In a Nutshell: Whether someone is purchasing a home, refinancing, or seeking a home equity loan, traditional lending processes remain unnecessarily tedious and stressful. And consumers don’t often walk away with the best possible loan terms for their financial situation. LoanSnap addresses all of these issues with its innovative approach to mortgages and refinancing. The company uses AI-based technology to gain a comprehensive understanding of the financial situation of potential borrowers. Its smart loans not only often provide borrowers with the best loan but also help customers save money overall.
The traditional home loan process can be a frustrating experience even if things go smoothly. In the best-case scenario, borrowers must read through and complete what feels like a mountain of paperwork, discuss legal jargon with realtors and lenders, and sort through a variety of loan options.
In less-than-ideal scenarios, potential borrowers invest a lot of time and energy to do all of the above but end up being turned down for a loan or discovering some unknown financial faux pas on their credit history.
For current homeowners, refinancing may present a slightly less time-consuming process, but the existing system still leaves a lot to be desired.
Whether people are purchasing or refinancing a home, they often take the rates presented to them — along with all the accompanying fees and other charges.
Thankfully, companies like LoanSnap are using technology to not only make the home loan process much faster and easier, but it is also helping consumers save money in the long run.
LoanSnap is the product of Co-Founders Karl Jacob and Allan Carroll observing the traditional loan processes and infrastructure and realizing there must be a better way.
“We realized people were losing billions of dollars to mortgage lenders that were only focusing on interest rates,” according to LoanSnap. “The smart loan was created to help people stop losing money and own their financial future.”
We recently chatted with Keith O’Reilly, LoanSnap’s User Acquisition Marketing Manager, to learn more about how the company is bringing notable improvements to the mortgage industry, its suite of products, and its focus on providing a quality customer experience.
How Technology Makes the Loan Application Process Fast and Easy
O’Reilly discussed how LoanSnap takes advantage of the latest technology to help streamline the borrowing process.
“We’ll use technology to speed things up,” he said. “So, as the customer is applying for a mortgage loan instead of us asking them directly for information — their credit score, for example — we’re able to pull all the various information that we need for our verification through different APIs.”
As potential customers are submitting their applications, LoanSnap’s technology is able to create loan offers for them based on their unique financial journey in almost real time, O’Reilly said.
“We can do it all pretty seamlessly through our artificial intelligence, and that’s what’s going to essentially create a list of offers that are based on the person’s financial situation,” he explained.
For LoanSnap, it’s about looking at a potential borrower’s end-to-end financial situation.
“We look at so many different factors,” O’Reilly said. “Obviously, credit score is one of them. Earned income is another. It is easier if somebody has a consistent income, but we can certainly work with people who are freelancers, for example, or people who may not have traditional income sources.”
All of this is handled behind the scenes thanks to LoanSnap’s innovative technology, he said.
“Most people don’t realize they are losing money to high interest rates on their credit cards and loans. LoanSnap goes beyond just offering the current refinance rates,” according to the company.
Thanks to LoanSnap’s novel approach and how it leverages technology in an industry that can often be stuck in the past, the company saved its customers $35 million last year, according to the company website.
Mortgages, Refinancing, and Home Equity Loans to Suit the Customer’s Needs and Financial Situation
“Buy your dream home with a smart loan. LoanSnap gives you a clear view of your finances so you can get the best mortgage,” according to the company.
LoanSnap stands apart from other lenders because it goes beyond rates to show borrowers where they are losing money each month, according to the company.
“Get better options — we show you where you could be with a home loan that looks at much more,” according to LoanSnap. “Stay on track — our experts will guide you every step of the way so you are not in this alone.”
“We don’t just try to sell them what will be the lowest interest rate or the most profitable loan for us,” O’Reilly said. “We really try, with our technology, to get a loan that really works best for each individual customer — what’s best for their financial situation.”
O’Reilly said that, when LoanSnap says it looks at the customer’s full financial situation, that includes credit card debts, home loans, car loans, or any other kinds of debts.
“All of those are taken into consideration,” he said. “And very often when we do propose a loan to them, it may include a level of debt consolidation, for example, clearing up higher interest credit card loans in the process. That’s all taken into consideration during the application process.”
The company also offers home equity loans that can put money back into the customer’s pocket while making improvements to their home or taking care of other important financial obligations.
Creating a Positive Experience for the Consumer
Of course, providing a better and more efficient borrowing experience for consumers was the impetus behind LoanSnap from the beginning, but the company continues to take this mission seriously and strives to provide continuous, high quality customer service.
“We try to be deliberate about getting what’s best for the customer,” O’Reilly said. “A lot of other lenders may not necessarily say to the customer that they can save quite a lot of money per month if they were to eliminate high interest debts. In fact, most customers don’t even realize what the picture looks like.”
With LoanSnap’s AI-based technology, applicants will receive a much smoother and simpler process than with traditional home loan or refinancing applications.
O’Reilly said applicants can visit the LoanSnap website and select which type of loan they are interested in, and the program will guide them through a basic set of informational questions. And by the time the applicant finishes the questionnaire, LoanSnap is often ready to present them with their loan options.
“The entire experience was GREAT!” writes user Margarita G. “I liked the portal to keep in constant communication with my loan officer. The processes flowed exactly as my loan officer indicated. I would definitely recommend LoanSnap to my friends and family.”
O’Reilly said it’s important to LoanSnap to pay attention to customer ratings and reviews to ensure the company is living up to its mission.
“TrustPilot, Yelp, the Better Business Bureau, Google Reviews — they are some of the primary ways we get reviews,” he said.
Most customers provide resoundingly positive reviews. But if a borrower should have an issue or a negative experience, the company will contact them directly to understand more about their experience and how the company can help resolve the issue, O’Reilly said.