LoanSnap Reviews

Everyone wants to be the next big thing in mortgages, with many companies now promising a digital experience or even a loan that can be funded in days instead of weeks.

For years, we've seen signs of this disruption, and while it has improved customer experience and lowered turnaround times, things haven't altered substantially.

You still have to fill out a loan application, often with the assistance of a person, submit financial documents, and wait weeks (or even months) for your loan to be funded.

The difference now is that you can accomplish some of these tasks remotely, or even better, connect your financial accounts into the program so you don't even have to look for paperwork yourself.

While other lenders have focused on speed and convenience, LoanSnap is focusing on originating "smart loans" rather than "dumb loans," which cost clients billions of dollars each year.

If you are looking to get a loan, then you should do a lot of research into the company or lender before you sign anything.

To help you out here is a full review of LoanSnap, a mortgage lending company based in the USA. We will cover their application process, types of loans available, and their rates, so you can make the right decision about signing with them.


LoanSnap - The Facts

After acquiring DLJ Financial, a 21-year-old mortgage lender based in Irvine, California, LoanSnap was created.

The company's current offices are in neighboring Costa Mesa, California, with corporate headquarters in San Francisco, a tech-heavy city.

Given that the Bay Area is recognized for its startup culture and Orange County has long been known for its mortgage sector, it's only natural that they maintain offices in both cities.

LoanSnap provides a "smart loan" that considers all of your monthly payments, including credit cards and student loans, in order to get you the best house loan available.

According to LoanSnap, it's a mortgage that uses artificial intelligence (AI) to "instantly examine a consumer's financial condition and offer the best solutions for their unique needs — all while addressing common financial issues like too much debt."

To put it another way, it looks at a customer's complete financial situation rather than just looking for the best mortgage rate or the quickest turnaround time.

After all, a borrower's house and mortgage could function as a savings account, affecting other investments and financial decisions.

It can also be used to pay off other high-interest debts, which is where LoanSnap comes in.

Their website application process begins by them saying “Let's start by determining where you're losing money so we can help you regain financial control."

By this, they mean that you are probably paying more interest on your credit cards, student loans, and auto loans than you would on a low-rate mortgage.

After all, while mortgage rates are often around 3%, credit card rates are frequently 20% or higher, and vehicle and student loan rates are typically 5% or higher.

They claim that most people are unaware that they can transfer their credit cards or loans to their mortgage and save thousands of dollars in interest payments.

Rather of promoting the lowest interest rates, they provide you with a comprehensive overview of all your accounts to help prevent you from losing money.

They lend in 19 states right now, with plans to expand to more in the near future. The states where this lender is available are:

  • Arizona
  • California
  • Colorado
  • Florida
  • Georgia
  • Illinois
  • Iowa
  • Kansas
  • Michigan
  • Nebraska
  • Ohio
  • Oregon
  • Pennsylvania
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Washington
  • Wisconsin

Types Of Mortgages On Offer

Home purchase loans, mortgage refinances, and home equity lines of credit (HELOCs) are currently available. This includes rate and term refinance, as well as cash-out refinances, which can be used to pay off other high-interest debt.

The cash-out refinance appears to be their preferred method of eliminating other debt, and it explains how and why a consumer's overall financial situation is scrutinized.

They can swiftly offer you the finest loan options for you once they know about your other debts, taking into consideration the interest rates on all of your current payments, thereby saving you money.

Despite the fact that cash-out refinances are accessible from practically every mortgage provider, it's marketing them as a distinct option from the company in various respects.

It also means that LoanSnap will be able to provide larger loan amounts, implying that they will be able to earn more money.

They offer a variety of loan options, including FHA, VA, and non-conforming loans.

They also provide home equity lines of credit (HELOCs), which can be used to consolidate debts such as student loans, auto loans, and credit cards.

It is possible to finance either a single-family home or a condo/townhouse. It is unknown if they provide financing for second homes and investment properties.

Mortgage Rates

While LoanSnap claims to look beyond mortgage rates to assist its customers to save money by avoiding higher-cost loans, it doesn't make public its rates.

Obviously, knowing where they stand in terms of pricing would be ideal, but their website currently lacks a daily rate component. So, if you want a quote, you'll have to fill out an application or call them.

Before investing time in the application, it is best to give them a call to find out exactly what their rates are.

When comparing rates among lenders, keep in mind that cash-out refinance prices are typically higher than buy rates, which can influence the final price of your loan.

See what other individuals had to say about their interest rates and costs in their customer reviews for more information.

They also keep customers in the dark about lender fees, so when you call and speak with a loan officer, make sure to ask about fees and rates.

Reviews And Customer Ratings

Despite being a young company, they've already amassed a large number of client testimonials.

Based on around 300 reviews, they have a 4.6-star rating out of 5 on LendingTree, with a 92 percent recommended score.

On Trustpilot, they have a 3.8-star rating, which is considered "good" but not "excellent."

On Google, it has a 4.1-star rating, which is outstanding but not quite as high as the highest level of customer satisfaction.

On Zillow, they have approximately a dozen reviews and a 4.27-star rating.

They've been accredited by the Better Business Bureau since 2009, however, they aren't currently rated.


  • Fast application and closing times - While the average time it takes to close a loan is 45 days or more, LoanSnap says that it can close in just 15 days. They are so confident in this that if your loan is not closed in this time period, they will give you $500 for free. 
  • “Smart” loans - these loans take into account your whole financial situation and tailor your loan to your needs and what you can afford. This is hopefully a way for you to avoid debt in the future
  • Non-conforming mortgages - These loans are perfect if a conventional loan will lot fit in with your lifestyle. These mortgages are the best option if you are self-employed or unemployed


  • No in-person service available - while doing everything online has its many benefits, for those who are not as tech-savvy as others, the application process may be a bit confusing. Sometimes it is just easier to go through this process with the help of a real person in an office, but this is not an option here
  • No USDA offerings - LoanSnap does not offer loans backed by the U.S Department of Agriculture
  • Not a lot of info available on website - even though the whole application and approval process is done through their website, there is actually very little information on there about their loans, rates, or how to qualify for any loans 


LoanSnap Reviews

Whether someone is buying a home, refinancing, or seeking a home equity loan, traditional lending processes are excessively time-consuming and unpleasant.

Clients also might not always receive the optimal lending terms for their specific financial situation.

LoanSnap eliminates all of these problems with its unique approach to mortgages and refinancing.

The company uses AI-based technology to get a complete picture of potential borrowers' financial situation.

Its smart loans not only assist customers in obtaining the best loan but also in saving money in the long term.

Brad Johnson