Loan Pronto mortgage review: A broad range of loans with a digital application process

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Loan Pronto mortgage loan at a glance

  • Conventional loans: Yes
  • FHA loans: Yes
  • VA loans: Yes
  • Refinancing: Yes
  • Jumbo loan: Yes
  • Adjustable rates: Yes, rates not specified online
  • Fixed rates: Yes, offered in 10-, 15-, 20-, 25- and 30-year increments

Loan Pronto is a lender with a streamlined digital mortgage process. It offers a wide range of mortgage loans, including conventional, FHA, jumbo, USDA, and VA loans, as well as refinancing options and HELOCs.


  • Offers a variety of loans, including HELOCs
  • It provides a mobile app, educational resources and calculators
  • Preapproval is available online anytime


  • Not available in many states
  • Rates, points, and fees are not readily available online

5 things to know about a Loan Pronto mortgage

1. Offers a variety of loans and low down payment options

Loan Pronto offers conventional mortgages with fixed or adjustable rates as well as VA loans, USDA loans, FHA loans, jumbo loans, renovation/construction loans and refinancing with options to cash out.

Buyers with credit scores as low as 500 might be interested in the lender’s low credit financing, and self-employed borrowers can use monthly income instead of tax returns or pay stubs to qualify for bank statement loans. Loan Pronto’s debt service coverage ratio loans allow investors to qualify based on a property’s cash flow instead of personal income.

With Loan Pronto’s home equity line of credit, you can borrow up to 89.99% of your home’s value. The lender says that payment terms include interest for 10 to 15 years with another 10 to 15 years to pay off the loan.

2. Mobile app, calculators and educational resources available

You can apply for a loan online or through Loan Pronto’s mobile app, which is available on iPhones and Android devices. The app allows you to scan and upload documents from your phone, calculate payments, get updates about your loan application and message your loan officer.

The website also offers purchase, refinance and amortization calculators so you can see your estimated monthly payments, total principal, interest paid and payoff date. The refinance calculator lets you compare your current mortgage with one from Loan Pronto. And on Loan Pronto’s blog, you can find helpful information about current average mortgage rates, housing market updates and answers to common mortgage questions.

3. Fast preapproval and loan closing

Loan Pronto claims you can receive preapproval within 30 minutes of submitting your loan application. If you have any questions during the process, you can contact one of its qualified mortgage consultants.

Loan Pronto’s digital methods also allow for a short closing period. While closing a home loan can often take about 30 to 45 days, Loan Pronto says it takes an average of about two weeks to prepare a loan for closing.

4. Personalized rate and fee information not easy to access online

Though Loan Pronto’s website offers a free rate quote generator, you must provide your email and phone number to see your personalized quote. You can also get more information about rates and loan fees by speaking to a representative or registering with your email address through the online application portal.

Loan Pronto publishes updates about national average mortgage rates on its blog. But rates may change daily, and there’s no guarantee that borrowers can get these rates with Loan Pronto.

Who is a Loan Pronto mortgage good for?

If you’re a first-time homebuyer, you may consider Loan Pronto’s low down payment options and flexible credit requirements through its FHA, VA and USDA loans. The digital loan process is ideal for borrowers who dread in-person visits or back-and-forth phone calls with a mortgage lender, and its short closing period may be a good fit for people looking to buy a house quickly or take advantage of a temporary dip in interest rates.

If you decide to move forward, make sure to do your research to make sure a low down payment is the right option for you. You’ll also want to make sure you live in one of the states that Loan Pronto services.

How to apply for a Loan Pronto mortgage

Loan Pronto’s online process is relatively straightforward. You can start by filling out an online application, followed by a 15-minute consultation with a loan advisor. After choosing a loan program, you’ll get an email allowing you to e-sign your disclosures.

You’ll then need to upload the necessary documents for the underwriting process. Loan Pronto typically requires the following documents:

  • Two pay stubs
  • Last year’s W-2
  • Statements for checking and savings accounts for the last 60 days
  • Proof of gift funds or 401(k) if applicable
  • Two months of statements for the account you plan to use for the down payment
  • Proof of homeowners insurance
  • Your state-issued ID or passport

Once you get an appraisal and Loan Pronto signs off on your loan, you’re ready to close, which you can do at home and outside of regular work hours.

Not sure if Loan Pronto is right for you? Consider these alternatives.

If you want to compare rates with several lenders or your application is denied, keep in mind that you have a window where multiple hard credit inquiries by lenders only count as one for your credit scores. You typically have 14 days — though it could be longer depending on the scoring model. Here are a couple of other options.

  • Freedom Mortgage: If Loan Pronto isn’t available where you live, Freedom Mortgage offers a variety of home loans in all 50 states and Washington, D.C.
  • Mr. Cooper: Mr. Cooper offers additional perks like a closing day guarantee.

About the author: Jenny Rose Spaudo is a freelance writer and content strategist specializing in finance, technology and real estate. Her writing has appeared in Business Insider, Credit Karma, GOBankingRates and more. Visit jennyroses… Read more.