LoanMonkey Mortgage Review 2021

By Jennifer Bradley Franklin

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

LoanMonkey

4.6

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Bankrate Score

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

Find my best matches
Mortgage percent icon

Loans offered

Conventional, fixed-rate, adjustable-rate (ARM), FHA, VA and jumbo; refinancing options include cash-out refinancing and no-cash out refinancing
Location Icon

Nationwide availability

Available in California and Texas
Credit good icon

Min. credit score required

LoanMonkey is a mortgage broker; minimum credit score requirements vary by lender

Pros 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.

Other mortgage lender reviews:

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

LoanMonkey consumer reviews

4.7

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

57 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
52
1
0
1
3

Customer service rating

Knowledge
4.7
Level of service
4.7
Professionalism
4.7
Responsiveness
4.7

95% of reviews would recommend this lender

0 of 0 rates honored

Review this lender

Write a review of your experience with Loan Monkey Inc.

10 of 42 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.

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Amazing Experience!

Joshua | Oceanside, CA | 8/2/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

The BEST!!! Great Team! Fast Response A

Kathleen | Temple City, CA | 8/14/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Great Experience

H P | California | 8/15/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Great Experience!

Erin K | South Lake Tahoe, Ca | 8/17/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Excellent!

Tony T. | San Diego | 8/20/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Outstanding Service

Matt D | Long Beach, CA | 8/26/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Amazing Service, Great Loan, Super Experience!

sunshineallday4m3 | CA | 9/25/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Great Customer service

Rodolfo Garcia | CA | 10/2/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Quick closing, Great Support

MS | Cupertino | 10/6/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Best experience by far for mortgage refinancing

Santosh | California | 10/21/2020