In a Nutshell
- AI technology suggests the right loan for you
- Combine your debts into a single loan
- Offers mortgages, refinancing, and HELOCs
- Must apply to see rates
- Only 1 in-person lending office
LoanSnap is an online lender that uses artificial intelligence to gain a holistic view of your finances when issuing a mortgage, refinance loan, or HELOC. The company examines everything from your existing mortgages and credit card debt to student loans, auto loans, and personal loans. Based on your financial situation, LoanSnap will recommend a mortgage product that will allow you to pay off your other debts and roll them into a lower-interest loan with reduced monthly payments.
LoanSnap is most suitable for new home buyers or current homeowners who have a variety of different debts, including credit card debt, student loan debt, and auto loan debt. LoanSnap will analyze your bills using AI technology and help you find the mortgage product that can help you pay them off. The advantage is that you end up with a lower total interest rate and a lower monthly payment.
Types of Loans/Products
Loansnap offers conventional, jumbo, FHA, and VA mortgages, all with terms ranging from 10-30 years. Conventional loans start at $150,000 and extend to $548,250 for 2021 with a minimum down payment of 3%. If you need to borrow more, jumbo loans are available up to $1.5 million and require a down payment of 10%. FHA and VA loans are government-backed conventional mortgages available to low-income borrowers and veterans, respectively. LoanSnap also offers a variety of refinance loans for existing homeowners, including conventional, cash-out, FHA, and VA refinance loans, as well as HELOCs.
- Minimum 620 credit score required
- 3% minimum down payment (10% for jumbo loans)
- Loan terms from 10-30 years
- Only available for single-family homes and condos
- Fixed and adjustable rates available
- APR available once you complete a quote
The Application Process
LoanSnap’s application process takes place entirely online. You can pre-apply by submitting information about your financial situation, the home you own or want to purchase, and the size of the loan you’re looking for. LoanSnap will assign you a loan officer and show you your loan options, including rates.
If you like what you see, you can submit supporting documents for your loan online. LoanSnap requires tax returns, pay stubs, and photo ID for a mortgage, plus mortgage statements and proof of home insurance for a refinance loan or HELOC. You can close your mortgage online, and LoanSnap is able to close some mortgages in as little as a week.
All LoanSnap loans are available with 10, 15, 20, or 30-year terms. The company doesn’t publicize interest rates, so the only way to get a rate quote is to pre-apply for a loan.
Help & Support
LoanSnap offers customer support by phone and email, from 7 am–7 pm (PT) Monday to Friday and 8 am–2 pm Saturday. When you pre-apply for a loan, you’ll be assigned a loan officer who will help you complete the application process.
Phone: (888) 680-5777
LoanSnap is a unique mortgage lender that looks at your full financial situation in order to provide the right loan for your needs. The company uses artificial intelligence to find a loan product that can lower the amount of interest you’re paying across all of your debts while also reducing your monthly payments. LoanSnap has a wide variety of loans available, including conventional, VA, FHA, and jumbo mortgages, mortgage refinance loans, and HELOCs.
What types of debt does LoanSnap analyze?
LoanSnap can analyze credit card debt, student loans, auto loans, personal loans, medical debt, and existing mortgages when offering a mortgage or refinance loan.
What types of properties does LoanSnap finance?
LoanSnap finances single-family homes and condos. The company does not work with commercial properties or manufactured homes.
Does LoanSnap offer home equity loans?
LoanSnap currently offers HELOCs but does not offer home equity loans at this time.
What states is LoanSnap available in?
LoanSnap is available in 27 states, including AL, AR, AZ, CA, CO, CT, FL, GA, IA, IL, KS, LA, MD, MI, NE, NJ, NM, OH, OK, OR, PA, SC, SD, TN, TX, WA, and WI.
LoanSnap, 3070 Bristol Street #200, Costa Mesa, CA 92626
This review was created using information from the LoanSnap website and online application.