LoanMonkey Mortgage Review 2021
Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
At a glance
4.6
Bankrate Score
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Find my best matchesLoans offered
Conventional, fixed-rate, adjustable-rate (ARM), FHA, VA and jumbo; refinancing options include cash-out refinancing and no-cash out refinancingNationwide availability
Available in California and TexasMin. credit score required
LoanMonkey is a mortgage broker; minimum credit score requirements vary by lenderPros and cons
Pros
- Makes $250 donation to charity of client’s choice (clients must request this in writing two weeks prior to closing)
- Streamlined digital application processed, managed online; takes approximately 15 minutes to complete
- Low overhead can yield lower rates
Cons
- Only available in California, Texas at this time
- Very minimal information available online; must apply to get answers about offerings
- Doesn’t offer some specialized loans, including construction, HomeReady and USDA
LoanMonkey overview
LoanMonkey, an online-only mortgage broker, claims to be the first “purpose-driven” digital mortgage company. The broker deals in wholesale loans, working with big-box lenders. Borrowers can apply online and track and manage their application by logging into the broker's site. For every loan (new mortgages and refinances), the company makes a donation to a client-selected charity upon request. Founded in 2019 by mortgage industry veterans and animal enthusiasts Sean Marsh and Christopher Russow, LoanMonkey is headquartered in San Diego, California. "LoanMonkey's goal is to empower Americans to use their home mortgages as a way to give to their favorite causes while still getting the lowest possible rates and costs on their home," Marsh, LoanMonkey’s co-founder and CEO, said in a statement.
Loan types
- Conventional
- Fixed-rate
- Adjustable-rate (ARM)
- FHA
- VA
- Jumbo
- Cash-out refinancing
- No-cash out refinancing
Lender fees
LoanMonkey doesn’t make public any across-the-board lender fees. However, when would-be clients search loans via the LoanMonkey website, they can view “Fees” under the “Loan Details & Summary” link. This summarizes lender charges including the underwriting fee and loan discount points, as well as other fees.
Every loan closed is eligible to initiate a $250 donation to the charity of the client’s choice (approved by the lender), as long as the client requests it in writing two weeks before the closing.
Minimum borrower requirements
Because LoanMonkey is a broker that works with other lenders, there is a wide range of borrower requirements. For government-underwritten loans such as VA and FHA, LoanMonkey follows national guidelines.
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LoanMonkey consumer reviews
4.8
40 reviews
Customer service rating
98% of reviews would recommend this lender
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10 of 29 reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Great experience
AP | CA | 5/3/2020
It was a wonderful experience working with Jimmy and his team specially during lockdown. He was always there to answer any doubts or questions, never got frustrated and gave us a great service. We were very happy with him and have already suggested him to many already.
Got it Done!
RMP | CA | 5/14/2020
I worked with Jimmy and Megan the entire time. They were very pleasant to work with and informative about the process. It did take some time from start to finish but mostly due to the backlog of loans with the underwriters. I am appreciative of the efforts of Jimmy and Megan to finish the process w...
Fantastic! Again!
Richard C. | San Diego | 5/20/2020
This is the second successful low rate mortgage that I've had the pleasure of receiving through Jimmy and Loan Monkey. I am a thorough researcher when it comes to mortgages and loans etc and Loan Monkey have always had the best rate. At the end of this last application process rates had gone dow...
Great Experince
Sean McGinn | 93230 | 6/2/2020
Thank you! We did not know what we wanted when in the beginning , but the flexibility and expertise, quick and friendly responses made it a great experience. Sean
Amazing Experience!
Joshua | Oceanside, CA | 8/2/2020
Matt was our go to guy for everything! My wife and I were buying our first house and with Matt’s help, he got us an unbelievably low interest rate and helped us close in under 30 days. The whole process was smooth and Matt was more than helpful answering all of our questions, clearly explaining ev...
The BEST!!! Great Team! Fast Response A
Kathleen | Temple City, CA | 8/14/2020
I am SO happy with my refinance through Loan Monkey. Everyone there was so wonderful to work with and got me the BEST rate ever. I am beyond happy. Everyone I dealt with was so professional and made the process so easy. I HIGHLY RECOMMEND Loan Monkey. A
Great Experience
H P | California | 8/15/2020
Process was easy and quick! Rates are very low. Able to do most of everything contactless which is great during these times.
Great Experience!
Erin K | South Lake Tahoe, Ca | 8/17/2020
Everything went very smoothly and I was able to do almost everything online except the final signing! Griffin helped us get an awesome rate that was lower than what we applied for plus one year off the loan.
Excellent!
Tony T. | San Diego | 8/20/2020
I was recommended by a friend to refinance with Loan Monkey. I contacted Jimmy and he was a pleasure to deal with. The process took only a few weeks and my refinance closed recently. I worked with Olivia on this as well and both Jimmy and Olivia helped close my refinance. I highly recommend and ...
Outstanding Service
Matt D | Long Beach, CA | 8/26/2020
It was a pleasure working with Griffin Greene and the LoanMonkey team on my recent refinance. I loved the LoanMonkey online interface, with the ability to upload documents quickly and easily instead of faxing, emailing, etc. Communication was always clear, and any question I had was professionall...