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Since 2010, LoanDepot has funded more than $150 billion in home, personal and home equity loans. In just a few short years, LoanDepot quickly became the nation’s fifth-largest retail mortgage originator and the second-largest nonbank consumer lender.
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In A Nutshell
- Full set of conventional, jumbo, FHA & VA loans
- Additional home equity and personal loan options
- Online interface offers an on-demand application process
- Requires you to create an account to access detailed mortgage information
Mortgage Options & Rates
LoanDepot offers almost as many loan products as traditional banks, including fixed- and adjustable-rate loans for purchases and refinances, jumbo loans, and government-backed ones like FHA and VA loans.
It’s one of the very few non-bank lenders that offer renovation loans and fixed-rate home equity loans, although home equity lines of credit (HELOCs) and reverse mortgages are missing from the overall picture.
Home Equity Loans
With LoanDepot, you can take out a home equity loan on top of your existing mortgage, for up to 90% of the equity you have in the value of your home. If you think you might take out a home equity loan in the future, it’s smart to choose LoanDepot for both your first mortgage and second loan.
Refinancing
LoanDepot offers a lifetime guarantee for its refinancing. That means after your first refinance at LoanDepot, the company will waive lender fees and reimburse appraisal fees on any future refinance with LoanDepot. In comparison, lender fees and appraisals could cost you over a thousand dollars combined, so this feature is a pretty sweet deal.
Customer Service
A direct mortgage lender, LoanDepot controls the entire mortgage process, enabling it to close up to 50% faster than the industry average. The lending company advertises a strict “no steering” policy, so its licensed loan officers won’t try to sell one loan over another, assuring you get the right loan for your needs.
Since 2014, LoanDepot has been accredited by the Better Business Bureau (BBB) and currently holds an A+ rating. The lender has received 388 complaints on the BBB in the last 3 years, and 161 complaints in the last year alone. Although this seems like a high number of negative feedback, you have to keep in mind that LoanDepot also has a very high volume of customers.
Availability & Application Process
No matter what state you live in, LoanDepot is licensed to serve your mortgage needs. It’s an easy lender to add to your mortgage shopping list, thanks to its user-friendly web experience, product diversity and wide availability.
To apply, head over to LoanDepot’s website, choose what kind of loan you’re looking for, then click on the “Get Started” button. You’ll have to create an account to move your loan application forward.
If you want an all-online experience, you can complete the application online by uploading documents and viewing your quotes. However, if you want the human touch, loan officers will happily assist you via phone or at an affiliated loan store.
My Impressions
LoanDepot offers a strong range of mortgage options to choose from and fairly good customer service. Before you sign on the dotted line, be sure to compare and contrast other home financing options you might be eligible for from LoanDepot’s competitors.
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Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.