PROS / Network Capital does not charge any fees.
CONS / This mortgage lender does not provide construction, interest-only or home equity loans.
VERDICT / Network Capital offers home loans with no fees and quick approval times. Its posted interest rates are low for the industry, but it typically sells your loan after closing, meaning you'll have to work with another bank for the duration of your mortgage.
Network Capital offers mortgage buying and mortgage refinance options at low interest rates and with no fees. It offers both conventional and government-program loans, and its agents work with you to get the best loan possible. It does not offer construction or home equity loans, however.
The lender offers fixed-rate and adjustable loans with multiple term options, whether you are looking to buy a home or refinance your mortgage. It also works with several government loan programs for home mortgages that don't require down payments or that waive appraisals or allow for extra cash upon closing for debt consolidation.
The posted interest rates were the lowest of those we found advertised by the home mortgage companies we considered. However, advertised rates are difficult to compare across the board, because each mortgage lender posts rates for what it considers an ideal or typical loan, which varies from bank to bank. We created a sample scenario to get a more accurate comparison. Network Capital, however, could not give us the rates for our scenario, as its computers cannot provide information without first pulling a credit report.
To qualify for a conventional loan, Network Capital prefers applicants have an average debt-to-income ratio and credit score. However, they work with people whose financial situation is not as favorable. One loan officer said he has helped clients raise credit scores quickly so they could qualify for a loan, and Network Capital has programs where no down payment is required.
This lender does not charge fees of any kind, but it makes its money by selling your loan after closing. This can be an inconvenience, as you have to work with a bank not of your choosing once the loan has closed. Selling loans is a common practice in the banking industry, and there are safeguards in place to protect you.
Network Capital's website provides helpful information on the mortgage process, including calculators. It also offers live chat, but it just takes your information so a loan officer can call you. We called several times, and only once did a loan officer freely give information without asking us to apply for prequalification and have our credit report pulled.
Network Capital offers mortgages and refinancing loans at low interest rates and no fees because it sells the loans after closing to make its commission. It has a variety of programs and can help people with less-than-ideal financial situations qualify. It's worth contacting, but be prepared to have your credit pulled if you want to get into specifics about a loan.