About Loanpal

By J.R. Duren
HighYa Staff
Updated on: Apr 24, 2018

Loanpal is a lending website that provides four loans for homeowners: home purchase, home refinance, solar and home improvement home equity lines-of-credit.

The company behind Loanpal is Paramount Equity Mortgage; they’re the ones who fund the loan you apply for on Loanpal. Paramount is based in Roseville, CA, and, according to the site, they’ve funded more than $25 billion in the past 15 years.

Loanpal’s founders are Hayes Barnard (current chairman), Matt Dawson (COO) and Jason Walker (CRO). Barnard’s resume is impressive; it includes positions at Oracle and SolarCity. He also started two companies, Paramount Solar and Paramount Equity Insurance, that he eventually sold.

Based on our research of the minds behind Loanpal, we believe there’s enough expertise there to lend credibility to the company.

However, choosing the right lender to fund your mortgage, refinance, solar or home improvement purchase is more than just finding the company with the best founders. It’s about understanding what the various loans offer, knowing what the company’s guarantees and fine print say and finding out what other consumers are saying about their experiences.

In our review, we’ll cover each of those areas through in-depth research.

A Quick Word About Mortgages

A mortgage is a loan that a lender gives you to buy a home. You “own” the home but the lender has the title, which is a legal document that says the house is technically theirs until you pay off your mortgage.

So, if for some reason you stop making payments, the lender can foreclose on your home – they can take it – because they’ve got the title.

Mortgage applications are very in-depth and will most likely be the most intrusive financial decision you’ll ever make. Thankfully, sites like Loanpal make the initial steps of your application simple via their online process.

According to their site, it takes all of three minutes to get the information they need to give you a rough estimate of how much you can borrow and at which rates.

The Types of Loans that Loanpal Offers

When you head to Loanpal, you’ll need to realize that they’ve got several options for mortgages and refinancing. As a borrower, it’s important for you to know the differences.

Loanpal Mortgages

There are many different types of mortgages available because there are many different types of homes and borrowers. Here’s a quick list of what you can expect form Loanpal:

  • Conventional: General mortgage with fixed or variable rates designed for the average person
  • VA loan: Mortgage for veterans with a low or no down payment
  • FHA loan: Loans with 3.5% down and strict requirements for condition of home
  • Jumbo loan: For homes that cost more than $453,100

These are the various types of loans that you could be eligible for but you won’t know which one you’ll get until you get a loan estimate from Loanpal, who will determine the best loan for your particular situation.

Keep in mind that you’ll also be eligible for various types of interest rates. The two main categories are fixed-rate and variable-rate.

Fixed-rate loans have one interest rate you’ll pay over the life of the loan. Based on your own particular financial situation and Loanpal’s application process, you could get a loan ranging from 10 to 30 years.

Variable rate loans, on the other hand, start out with a fixed rate but after a certain number of years switch to a rate that rises and falls with the “prime” rate. Your Loanpal interest rate, according to the fine print, will be whatever the prime rate is plus 2.75%.

Loanpal Refinancing

Refinancing is a tool that many consumers use to lower their monthly payments by renegotiating the remaining balance on their mortgage to take place over a certain amount of time at an interest rate that’s usually lower than what they’re currently paying.

This option is something that’s popular when mortgage rates go down and are lower than the rates borrowers received when they first obtained their mortgage.

Loanpal Solar Loans

Loanpal works with solar companies to provide funding for homeowners who want to install solar panels on their homes.

To get connected with a solar installer, you fill out a quick information form through the Loanpal website. Solar companies they partner with will contact you then work with you to come up a quote for what you need.

Once you’ve decided which company you’ll use and accept the quote, Loanpal funds the loan.

According to their website, loans go up to $100,000 and, in some cases, don’t require a down payment.

Loanpal Home Improvement Loans

These loans are what’s known as home equity line-of-credit loans, or “HELOC’s”. These loans are typically given to people whose remaining mortgage balance is 80% or less of their home’s value.

Basically, if you’re eligible for a Loanpal HELOC, you’ll be approved for line-of-credit, which works like a credit card.

You can use some or all of the loan’s limit during what’s known as the draw period. Once you withdraw money, you’ll be responsible for monthly payments on the amount you borrowed. In most cases, these payments will be lower during your draw period because, in many cases, you’re only paying interest.

Once the draw period ends, you’ll enter repayment and your monthly payments will include principal and interest, which is usually much higher than interest-only payments.

For consumers who meet Loanpal’s requirements for a HELOC, the money can be put toward home improvements that will, in theory, further increase the value of your home.

Loanpal’s Guarantees

The lender offers a trio of guarantees they call the “Peace of Mind Promise”, which pertain only to Loanpal’s mortgages:

  • Better rate: $1,000 if another site offers better rates
  • Secure closing: $1,000 if terms and rate is different than what’s quoted at closing
  • Lifetime rewards: Repeat customers get rate discounts and no out-of-pocket expenses for refis

We read through the fine print and found that there are some exceptions to these guarantees.

First, you only get the better-rate guarantee if you can show a loan estimate from the competing company for the same loan product given on the same day.

This one can be tricky because different loan officers may use different types of mortgages to get you approved. And, if the type of mortgage they get you is different than what Loanplus offers, it won’t count.

Also, they note that you won’t get the secure closing guarantee if any of the following happens after your rate and terms are set:

  • They find debt you didn’t report
  • Your income changes during closing
  • Appraisal comes in low
  • You change the terms of your loan

Loanpal’s Consumer Reviews

The majority of LoanPal’s consumer reviews can be found on Zillow, LendingTree and the company’s Better Business Bureau page.

These three sites are important because they give you the perspective of people who’ve dealt with the company in three different ways: through a loan aggregate site (LendingTree), a home buy/sell site and a business ratings site.

Across all three of these platforms, the business fares well with its customers. The average ratings are excellent. Many customers were grateful for the way that Loanpal worked on their behalf to get a loan and there were several recent comments that complimented the friendliness and professionalism of their loan officer.

Negative reviews focused on repeated requests for the same paperwork, and rates and terms that changed over the course of the loan application.

The positive and negative reviews we read were similar to what you’d find for most lenders.

Our Final Thoughts About Loanpal

Based on our research, we believe than Loanpal offers homeowners and future homeowners a seamless way to apply for a mortgage. They don’t contain much information on their website, which can be a relief for those who are easily overwhelmed by complex language about mortgages.

However, in our opinion, that simplicity is also the site’s greatest weakness. Because a mortgage or a refinance is such a huge investment, it’s really important to understand what type of loan you’re getting, which loans may be the best fit for you and which ones won’t work.

So, our advice is that, when you get a loan estimate from Loanpal, take an hour or two to read over it and to research the type of loan you’re getting. At the same time, you’ll want to get loan estimates from one or two other lenders so that you can compare what you’re being offered.

Note any differences as to the type of loan the lender is giving you as well as the difference in the various fees that you’ll be charged.

In our opinion, Loanpal is a great site for someone who either is really familiar with mortgages and refinancing and doesn’t need a lot of information, or for the person who is willing to put in the time to thoroughly understand the type of loan Loanpal is offering them.

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Read 44 Loanpal Customer Reviews and Complaints

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Average Consumer Rating: 4.1
Rating Snapshot:
5 star: 32 4 star: 1 3 star: 1 2 star: 2 1 star:  8
Bottom Line: 77% would recommend it to a friend
Showing 1-11 of 44
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  • Kenny Nguyen is OUTSTANDING and TOP NOTCH

    Our experience in working with Kenny was awesome. From the first call we received from him, he was thorough in explaining how we could benefit in getting great rates. From there he set out in doing just that. He kept us informed on every step of the process both by email and by telephone. We will definitely recommend Kenny to others.

    Thank you, Kenny, for taking excellent care of us and for your extraordinary customer service.

    Bottom Line: Yes, I would recommend this to a friend

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  • Excellent customer service

    • Mesa, AZ,
    • Aug 20, 2019
    • Verified Reviewer

    The advice and attention to detail from Jason Doby was first class! Would definitely refer Loanpal for refinancing. Jason walked me through every step of the way and followed up with every question I had. No big sales pressure.

    Bottom Line: Yes, I would recommend this to a friend

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  • Jason Doby is amazing!

    • San Diego, CA,
    • Aug 20, 2019
    • Verified Reviewer

    Jason did a fantastic job on our refinance. I would absolutely recommend him to friends and family! The process was less than 30 days from start to finish. We were thrilled at the service he provided!

    Bottom Line: Yes, I would recommend this to a friend

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  • Thanks Kenny for making it easy!

    • Ohio,
    • Aug 20, 2019
    • Verified Reviewer

    I want to thank Kenny Nguyen and Loanpal for showing me an option I had never considered to pay off my solar installation. Kenny walked me through every step of the process and answered every question I had, as well as some I didn't know I had. Everything except the final document signing was done online, which was incredibly convenient. This was the easiest mortgage refinance ever!

    Bottom Line: Yes, I would recommend this to a friend

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  • Good friendly service, Jason Dolby is the best

    • Mount Gilead, OH,
    • Aug 20, 2019
    • Verified Reviewer

    Jason Dolby helped us through the whole process. Answered all our questions and guided us towards the right solutions for our family. And we have not had any issues since we completed the refinance/debts consolidating.

    Bottom Line: Yes, I would recommend this to a friend

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  • Great service

    • California,
    • Aug 20, 2019
    • Verified Reviewer

    Jason Dolby was going thru with step by step what I needed to do in the whole process. Jason Dolby and his team made this whole process smooth and easy. I would recommend anybody to Loanpal and Jason Dolby. He also took the time to get to know me, Jason Dolby has great people skills.

    Bottom Line: Yes, I would recommend this to a friend

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  • Jason Doby

    • Colorado,
    • Aug 20, 2019
    • Verified Reviewer

    First, Jason Doby did a phenomenal job with my refinance loan. He was awesome at communicating. He was always professional and respectful. He touched base with me to help me load documents, to see if I had any questions. He is very friendly, communicative, honest, and respectable. I couldn't have asked for a better experience! Thank you Jason and Loanpal.

    Bottom Line: Yes, I would recommend this to a friend

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  • Happy customer

    • California,
    • Aug 20, 2019
    • Verified Reviewer

    Working with Loanpal was a wonderful experience. My loan officer "Jason Doby" made it very easy for me. He explained everything to me, and made it simple for me to understand. Thank you Jason.

    Also thanks to Tawny Greenbaum.

    Bottom Line: Yes, I would recommend this to a friend

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  • Golden

    • Colorado,
    • Aug 20, 2019
    • Verified Reviewer

    Refinancing with Jason Doby (via Loanpal) was effortless. His patience and insight were absolutely the selling point to move forward with my ReFi. We discussed all sorts of options and what was best to suit my needs. He made himself available to answer my questions whenever I had them - and there were plenty. The whole process went off without a hitch, and I am happy to thank Jason and Loanpal for that.

    Bottom Line: Yes, I would recommend this to a friend

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  • Jason Doby did great!

    • Arizona,
    • Aug 20, 2019
    • Verified Reviewer

    Jason did a wonderful job from start to finish. He and his team went above and beyond on getting my home re-finances. I’d say this was a pretty tricky transaction and Jason and Richelle and the rest of the associates were very patient and thorough. Great job Jason and Loanpal!

    Bottom Line: Yes, I would recommend this to a friend

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  • Great mortgage and fantastic re-fi

    • Harrisonville, MO,
    • Aug 19, 2019
    • Verified Reviewer

    I did a mortgage with Robert G. He is the greatest! My mortgage was very difficult for me, as I was having to move from an 1890's restored farmhouse I loved in a location I loved to a new location and a considerably smaller less expensive house with specific limitations due to my fairly new diagnosis of multiple sclerosis. It was a difficult move from several aspects. I had to approach things as if I was buying my "forever home", I had a very set budget and had to have the house paid off by age 65. I was living on only on Social Security and disability, where I used to have a 6-figure salary. I wasn't even certain I could get financed. Robert listened to my story, took all variables into account, understood I needed financed quickly as I'd already sold the farm and was living with friends until I purchased a home. He made things so easy. It was by far the fastest processing of any loan I've ever had. Robert made himself very available for questions right to the very end. I have nothing but the highest words of praise to say about my experience working with Robert G.

    Six months later, I contacted Robert to ask about re-doing my sister's mortgage. Unexpectedly, he asked if I wanted him to look at mine to see what he could do in terms of a re-fi. I was really surprised as it had only been 6 months since we'd done the initial mortgage. However, I had been paying quite a bit more per month than the actual amount due, as due to my disability and multiple sclerosis, I want the house paid off by age 65. I was on a 15 yr mortgage and was going to fall 4 years short of my goal, so I had to come up with some way to recoup that amount of time and money. Again, Robert took a personal interest in my health, my situation and my goals. He also knew that due to the unexpected death of my husband and my very unexpected change in my health, I had lost out on some of the years I had planned on channeling money into savings. Through the re-fi experience, we were able to restructure things to help meet my goals, in addition to getting a sizeable sum of money back that I could then invest to further my retirement plans. Again, the re-fi process went quickly and smoothly, due to Robert G. and his support team in underwriting and processing. I don't plan to re-fi again any time soon, but have given Robert G.'s name out to several friends as I just don't see how they could go wrong with him. Robert and I have stayed in contact over the last 6 months and I expect we will continue to touch base from time to time.

    Bottom Line: Yes, I would recommend this to a friend

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