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 Visit Website |
Specialty: Mortgage Matchmaking Service |
LoanApp is literally an online mortgage matchmaking service. Although, they do not make loans, the site will connect you with lenders and brokers who quote rates and closing costs. Lenders review loan shopper’s applications and then call with quotes within 24-48 hours. The borrower has more negotiating power with LoanApp because all offers are no obligation. Furthermore, the loan shopper can compare fees and rates and bargain for a better loan program. |
| Reputation |
LoanApp has an outstanding reputation. Established in 1995, Silicon Valley touted LoanApp as one of the fastest growing companies. Based in San Jose, California, LoanApp has satellite offices in Santa Ana, California and Colorado Springs, Colorado.
| Loan Process |
Loan App is a totally free service. The site is commissioned by the lenders who participate in the LoanApp network. If a borrower decides to work with a lender, they are charged by the lender for the loan fees. Usually, the lenders respond within two days or less. LoanApp will provide the names of the lenders that your loan has been submitted. Additionally, a borrower can access the information by clicking on the Loan App site.
| Other products |
LoanApp’s mortgage and financing products are for both the A+ credit person and the less than perfect loan shopper. They have a smorgasbord of loan products:
- Home Buying
- Mortgage
- Refinance
- Home Credit
| Customer Service |
Although there is little need for interaction with the customer service department, they are diligent about sending notifications via email. They will send the names of the lenders to whom your loan data has been sent.
| Service Limitations |
Depending on where you live, LoanApp may not have an abundance of lenders bidding in your zip code. In certain cases, it may take a little longer for the backlogged lenders of your area to process new loans.
| Loan Edge |
Over 1000 lenders are affiliated with LoanApp. From the smallest to largest lending institutions, the site’s affiliations are diverse. (American Home Loans, Chase Home Funding, Centex, Citibank, Provident Bank, 1st Metropolitan, American Residential, 1st Nationwide Mortgage Funding, and Quickenloans.) The LoanApp site is very easy to use. Unlike the other online loan centers, Loan app is not sensory overload. The site has a nifty pre-qualification form of eight simple questions.
- Application choice – long or short form
- Convenient
- High security – uses SSL technology
- Four lenders competing for your business
