NetworkCapital Reviews
Feb 01, 2017
Decent Terms, Shady Service
scott8833
1 Contributions 6 People Helped

I ultimately decided not to refinance through Network Capital, but still wanted to leave a review on my experience.  Shortly after filling out the online form, I was contacted by Sean.  He took my information quickly and professionally, and the loan terms he offered were good but not great.  However, I had a number of misgivings with the process:
 
-Lack of transparency.  I would be told that the price was "only $X", only to inquire about costs Y and Z and told that they were not included in X.  Network Capital wasn't charging unusual or exorbitant fees, but they also weren't very clear about what they were charging.
-I couldn't lock in a rate until I had provided all information (bank statements, tax returns, the usual).  All other brokers I spoke to offered a lock as soon as they'd run my credit.  To me, Network Capital's approach is akin to agreeing to buy something before finding out the price.
-Sean's sales tactics were very high-pressure.  He repeatedly told me that any delay would cost me thousands of dollars, his emails threatened to cancel the loan if I did not reply immediately, etc.  I always handle these things promptly, but this was like dealing with a used car salesman.
-Network Capital has no way to securely transmit documents; they just rely on email.  Sending social security and account numbers through email is something to avoid if at all possible.
-Sean failed to call me at agreed-upon times.
-After I told Sean that I was going with another lender, I continued to get two to five calls per day for the next few weeks.  Three months later, I am still getting calls one or twice per week.  I have stated multiple times that we have refinanced with another lender.

 
I should also mention that when I first told Sean I had chosen a different company (better interest rate, closing costs, and service), he offered to beat their terms.  I considered pursuing this, but decided against it for several reasons:

 
-The concerns I listed above.
-Various reviews saying that Network Capital doesn't follow through with the deals they offer.

-There was not much room to undercut the lender I went with.

-That isn't how getting a mortgage works.  If Network Capital wanted my business, their original offer should have been better.

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