LoanSnap Financial Mortgage Review

About LoanSnap

LoanSnap

LoanSnap gives you a clear view of your finances so you can see if you’re losing money every month to high interest credit cards and loans. Our 'Lowest Rate Guarantee' with match and improve any competing loan offers by $500! Our smart loans show you options that help put more money in your wallet every month and our loan experts guide you every step of the way. LoanSnap is your best option for a Refi, HELOC or Mortgage loan.

review breakdown

Recommended
97%
Interest Rates
Fees & Closing Cost
Customer Service
Responsiveness

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What is LoanSnap?

LoanSnap is an online lending company that was founded in 2018, the same year it acquired the mortgage lender DLJ Financial. It is headquartered in San Francisco, and its lending operations are based in Costa Mesa, Calif.

Using a “smart loan” approach, LoanSnap offers financial analyses of borrowers’ circumstances beyond their homebuying potential. Once you upload your information to LoanSnap’s platform, you may be given options for how to reduce your debts and save on your monthly payments. The application algorithm accounts not just for your income and FICO score, but for additional debts, such as an auto loan or credit card balances. By analyzing the full spectrum of your finances, the system may be able to recommend loans that are more cost-effective than those you’d find at traditional lenders.

Cameron Findlay, LoanSnap’s senior vice president of secondary markets, described LoanSnap as “a technology company first and foremost” that emphasizes customer experience and speed to origination.


Working with LoanSnap

LoanSnap is licensed in the following states:

  • California
  • Colorado
  • Florida
  • Illinois
  • Michigan
  • Oregon
  • Tennessee
  • Texas
  • Washington

You can meet with loan officers in person at LoanSnap’s Costa Mesa location or call to speak with a representative to get started. Otherwise, the application process can be completed online. The minimum credit score required to qualify for a LoanSnap product is 560, and the lender does offer manual underwriting.

LoanSnap offers loans for the following property types:

  • Single-family homes
  • Multi-family homes
  • Manufactured homes (on a limited, case-by-case basis)
  • Townhomes
  • Condos

LoanSnap products

Purchase

Refinance

Home equity

LoanSnap special mortgage programs

LoanSnap partners with investors to reduce closing times on home equity products and will create custom programs based on a borrower’s unique needs. The company offers this assistance even to borrowers without excellent credit.


The mortgage application process

Borrowers who live in the Costa Mesa area can begin the application process in LoanSnap’s office where they will meet both their loan officer and loan processor, who will help them set up a digital account they can check at any time.

If you are not local to LoanSnap’s Costa Mesa office, you can begin the application process over the phone. The lender’s office hours are 7 a.m. – 7 p.m. PST.

You can also apply through the LoanSnap website or digital app. LoanSnap strongly encourages borrowers to apply via the site, app or phone, as that is the fastest way to receive their financial analysis and begin evaluating their options.

The first step in the website application is to give LoanSnap permission to access your financial information. The site will then pre-fill your personal data and information about your current mortgage if you have one. If you apply via the mobile app, you can upload a picture of your driver’s license, and LoanSnap will pre-fill your data based on what it reads there. Both options reduce the amount of time you need to spend inputting your data. This preapproval process occurs in under five minutes.

After you’ve begun the application, a loan officer will contact you to discuss your application and financial options. In addition to helping you through the loan process, he or she will discuss debt-reduction strategies, whether to pay down points to lower your interest rate and other potential strategies.

At this point, you’ll have the option to lock your loan, although you can also choose to lock at a later date. If you lock your loan but rates drop before you close, LoanSnap offers a float-down match so you can secure the lower rate.

LoanSnap offers e-signature options, but it does not support e-closing. However, Findlay said the company is working toward offering e-closings in the future. LoanSnap will work with you to find a convenient time for your closing. Most LoanSnap loans close within 20 days.

Communication during the process

During the process, your application will be transferred to a loan processor who will request additional documentation needed to complete the loan. Once the loan processor takes over your application, he or she will be your primary point of contact through closing. After you’ve submitted your intent to proceed, you can work with the processor to order your appraisal.

While the loan is being processed, you can log into your account 24/7 to check the application status and find out whether there are any additional documents you need to submit. The processor will help if you’re unsure of where to obtain particular records or if you run into any other problems while completing the application.


Pros and cons of a LoanSnap mortgage

Pros

  • Offers a wide range of products, with options for purchase, refinance and home equity
  • Borrowers can complete applications online at any time
  • 24/7 access to information on loan status
  • Provides guidance on debt reduction and money-saving strategies

Cons

  • Website lacks detailed information about products or borrowing process
  • Limited options for borrowers who prefer to start the application in person
  • Does not yet support e-closing

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.