept me updated step-by-step. Everything went as smooth as it can possibly go. I would definitely refer Jed and his team to anyone looking to refi or purchase a new property. Thank you.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 18, 2023

    I had a great experience with them. I couldn't ask for better help. The application process was simple and easy. The rep was excellent. She stayed with us through the whole thing. I was very pleased.

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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Sept. 27, 2022.

    Network Capital Funding Corporation Company Information

    Company Name:
    Network Capital Funding Corporation
    Company Type:
    Private
    Year Founded:
    2002
    Address:
    7700 Irvine Center Drive, 3rd Floor
    City:
    Irvine
    State/Province:
    CA
    Postal Code:
    92618
    Country:
    United States
    Fax:
    8667596008
    Website:
    www.NetworkCapital.net

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