LoanMonkey Mortgage Review 2021

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At a glance

Visit LoanMonkey website

NMLS: 1817479

4.6

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing
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Nationwide availability

Available in Alaska, California, Colorado, Georgia, Iowa, Minnesota, Montana, Texas and Wyoming
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Min. credit score required

Minimum credit score requirements not available

Pros and cons

Pros

  • Makes $250 donation to charity of borrower's choice (borrowers must request this in writing two weeks prior to closing)
  • Streamlined application managed online; takes approximately 15 minutes to complete
  • Low overhead can yield lower rates
  • Closings average 30 days

Cons

  • Only available in some states
  • Doesn’t offer some specialized mortgages, including construction and USDA loans
  • Doesn’t work with self-employed borrowers at this time

LoanMonkey overview

LoanMonkey, a mortgage broker and lender, offers “The Online Everything Mortgage” that allows borrowers to manage their loan applications completely online. Notably, for every loan (mortgages and refinances), LoanMonkey makes a donation to a borrower-selected charity upon request. The broker and lender was founded in 2019 by mortgage industry veterans and animal enthusiasts Sean Marsh and Christopher Russow, and 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.

Good for

Borrowers looking for the best deal, instant rate quotes and a fast application process

Loan types

  • Conventional
  • Jumbo
  • FHA
  • VA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term and cash-out refinancing

Lender fees 

LoanMonkey typically charges a processing fee and underwriting fee, the cost of which depend on loan type (and lender, if you’re working with LoanMonkey as your broker). When you search for rate quotes on LoanMonkey’s website, you can view a list of fees under the “Loan Details & Summary.”

Rates

LoanMonkey advertises 30-year and 15-year fixed rates on its website and updates them daily. To get a rate quote, you’ll need to fill out a brief form online with variables such as your zip code, purchase price and down payment. Your quote comes with a breakdown of your mortgage payment, closing costs and fees and an amortization schedule. In addition, you have the option of entering your contact information to receive rate watch updates for a specified amount of time or until rates reach your desired level.

Reputation

LoanMonkey has an A rating from the Better Business Bureau.

Online services

LoanMonkey allows borrowers to apply for a mortgage online after creating an account, in a process that takes about 15 minutes, according to the lender, and there is no need for in-person document signings since it can do e-closings. Once you set up an account, you can communicate with a loan officer through email, text or the lender’s 24/7 online portal. 

Minimum borrower requirements 

Because LoanMonkey is primarily a broker that works with other lenders, there is a wide range of borrower requirements. For government loans such as FHA and VA, LoanMonkey follows national guidelines:

Note that LoanMonkey doesn’t have flexible underwriting and doesn’t consider alternative data, such as rent history, as a substitute for a thinner credit profile.

Refinancing with LoanMonkey

LoanMonkey offers rate-and-term and cash-out refinancing. Like the purchase loan application process, you can apply for a refinance by filling out a questionnaire online.

Not sure if LoanMonkey is right for you? Consider these alternatives

Breakdown of LoanMonkey overall review score

  • Affordability: 14.5/15
  • Availability: 13/15
  • Borrower experience: 10/10

Review methodology

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

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LoanMonkey consumer reviews

4.7

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64 reviews

5 stars
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58
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Customer service rating

Knowledge
4.7
Level of service
4.7
Professionalism
4.7
Responsiveness
4.7

94% of reviews would recommend this lender

10 of 10 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.

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Amazing Service, Great Loan, Super Experience!

sunshineallday4m3 | CA | 9/25/2020

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Great Customer service

Rodolfo Garcia | CA | 10/2/2020

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Quick closing, Great Support

MS | Cupertino | 10/6/2020

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Best experience by far for mortgage refinancing

Santosh | California | 10/21/2020

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Quickest and the Smartest Bunch

Ramki | CA | 10/27/2020

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Like a personal concierge!

Mike W. | CA | 10/28/2020

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Hadn't heard of them before, but went GREAT

Mark Businger | Benicia | 10/28/2020

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Thee folks could start a customer service school!

John Lane | Brawley, CA | 11/12/2020

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Megan is Great

Larry M | CA | 11/23/2020

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Some of the best rates, smooth process end to end

Jonathan Le | Long Beach, CA | 11/24/2020

Written by
Dhara Singh
Mortgage reporter
Dhara Singh is a mortgage reporter for Bankrate. She is a former data analyst turned financial journalist who previously worked at Yahoo Finance, CNET, Cashay.com and JPMorgan Chase covering the housing and retirement beats.
Edited by
Mortgage editor