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LoanDepot Review
Compare multiple mortgage loan offers without signing up
Reviews 4,289
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.
LoanDepot offers conventional loans as well as FHA, Jumbo, and VA loans for qualifying borrowers in need of assistance. For exisiting 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.
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.
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.
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.
26642 Towne Centre Drive,
Foothill Ranch, CA 92610
USA
