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.
Borrowers looking for the best deal, instant rate quotes and a fast application process
- Rate-and-term and cash-out refinancing
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.”
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.
LoanMonkey has an A rating from the Better Business Bureau.
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.
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Breakdown of LoanMonkey overall review score
- Affordability: 14.5/15
- Availability: 13/15
- Borrower experience: 10/10
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.