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Loan Depot In-Depth Review
In a nutshell: loanDepot mortgage provides fixed, adjustable, VA, and FHA loans as well as refinancing across all 50 states.
Loan Depot In-Depth Review
In a nutshell: loanDepot mortgage provides fixed, adjustable, VA, and FHA loans as well as refinancing across all 50 states.
Loan Depot In-Depth Review
In a nutshell: loanDepot mortgage provides fixed, adjustable, VA, and FHA loans as well as refinancing across all 50 states.
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Overview

As one of the largest mortgage lenders in the United States, loanDepot provides retail mortgage loans and refinancing with fixed and adjustable rates across all 50 states. Prospective borrowers can visit one of the 200+ offices across the nation or handle the entire lending process online through the company’s website.

loanDepot promotes its smooth lending process and knowledgeable customer support. They offer flexible eligibility requirements, particularly on FHA. Even those with credit of 580 or higher and downpayment of 3.5% could still qualify for a mortgage. What customers get in convenience, they lose in fees, as loanDepot mortgages tend to charge higher rates.

Types of Loans/Products

LoanDepot offers a range of mortgage products to fit your needs and budget. They offer flexible repayment options on conventional fixed and adjustable rate mortgages, potentially up to 40 years in some cases.

loanDepot mortgage is also authorized to provide VA loans for veterans as well as FHA loans with as little as 3.5% required in downpayment. In addition, loanDepot offers refinancing options for current homeowners as well as home equity lines of credit (HELOCs).

Loan Requirements

Credit required: 580+

Down payments: 3.5% for FHA loans, 10%-20% for conventional loans

Loan terms: 10, 15, 20, 30, and 40 year

Origination fees: 1%-5% origination fees

Who is eligible: 18+ years, US citizen or permanent resident

Eligibility Process

The loanDepot website allows customers to handle the entire application process online. Before applying, you can get an estimate of your mortgage rate with the online mortgage calculator.

loanDepot mortgage loans has certain requirements for all applicants. All borrowers must be 18 years or older, except in Alabama or Nebraska which sets the age requirement to 19. In addition, applicants must be a US citizen or documented US permanent resident, have a verifiable income, have a verifiable bank account, and have a valid e-mail address. If you are self-employed, you may need to submit additional verification documents and proof of income.

In order to apply, you’ll need to provide your name, email address, date of birth, address, and email address. If you decide to accept a loan, you’ll also need to provide additional information such as your Social Security number, bank account details, and employment information.

Fees & Rates

loanDepot mortgage fees and rates depend on several factors. loanDepot will consider your credit profile such as credit bureau reports, payment history, outstanding debt, and credit scores.

Their traditional fixed and adjustable rate mortgages typically require a down payment of 10% to 20%. In some cases, you could put as little as 3.5% down for their FHA program. But, keep in mind that putting less money down may require you to pay Private Mortgage Insurance (PMI) each month.

In general, loanDepot mortgage rates typically run above Bankrate’s averages. They can charge origination fees, although they promise to waive fees for returning customers looking to refinance. Those who qualify could also receive up to $4,500 back at closing if you work with an affiliated real estate agent and meet their qualifying criteria.

Repayment Terms

With loanDepot mortgages, you can choose from both fixed and adjustable rate loans. Repayment terms include 10 year, 15 year, 20 year, 30 year, and 40 year terms. Prior to applying, prospective borrowers can get an idea of what to expect in monthly payments and rates by using the online mortgage calculator.

Customer Support

If you need to reach support, you can do so by email at customercare@loandepot.com or by phone at (888) 983-3240. Support is available Monday through Friday from 08:00 am - 10:00 pm (EST) and on Saturdays from 11:00 am - 06:00 pm (EST). Their website features plenty of free resources online including a mortgage calculator, home purchase guides, and helpful articles.

In business for over 14 years, loanDepot offers online services as well as in-person lending support across the country. loanDepot also received an A+ rating on the Better Business Bureau.

So what do customers have to say about their experience with loanDepot? On Trustpilot, loanDepot earned an impressive overall rating of 4.26 out of 5 stars out of thousands of reviews. Customers love the “reliability, efficiency, and genuine customer care.” Others report a positive experience and a smooth lending process.

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Pros
  • Basic mortgage information is available without a signup
  • Viewing additional loan types is easy thanks to the simple layout
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Cons
  • Difficult to find mortgage offers without various adjustments
  • Income statements are required for some loan information
Mortgage Loans FAQs
Looking to purchase a home or refinance an existing mortgage? Online mortgage loans allow you to receive multiple offers and find a loan that suits your needs. Before starting a mortgage or refinancing an existing loan, it's important you understand the mortgage loan process. To get you started, we've answered some of the most commonly asked questions about mortgage loans below.
How do mortgage loan services work?
Many of the top mortgage loan companies function as a middleman between the borrower and lender. As an applicant, you are asked to fill out basic information on the mortgage company's website, then the service will show you what options and rates are available to you. Lenders will make an offer as to how much money they can loan and the repayment conditions.
What kind of information do I need to provide to apply for a mortgage?
As a mortgage applicant, you can fill out basic information on the mortgage company's website. This includes the type of home you plan on purchasing, the location of the home, and details about your current financial situation and anticipated down payment. Some mortgage companies will ask for your Social Security number in order to accurately provide you with personalized rates. The mortgage service will then offer you several mortgage loan options or connect you with a representative over the phone.
Can I refinance an existing mortgage loan?
There are many reasons to refinance and replace an existing mortgage. Many people refinance their mortgages in order to reduce monthly payments, switch from an adjustable-rate to a fixed-rate, or to pay off their mortgage early. Others refinance in order to access cash to pay off other high-interest loans such as car loans and credit card loans. Virtually all online mortgage services offer mortgage refinance options, allowing you to view and compare refinance rates. Be sure to carefully consider your refinance options as it may mean using your home as collateral.
What is APR?
The APR (annual percentage rate) refers to the annualized interest rate charged on your mortgage. Typical APRs range from about 3% to 5% and are very dependent on the amount, length, and eligibility of your mortgage. The APR will also fluctuate depending on the type of mortgage you choose. Lenders may offer you fixed-rate mortgages, two-step mortgages, balloon mortgages, and more.
How much time do I have to repay the loan?
Your repayment agreement depends on the terms negotiated between you and the lender. Mortgage companies such as Quicken Loans, for example, offer 15 and 30-year fixed rates, while other lenders such as J.G. Wentworth offer other options such as 20-year mortgages. Representative Example: If you bought a home for $500,000 with a 25% down payment, at an APR of 3.5% and a 15-year fixed term, you would pay around $2,700 per month.
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