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LoanFlight Reviews

8.4

bestfor-icon Private, conventional & government loans

alirivzi
Written by Ali Rivzi

About LoanFlight | Read More

8.5

LS Score

8

Credibility

9

Support

8

Accessibility

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Opening Hours Opening Hours drop-down-btn
Contact Information Contact Information drop-down-btn
  • info@loanflight.com
  • (888) 720-4125
  • Headquarters: 201 N. Franklin St. Ste 3440 Tampa, FL 33602
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LoanFlight Mortgages Review

LoanFlight has a wide array of loan products to help you buy or refinance, including VA loans, conventional loans, and FHA loans.

LoanFlight Mortgages Highlight

660

Min Credit Score

5.99-6.7%

APR. Fixed Rate

$250K-$3M

Mortgage Amount

15, 30 years

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

1522344

NMLS

Mortgage Refinance

Min 4.99%

APR. Fixed Rate

Max $3M

Mortgage Amount

Pros & Cons

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  • con-icon Low rate lender
  • con-icon Fast closing
  • con-icon No lender fees or commission fees
  • con-icon Accurate quotes, 100% online-based and available 24/7
  • con-icon Doesn’t offer home equity loans
  • con-icon Only licensed in some states
  • con-icon Does not publicize mortgage rates - you have to manually generate a quote

Mortgage Type

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  • Mortgage Purchase
  • Mortgage Refinance
  • Fixed
  • FHA
  • VA
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LoanFlight Mortgages Terms & Requirements

LoanFlight states that they have low rates and flexible terms for their mortgage refinance customers but they do not show them on their website. This is a common trend in most mortgage companies, but getting a quote can relay the necessary information. Below is a discussion on the terms and conditions present at LoanFlight.

Mortgage Refinance Requirements

There are several factors that LoanFlight mortgage refinance agents evaluate when determining your loan terms and conditions. They include:

Debt-to-income ratios

This refers to the maximum amount of exposure that the lender intends to accept when refinancing the loan. LoanFlight can tap into 97.5% of the value of your home, especially for creditworthy borrowers. They also compare a borrower’s monthly debt payments to income (such as auto and personal loans). The rule is that monthly mortgage payments should not surpass 1/3 of your gross monthly income. As such, borrowers with a high debt-to-income ratio may be subjected to higher down payment to qualify for the loan.

Credit Score

This is an essential parameter for any lender when providing mortgage refinancing. It provides feedback on the creditworthiness of the borrower. People with a credit score of at least 620 can qualify for better rates and conditions at LoanFlight. This is because a lower credit score creates a higher risk to the lender. It is calculated based on the past payment history, total amount borrowed, length of credit history, and the types of credit established.

Income

The lender must understand whether your employment check is sufficient enough to cover the monthly payments. It helps in determining the loan amounts, rates, and conditions for the refinance loan.

Mortgage Terms

LoanFlight does not disclose information regarding the mortgage terms. However, they state that their rates are among the lowest in the lending market. This has been influenced by several factors such as no expensive advertising, streamlined operations, leveraging technology, and fair pricing.

In addition, there are no lender fees and commission fees which are the main factor of high rates for most lenders. This has helped the company serve customers at low costs and there are numerous loan types such as home purchase, home refinance, conventional loans, FHA/VA, and Jumbo loan products.
Additionally, the loan terms are also driven by factors such as credit history. Borrowers with a good credit history will be subjected to better loan terms as opposed to those with poor records.

Repayment Terms

LoanFlight’s doesn’t disclose much about repayment terms, apart from the term being 15 or 30 years. The good news is that their quotes are accurate and they are 100% online-based and available 24/7. This will help you source information regarding their repayment terms in your prospective mortgage loan refinancing.

The first payment date is located on the documents you signed during closing. You should check on the document named “First Payment Letter.” In case of any inconveniences, you can email or call LoanFlight for further guidance regarding the repayment terms.

How to Apply

LoanFlight states that they offer mortgage purchase and refinance loans at low rates and provide great personal attention to ensure that customers get the best service. The loan application process is simple and straightforward and you can apply directly from their website. Alternatively, you can call and speak to an agent during the loan application process. They have a digital mortgage application that has been powered by Blend and the company uses streamlined processes to keep the costs low.

The digital mortgage application allows you to complete the loan application from any device, save your progress, attach financial data, scan and upload the required paperwork. Their loan application requires the uploading of documents such as pay stubs, W2, among others. The lender will then assess your income, credit, asset evaluation, and property appraisal, to determine your credibility and the loan terms and rates.

After completing the application, the company also sends you personalized loan rates so that you can check what loan amount you are eligible for. All this happens without paying any lender fees and the rates are listed without a cost.

You will then receive an email after your loan is submitted and the online loan portal helps you follow up on the loan progress. The company states that they leverage technology along with an experienced team which enhances a seamless loan application process at low costs. This also enables them to pass the savings along to you.

It has been made easier by the use of technology which also enhances security during the entire application process. LoanFlight has a team of licensed loan officers who will help you lock your rate and choose a loan that will provide benefits customized for your needs. Their streamlined processes and technology will help you stay informed and notify you at every stage of the loan application process. They also help you close your loan and access the loan funds in as little as 3 weeks.

Required Information

LoanFlght has received an ‘a’ rating from the Better Business Bureau and they have adopted standards that help maintain utmost privacy. The borrower’s personal information is retained for the purpose of service and query response and it is not disclosed to any third party. In addition, the information about your transactions such as payment histories, account balances, and other account activities remains within the company for lending purposes.

They have also imposed strict measures that govern the usage of data by employees within their company. Employees are mandated to treat customer data as confidential and strict adherence to data protection and confidentiality policies.

State Availability

Available - Alabama, Arkansas, Connecticut, Delaware, Hawaii, Idaho, Iowa, Kansas, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming

Not Available - Alaska, Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Texas

alirivzi
Written by Ali Rivzi linkedin-icon

Ali Rizvi is a published author, financial analyst, and market researcher. He's passionate about providing in-depth insights and analysis in the finance and blockchain industries. With a Bachelor's in Finance from Purdue University and a background studying abroad at the University of Cambridge, he brings a wealth of knowledge and expertise to the table.

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FAQ’s

Is LoanFlight available in all states?

No, LoanFlight's services are only available in some states.

Does LoanFlight offer private money loans for real estate investors?

Yes, LoanFlight offers private money loans for fix & flip, rehab, short term rentals, and bridge loans.

What loan products does LoanFlight offer?

LoanFlight offers a wide range of loan products, including VA, conventional, and FHA loans, as well as private money loans for real estate investors.

Are there any processing fees at LoanFlight?

LoanFlight is one of the low rates lenders in the market as they have no lender and commission fees during the loan application process.

What are the loan rates at LoanFlight?

LoanFlight does not disclose information regarding their loan rates which is common in most lending companies. Nonetheless, they assure you that they provide the most affordable rates for your loans.

What documents do I need for my mortgage loan application?

The lender requires information regarding your income, credit history, social security number, debt-to-income ratios, name, address, and any other relevant information regarding your financial and social life.

Customer Support

The customer support available at LoanFlight is responsive and helpful. Borrowers can reach out via phone or email, and Loanflight’s website has a contact us option where a loan officer will reach out to you directly. The customer support team also helps with the loan application process, providing a seamless experience. LoanFlight offers support for both traditional and non-traditional borrowers. They have a reputation for solving prospects’ problems and providing support throughout the loan process.

Privacy & Security

LoanFlight has received an ‘A’ rating from the Better Business Bureau, and they have adopted standards that help maintain the utmost privacy. The borrower’s personal information is retained for the purpose of service and query response, and it is not disclosed to any third party. In addition, the information about your transactions, such as payment histories, account balances, and other account activities, remains within the company for lending purposes.

They have also imposed strict measures that govern the usage of data by employees within their company. Employees must treat customer data as confidential and strictly adhere to data protection and confidentiality policies.

In Conclusion

In conclusion, LoanFlight is a mortgage company that offers fair rates, no lender fees, and an experienced team. They provide a wide range of loan products, including VA, conventional, and FHA loans and private money loans for real estate investors. Their use of best-in-class technology allows for quick and efficient loan processing. The major selling points of LoanFlight are their fair rates, no lender fees, and experienced team. However, their services are only available in some limited states.

Brand Disclaimer

Your personal information will only be retained for the purpose of providing you with our response to your query and will not be made available to any third party except as necessary to be disclosed to any related entity for the purpose intended or as required to be disclosed under law. By submitting data on our website, the visitor is providing explicit consent to transmission of data collected on the website. We treat data as confidential within our firm and require a strict adherence of all our employees to data protection and our confidentiality policies.
All visitors, however, should be aware that our website may contain links to other sites that are not governed by this or any other privacy statement.
We reserve the right to amend (that is, add to, delete or change) the terms of this Privacy Statement from time to time.