A trustworthy, consistent and reliable mortgage lender is getting harder to find by the day with the vast loan production industry getting bigger and we seemingly do tend to forget about the smaller loan companies out there.
Network Capital may be one of them hidden Mortgage gems with no application, origination, rate lock, processing, or underwriting fees! On top of that they offer the most competitively low rates that are available to you with simple processing capabilities and efficiency on their end to ensure that you’ll get your loan closed within 15 business days.
Editor’s Note: Available for current residents of: AL, AR, AZ, CA, CO, DE, DC, FL, IL, IN, IA, KS, KY, LA, MD, MN, NJ, NM, NY, NC, OH, OK, OR, PA, TN, TX, VA, WA, WI.
Network Capital In-depth Analysis:
Network Capital does have a ‘simple’ selection of home loans that would bear the necessities of purchasing and refinancing loans including loan types such as jumbos, and all of your government-backed loans including FHA, VA, and USDA mortgages. However, home equity loans and home equity lines of credit is off the list. On a side note though, home loans can go up as high as $3 million.
On a purchase, down payment of 20%, based on the lower of appraised value or purchase price, may be required. On a refinance, equity of 40%, based on appraised value, may be required. We assumed (unless otherwise noted) that closing costs are paid out of pocket, this is your primary single family residence, your debt to income ratio is below 25%, and you have a credit score over 740. The lock period for this interest rate is 30 days and cannot be locked until the appraisal is completed and we have full underwriting approval.
Note that there are some loan programs that allow the minimum credit score of 600.
|30-Year Fixed – FHA||3.375%||4.17%|
Network Capital Mortgage Summary:
- Apply Now
- Maximum Loan: $3 million
- Account Type: Mortgage Loans
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
- Monthly Fee: No maintenance fees, fees may accrued from interest rates.
- Lock Period: 30 days, cannot be locked until appraisal is completed as well as a full underwriting approval.
Network Capital Application Process:
- Review your purchase loan options
- Understand your credit
- Calculate payments
Next, begin gathering your documents, including:
- Income documents such as paystubs, W2s and tax returns
- Bank account statements
- Purchase agreement (if buying a home)
- Additional documents
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
- Two most recent months’ bank statements. All of the pages.
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
Benefits of Refinancing:
- Get Cash – Make home improvements, pay for school, or use it towards any of life’s expenses
- Lower Your Payment – Pay less on your mortgage each month with a rate-and-term refinance
- Consolidate Debt – Get rid of high-interest credit lines through your mortgage
- Remove PMI – Your equity position may allow you to stop paying monthly mortgage insurance
- Shorten Your Term – Own your home faster and potentially save thousands of dollars
- Secure Your Rate – Trade in a risky, unpredictable ARM for the security of a fixed rate
- Stop Paying Interest-Only – Make a dent in your principal balance with a fully-amortized loan
- Make an Investment – Use your equity to pull out a down-payment for an investment property or vacation home
Purchasing Loan Down Payment Requirements:
From $0 down, whatever your budget, we have a program and solution for you. Our ‘no lender fee’ policy coupled with some of the lowest rates available makes purchasing your dream home a very affordable reality.
- VA Loan
- $0 Down Payment
- FHA Loan
- 3.5% Down Payment
- Conventional Loan
- 5% Down Payment
- 3% Down Payment on approved homes
- 3% Down Payment on approved homes
Network Capital is one of the few companies to survive the housing bubble and financial crisis of 2009 and that should give the company some notability in my book. Some things I want to note is that Network Capital offers no lenders fees making mortgage loan processing a blast. Enjoy utter convenience with mortgage banker’s assistance, and enjoy competitively low rates. Now what Network Capital may fall short on could be that they don’t offer home equity loans or lines of credit and their products is only available in the states mentioned above. Be sure to check out our Best Mortgage Rates for all your home-buying needs!
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