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LoanDepot Review

Compare multiple mortgage loan offers without signing up

Reviews 4,080
loanDepot
loanDepot
Great
Reviews 4,080
Bestmoney Staff
Jul. 12, 2022
2 min read
BestMoney Staff
loanDepot Summary
LoanDepot is the second largest mortgage lender in the US. With an A+ rating from the BBB and the ability to process loan applications both online and in-person in one of their 200+ locations nationwide, it's no surprise that LoanDepot has been a lender of choice for people looking to purchase or refinance their homes over the last decade.

Pros

  • Basic mortgage information is available without a signup
  • Viewing additional loan types is easy thanks to the simple layout

Cons

  • Difficult to find mortgage offers without various adjustments
  • Income statements are required for some loan information

Overview

With multiple loan and rate calculators, and a variety of loan types and terms, LoanDepot offers homebuyers a portal to compare mortgage loan offers. You can access basic mortgage loan information without signing up for an account, and it’s easy to update your information and view additional loan offers in a simple and straightforward manner. A variety of loans are available to search, including hard-to-find 10- and 20-year fixed loans. 

Loan Features

LoanDepot offers conventional loans as well as FHA, Jumbo, and VA loans for qualifying borrowers in need of assistance. For existing homeowners, LoanDepot offers typical refinance as well as cash-out refinance options. 

Unique in its class of lenders, LoanDepot offers a Lifetime Guarantee to borrowers who finance their initial loan through LoanDepot. Qualifying homeowners will be able to process any future refinances without any accompanying fees. The company is also known for its rapid closing times, which is a serious asset if you’re looking to get into your new home as quickly as possible. 

Highlights

  • Choose from fixed and adjustable rate mortgage loan offers

  • Mortgage calculators let you crunch numbers and budget

  • Schedule an appointment or chat live with a customer service rep 

Loan Terms

You can search for options, including 30-, 20-, 15- and 10-year fixed. You can also search for 10/1, 7/1, 5/1 and 3/1 ARM mortgages. Your results will vary depending on your information, but you can find 10- and 20-year terms.

There is a range of APR offers available. LoanDepot offers as low as 2.95% and as high as 4.056%. The lower APRs were mostly limited to the 5/1 ARM offers. Unfortunately, adjustable rate mortgages aren’t ideal for every home buyer. Interest rates are consistently lower than APRs, sometimes by a wide margin. There are interest rates as low as 2.25% for adjustable rate mortgages and as low as 3.25% for fixed rate mortgages. There is a downside, though. People are only offered these rates with a credit score of 700 or above. As you dip below 700, the rates rise rapidly. If your credit score is around 650, you’re more likely to find rates in the 4% range.

Repayment Terms

You can expect your monthly payments to be about average compared with other lenders. Using the  wide range of parameters into the company’s Rate Quote form, you can expect to see numbers that are consistent with a wide range of other lenders. For example, if you lock in a 30-year fixed loan for a $300,000 home and you have a credit score of 690, you can find monthly payments as low as $898 per month. The site also has a handy Mortgage Purchase Calculator that provides further perspective on what you can expect to pay. 

So, Should you Borrow with LoanDepot? 

LoanDepot offers a range of term options and the ease with which you can review and compare information. You are limited, however, in the number of available options afforded to you, and the company is insistent upon phone correspondence after you move past the rate estimator. Look forward to some additional haggling before you secure your loan.

Physical Address

26642 Towne Centre Drive, 

Foothill Ranch, CA 92610

USA

BestMoney Staff
Written by
Bestmoney Staff
Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.

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Trustpilot reviews
See what some customers are saying about loanDepot
Great • Reviews 4,080
on
Excellent
69%
Great
7%
Average
2%
Poor
2%
Bad
19%
We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
Sort by
Ron Little
18 hours ago
Danni was amazing
Danni was amazing; she understood what I needed and drove the sale so I received what I needed, when I needed it. Thank you once again!!
rm
richard garcia martinez
4 days ago
good and new score credit that i did…
good and new score credit that i did know
Pa
Patient
4 days ago
Friendly
Friendly, patient, and professional service. A pleasure to work with!
LW
LEWIS WEHNER
4 days ago
Excellent on a VA Refinance loan on my…
Excellent on a VA Refinance loan on my house . Have used Loan Depot on a number of homes I purchased . They are very good & very competent at what they do .
SD
Sharla Davis
1 week ago
Nate Ferrer was AWESOME
Nate Ferrer was AWESOME! I didn’t trust it at first and he showed and gave me confidence that this was not a fraud. He took his time made EVERYTHING easy for my hubby and I. I recommend this company and Nate Ferrer to EVERYONE! Thank you Mate. If it wasn’t for you we would not have done business with the company. Thank you
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