If you live in New England, or more specifically Massachusetts, there’s a very good chance you’ve heard of Mortgage Network, Inc.
They refer to themselves as one the largest independent mortgage lenders on the East Coast, funding billions in home loans annually.
And the company does so with shining customer reviews, claiming that more than 98% of customers would refer them to friends or family.
Mortgage Network prides itself on raising the bar when it comes to customer service, while also offering its clients the latest “proprietary, award-winning technology.”
Read on to learn more about them to determine if they could be a good choice for your home loan needs.
Mortgage Network Inc. Fast Facts
- Retail direct mortgage lender that offers home purchase loans and refinances
- Founded in 1988, headquartered in Danvers, Massachusetts
- Currently licensed in 26 states and the District of Columbia
- Funded $4 billion in home loans last year
- Nearly 60% of total volume comes from home state of MA
Mortgage Network is a retail, direct-to-consumer mortgage lender located in Danvers, Massachusetts, which is located north of Boston.
This means you can work with them over the phone, online, or in-person if you live close to one of their many branches.
They have about 40 physical branches located throughout the East Coast from as far north as Portland, Maine to as far south as Ft. Lauderdale, Florida.
The company was founded all the way back in 1988 by Robert McInnes and claims to be one of the East Coast’s most trusted mortgage providers.
Last year, they funded a healthy $4 billion in home loans, with about 60% of total production coming from their home state of Massachusetts.
Mortgage Network is also pretty active in the states of South Carolina, Maine, and New Hampshire.
And their purchase/refinance mix was nearly 50/50, meaning they could be a good choice for a new home buyer or an existing homeowner looking to refi.
At the moment, they’re licensed to do business in 26 states and the District of Columbia.
Those states include Alabama, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, and West Virginia.
For the record, they do business as “MNET Mortgage” in the state of New York.
How to Apply with Mortgage Network, Inc.
To get started, you can call them up, go to a physical branch, or visit their website.
If you go online, they have a branch directory that allows you to see nearby locations and the staff who work there.
Assuming you haven’t been referred to someone specific, you may want to check out their website first and find someone local and highly-rated.
Or you can read loan officer reviews and seek out some truly exceptional. Either way, once you’ve connected and received loan pricing, they make it easy to apply.
Their digital mortgage application lets you complete most tasks from any device, whether it’s filling out the loan app itself, uploading documents, or eSigning disclosures.
Once your loan is submitted, you’ll be able to track progress 24/7 via the online borrower portal to see where you’re at in the process.
They say they offer the latest proprietary technology so chances are the process will be pretty seamless and paperless if and when possible.
Loan Programs Offered by Mortgage Network
- Home purchase loans
- Refinance loans: rate and term, cash out, streamline
- Conforming loans backed by Fannie Mae and Freddie Mac
- Home renovation loans
- FHA loans
- USDA loans
- VA loans
- Jumbo loans
- Portfolio loans
- Down payment assistance and state housing programs
- Reverse mortgages
- Fixed-rate mortgages: 30-year, 20-year, 15-year, and more
- Adjustable-rate mortgages: 5/1, 7/1, and 10/1 ARM
One area where Mortgage Network, Inc. really shines is their loan offerings. They have just about anything an aspiring home buyer or existing homeowner could ask for.
This includes all types of home purchase loans, including down payment assistance and state housing agency programs, along with refinance loans and home renovation loans like the FHA 203k.
Additionally, they’re able to offer reverse mortgages and home equity lines of credit (HELOCs).
You can get your hands on a home loan backed by Fannie and Freddie, a jumbo loan, VA loan, or even a USDA loan.
They lend on all major property types, including condos/townhomes, second homes, and investment properties.
And both fixed-rate and adjustable-rate mortgages are available in a variety of different loan terms to suit all borrowers and their various risk appetites.
Mortgage Network, Inc. Rates
Unfortunately, Mortgage Network, Inc. doesn’t seem to publicize their mortgage rates online, at least on their own website.
However, you may come across them on a third-party rate comparison website if you’re actively shopping rates.
The one clue we have about their pricing comes from their many online reviews. Lots of past customers have indicated that their rates were lower than expected.
Of course, loan scenarios will vary, so you’ll only know if you get in touch and ask for pricing on your particular loan.
Still, as an independent direct lender they may be able to beat the big spenders and household names that pour millions into advertising annually.
Don’t forget to also inquire about any lender fees, such as an application fee or loan origination fee.
While low rates are great, fees can make a low rate less desirable than it appears.
Mortgage Network Reviews
On Experience.com, Mortgage Network, Inc. has an excellent 4.9-star rating out of a possible 5 from nearly 18,000 customer reviews.
That’s doubly impressive due to the large number of reviews. Be sure to filter by loan officer to find someone who really stands out.
Over on Zillow they also have a near-perfect 4.98-star rating out of 5 from more than 1,600 customer reviews.
Many of them indicate that both the interest rate and fees/closing costs were lower than expected, which is good news for bargain shoppers.
At Google, it’s more of the same – a perfect 5-star rating from about 125 reviews.
While they are not Better Business Bureau accredited, they do have an ‘A+’ rating from the BBB based on customer complaint history.
To sum things up, Mortgage Network could be a strong choice for a new home buyer who needs lots of guidance and a variety of flexible loan programs to choose from.
And also a seasoned homeowner who wants to take advantage of a cash out refinance, reverse mortgage, or lower their monthly payment via a traditional refinance.
Mortgage Network Pros and Cons
- Can apply for a home loan online
- Also have physical branches in many East Coast states
- Offer a digital mortgage application and process
- Tons of loan programs to choose from including HELOCs and reverse mortgages
- Excellent customer reviews across ratings sites
- 98% of customers would refer them to others
- A+ BBB rating
- Free mortgage calculators and home buying checklist online
The Maybe Not
- Aren’t licensed in all 50 states
- Do not publicize mortgage rates or lender fees
- May transfer loan to a new servicer after closing
(photo: Drew Tarvin)