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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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

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

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

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

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

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