LoanSnap Reviews

Author pictureAuthor picture
Author picture
Written by
Author picture
Edited by

Our promise. We provide a buying advantage with verified reviews and unbiased editorial research.

About LoanSnap

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

LoanSnap (NMLS #76967) offers “smart loans,” which the company describes as home loans that are “solutions based on your entire financial situation.” LoanSnap’s process is to show you your current financial situation, find out how you can save and help you stop losing money with the right mortgage. The company is located in Costa Mesa, California, and lends in 30 states at the time of publishing, with plans to expand.

    Pros & Cons

    • Good for finding savings in monthly budget
    • Purchase, refinance and home equity options
    • Useful app
    • Rates not published online
    • Not available in all states


    LoanSnap doesn’t provide any rate information online. To receive a quote, you can fill out an online form or call LoanSnap directly. The form asks about your current debts to see if the “smart loan” concept can help lower your overall monthly payments.

    LoanSnap only offers fixed-rate mortgage products, so the rates on its loans stay the same throughout the loan term. In 2020 and 2021, LoanSnap’s average home purchase loan rate was slightly lower than the national average.

    LoanSnap average home purchase rate vs. national average

    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    To start an application for a mortgage with LoanSnap, you can fill out an online form or call the lender directly. You’ll be paired with a representative who shows you where you’re losing money each month and explains how a home loan can help you save.

    When you apply for a mortgage with LoanSnap, you’ll need the following documents:

    • Photo ID
    • Pay stubs
    • Tax returns
    • Mortgage statements (if applying for refinancing or HELOC)
    • Homeowners insurance information (if applying for refinancing or HELOC)

    If you’re purchasing a home and get preapproved, LoanSnap provides a preapproval letter to include in your offer to a seller.

    LoanSnap application features

    Loan types

    LoanSnap offers home purchase loans, refinance loans and HELOCs for people buying or living in single-family homes and condos. Its products include conventional, FHA and VA loans.

    According to Home Mortgage Disclosure Act data, in 2021, LoanSnap received 18 home purchase loan applications, and it closed on eight of these loans. (Home purchase loans made up less than 1% of LoanSnap’s loans from 2019 to 2021.)

    Loan applications for home purchases only by year

    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    In both 2020 and 2021, refinancing grew nationwide as interest rates fell to historic lows. In each of these years, refinance loans made up over 90% of LoanSnap’s primary mortgage loans. LoanSnap offers both rate-and-term and cash-out refinance options; over 2020 and 2021, all of its refinance loans were standard refinances.

    Home purchase vs. refinance loans by year

    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

    HELOC and home equity loans

    If you already own a home and want to cash in on the equity you’ve built up, you might consider a HELOC from LoanSnap. The company doesn’t offer home equity loans now but may in the future.


    To get a home loan from LoanSnap, you must live in one of the 30 states where it is available, and the property securing the loan needs to be either a single-family home or a condo. LoanSnap doesn’t cover mobile homes or commercial properties at the time of publishing.

    LoanSnap requirements depend largely on the loan type — whether it’s a conventional loan, FHA loan or VA loan. LoanSnap will evaluate your qualifications and determine how much you can afford to borrow based on factors such as your:

    • Credit score
    • Income
    • Employment history
    • Debt-to-income ratio
    • Assets
    • Down payment amount

    National mortgage requirements by type

    For other loan types, read our guide on USDA loans.

    Cost and fees

    LoanSnap doesn’t publish its costs and fees online. You can see estimated costs and fees after you apply; LoanSnap will provide a three-page form called a Loan Estimate with these figures. You’ll see more exact figures before closing when you receive the Closing Disclosure form. Mortgages typically have closing costs that amount to 2% to 5% of the loan amount. These costs can include:

    • Application fees
    • Appraisals and inspections
    • Attorney fees
    • Credit reporting fees
    • Escrow funds
    • Loan origination fees
    • Mortgage insurance
    • Mortgage points
    • Recording fees
    • Title insurance

    Keep in mind that you may be able to negotiate certain costs with the seller or lender, reducing the amount you owe at closing.


    How does LoanSnap work?

    LoanSnap offers “smart loans” that take into account a borrower's entire financial situation to help them save money. To check rates or apply for a loan, you can fill out an online form or call. The application and document upload can be uploaded online or through the company’s mobile app.

    Is LoanSnap legit?

    LoanSnap is a legitimate direct mortgage lender that offers purchase and refinance loans and HELOCs. The company was founded in 2017.

    Where is LoanSnap available?

    At the time of publishing, LoanSnap is available in 30 states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, Nebraska, New Hampshire, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Washington and Wisconsin.

    • Recent
    • Oldest
    • Most helpful
    Select stars to rate your experience
    Very dissatisfied with the experienceDissatisfied with the experienceSatisfied with the experienceHappy with the experienceWould recommend to a friend

    A link has directed you to this review. Its location on this page may change next time you visit.

    Loading more reviews...
    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page . Specific sources for this article include:
    1. Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed Sept. 8, 2022.

    LoanSnap Company Information

    Company Name: