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.