LoanSnap Holdings Inc. Sutter St, San Francisco

LoanSnap Holdings Inc. Reviews

• E

  Emma Fong
  1

  TLDR: If you decide to go with LoanSnap for a refinance, I would proceed with caution and do not get pressured into giving them the $200 credit hold to lock the rate. My overall experience with LoanSnap was negative. 1. They collect a 'refundable' $200 credit hold to lock your rate. They actually use this credit hold to deduct the $18 credit check fee (in case if you decide to withdraw your loan from them, like I did). 2. Their promise to match the price of competing refi offers is false. I shopped around after locking my rate with LoanSnap and found another company with a better closing cost. LoanSnap could not match it and just put my application on hold. 3. The loan officer I worked with was very helpful in the beginning with explaining the whole process to me. I appreciated that since I was new to this process, but after he got me on board, there was some pressure to give over my credit card information for the $200 credit hold to lock the rate. I wanted some time to think things over, but his tone completely changed to sell hard. He gave me some anecdotal evidence that if I didn't lock my rate that day, the rate could go up in a few days. Actually, it's been over 1 month and the rate hasn't changed. 4. The last thing that upset me was that after I decided not to refi my mortgage with them, they refused to refund me the $20 fee that was charged by my current mortgage company because LoanSnap had requested an optional expedited service to get information on my current loan. They did not get my permission to do this. The other refi company I worked with ended up refunding this cost to me, which was standard practice. There were a couple of positive experiences with LoanSnap that I should note. 1. Their app for uploading information is very user friendly. Their app also includes a chat feature that allows you to ask them quick questions on the status of your refi. 2. My loan officer was very knowledgeable and friendly, answering all of my questions. 3. They have this vouching program were you can help them spread the word on their company to your friends and get a credit for each person who vouches for you (but you only get the credit if you end up refi with them). 4. Their loan process is pretty quick for me. They were done with my application in 2 weeks.

  Response from the owner

  Hi Emma, Thank you for your review. We are sorry to hear your overall experience with us was negative. We take pride in our ability deliver positive experiences to our customers as well as matching competing refinance offers. It sounds like we did not deliver in this case. We would also love to learn more about your experience with us and how we can help to improve. Please contact us at [email protected]. Thank you, LoanSnap Customer Service Team

• G

  Greg DeMasi
  5

  LoanSnap was able to lower my rate and the process was very easy, though it did take almost 2 months to complete. Most of the time, if I needed to talk to Jacob, my loan agent, he would return my call within a couple of hours. Their Low Rate Guarantee is also a plus.

• c

  chris denijs
  1

  If your are looking to close fast look elsewhere. Was promised 30 days so I didnt push too hard on the interest rate. 45 plus days and I am still waiting to be approved. Have gotten the same scripted call 3-4 times so far. It goes something like this.... “ I got some bad news, you’re going to think we dropped the ball or don’t know what we are doing but it is going to be a few more weeks...blah blah blah” I can’t say much more than that because I can’t get past the first stage. I submitted all requested paper work the same day. Nothing is complicated with my application. Excellent credit score, loan ratio, debt to income everything is ideal. I would look elsewhere. Update: 3 weeks later still no progress on my loan. This company is a joke. Either they have dishonest loan agents or are completely inexperienced. Run don’t walk away from them. I already have.

• J

  James McEntire
  1

  Wow this lender is bad. They offered me a great rate, which is the primary reason for choosing them. It took two amd a half months to close a very basic refinance and there was no communication from them to me. They use a chat feature on their web page and a tracking tool to monitor the progress. BUT, they don't update the tool and the only thing they posted in the chat was generic template messages. They don't answer the phone. I called dozens of times trying to get an update after weeks of no communication and no updates. Every time I called I was routed to a general voice mail box. There was no way to contact my loan agent directly. They don't respond to questions. Let me say that again, they will not respond to any questions, queries, request for update. They do monitor the chat because at one point I posted that if somebody didn't contact me by the end of the day, we were cancelling the transaction...shortly after I got a call from somebody that told me they are way behind because of volume. I told that person all I want is in update. That was the last update I got. I should have ran at that point. They kept changing the loan estimate because it was taking them so long to process the loan that the loan payoff was expiring. Everytime they ordered a new one my bank charged me $30. After the third one I told them that's it, don't request another one. They changed the loan docs after I docusigned them, and sent revised documents with the notary without telling me and no attempt to explain the changes. I had to send the notary away and forced them to explain the changes. After I finally signed loan docs I was still getting requests from them to provide information. They either don't know what they are doing, are overwhelmed, or don't care but it's clear they are not interested in customer service. It feels like They want to leverage technology for communication but really suck at it. They better figure out how to treat people like customers and not just a loan number.

• S

  Stanley Arattukulam
  1

  These guys are the absolute worst and deserve "zero" or "negative" rating. I started my loan application with LoanSnap on 07/14/2020 giving all the documents and stating our income to the last penny and today (10/02/2020) I get a call, they can't do my loan. All the documents were submitted before 07/20/2020 and we signed off the initial edisclosures on 07/20. It is ridiculous they inform me after 81 days that my loan can't be done. LoanSnap is absolutely the worst. STAY CLEAR OF LOANSNAP.

• M

  Marian Nguyen
  1

  We started our refi process with this company on 8/5/2020 and had all of our paperwork set. We were told they had everything they needed. We’ve been in contact with them throughout to find out the status and was told they are backed up and our refi will is in queue. Which is fine. Understandable. They said our rate was locked so we left it alone. Got a call today saying they could not go through with the refi. So now of course the rates have increased and we’re stuck searching for new lenders. What a waste of time and money. They couldn’t have told us in the beginning as they got all of our documents?!?

• M

  Max Jacobs
  5

  Had a great experience with Loansnap, process was super smooth and very fast. I was surprised by the professionalism of their agents. I applied via their website and found out how much I was approved for, then submitted documentation and was in escrow not much later.

• D

  D R
  2

  Just called on the rate they advertised today 12/11/19 for 2.990% rate on a 30 year Refi. They said they dont have that available, it's more like 3.5%. False advertising, but they told the truth when I called.

  Response from the owner

  Hi David, rates are dependent on individual circumstances but with our "Low Rate Guarantee" we can match any rate you bring us and then beat it by $500 (see terms here: https://www.goloansnap.com/legal/terms-and-conditions). Please reach out any time with questions or comments. We're always here to help!