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.
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
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.
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.
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.
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.