LoanSnap mortgage review: A basic variety of loan options

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LoanSnap mortgage loans at a glance

  • Conventional loans: Yes
  • FHA loans: Yes
  • VA loans: Yes
  • Refinancing: Yes
  • Jumbo loans: Yes
  • Adjustable rates: Unclear
  • Fixed rates: Yes (terms unclear)

LoanSnap is an online lender that offers several types of mortgage loans. The company claims to use artificial intelligence to factor in your bills and other debt payments to help you get the best mortgage rate for your situation.


  • Multiple home loan options
  • Potential for a quick closing process
  • Low-rate guarantee


  • Limited information on website
  • No published rates
  • Not available in all states

4 things to know about a LoanSnap mortgage loan

LoanSnap offers the most-common mortgage loans — conventional loans, FHA loans and VA loans — so many people may be able to find a home loan that works for their situation.

Here are some more details to keep in mind.

1. LoanSnap’s website offers few details

LoanSnap offers some basic information about its products on its website, but it leaves prospective borrowers with more questions than answers. Important details — including interest rates, loan terms and eligibility requirements — are not available.

If you’re interested in the lender’s mortgage loans, you’ll need to go through the application process to learn how it works. While mortgage lenders don’t always provide a lot of details upfront, LoanSnap offers less information than many.

2. You may be able to close quickly

It typically takes between 30 and 60 days to close a mortgage loan. LoanSnap says its AI technology helps to close your loan more quickly — as quickly as 15 days, as long as certain deadlines and requirements are met.  

3. There are state and property limitations

LoanSnap offers loans in 30 states. If you don’t live in one of those states, you’ll need to look elsewhere.

LoanSnap also doesn’t offer loans for mobile homes or commercial properties.

4. LoanSnap offers a low-rate guarantee in some states

LoanSnap has a lowest-rate guarantee program for mortgages, refinances and home equity lines of credit (or HELOCs). If you find a lower rate from a competing lender, you’ll need to share details of this rate quote within seven calendar days of receiving the estimate from the competing lender.

The lowest-rate guarantee, which is limited to applications from California, Colorado, Florida, Illinois and Tennessee, isn’t available for refinances originated by LoanSnap within six months of the funding date.

Who is a LoanSnap mortgage loan good for?

If you’re looking for a conventional loan, FHA loan or VA loan and live in one of the states where LoanSnap operates, it may be worthwhile to go through the lender’s application process. But if you’re looking for a specialized home loan or a USDA loan, you’ll need to check out other lenders.

LoanSnap may also be worth considering if you’re shopping for a HELOC. The lender’s website doesn’t offer much information about this option until you apply for prequalification, after which you can expect to see estimated terms.

A HELOC, which lets you borrow against your home equity, can be used for various ongoing expenses like home improvement projects or education costs. This flexibility can be appealing but a HELOC can also put your home at risk of foreclosure if you’re unable to make payments.

How to apply for a LoanSnap mortgage

LoanSnap doesn’t disclose mortgage eligibility requirements, but you can generally expect a minimum credit score of 620 for a conventional loan and 580 for an FHA loan. VA loans don’t technically require a minimum score, but stipulations vary by lender.

You can get started online by selecting whether you want a refinance loan, new purchase loan, or a HELOC. You’ll then provide basic details about yourself and your financial situation, and the lender will run a soft credit check for prequalification. Note that prequalification isn’t a guarantee of approval, and you may be offered different terms after completing a full application. 

These are the documents you’ll likely need if you decide to apply.

  • Tax returns
  • Paystubs
  • Photo ID
  • Mortgage statements
  • Home insurance

If you’ve recently undergone a name change or divorce, are self-employed, or own a property with a lien on it, you may need to supply more paperwork.

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

If you want to compare rates among several lenders or your application is denied, keep in mind that you have a window of time 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.

  • Better Mortgage: The digital lender doesn’t charge commissions and will match better offers you receive from competing lenders.
  • Rocket Mortgage: This online lender offers a lot of flexibility with loan terms and an online-first experience.

About the author: Ben Luthi is a personal finance freelance writer and credit cards expert. He holds a bachelor’s degree in business management and finance from Brigham Young University. In addition to Credit Karma, you can find his wo… Read more.