loanDepot was established in 2010 by Anthony Hseih to provide a seamless mortgage experience. Since its inception, loanDepot has risen amongst the ranks to become the second-largest non-bank retail originator, offering various loan types for aspiring homeowners, real estate investors, and business owners. It is also the fifth-largest mortgage lender in the nation and currently serves 27,000 customers monthly. loanDepot closes loans 50% faster than the industry average, providing quicker access to your capital. loanDepot mortgage rates are competitive and give you the opportunity to save on your monthly payments.
What is loanDepot?
Accredited by the Better Business Bureau (BBB) with an A+ rating, loanDepot is a direct lender that offers home purchase, refinance, and new construction loans.
The renowned mortgage lender is licensed to do business in all 50 states. It leverages an innovative lending platform to ensure you can finance your dream home or refinance your existing property without the added stress.
To date, the company has funded over $275 billion in consumer loans, $179 billion in mortgage loans, and $96 billion in new home purchase loans.
How Does loanDepot Work?
Here’s an overview of what you can expect with the mortgage lender’s home purchase or refinance experience:
- Step 1: Submit an online inquiry to speak with a licensed lending officer from their team. There are over 3,000 loan officers to choose from. Each must adhere to a “no steering policy” to remove the bias from shopping for the perfect loan product.
- Step 2: Create a list of homebuying goals before you begin a search for your dream home. If you’re planning to refinance, jot down your current rate and how much you could save by refinancing.
- Step 3: Select the loan product that’s ideal for your financial situation.
- Step 4: Prepare your loan application for underwriting. You’ll also gather any documentation the underwriter needs to process your loan application during this step.
- Step 5: Submit the requested personal, income, and financial documentation.
- Step 6: Get the final loan approval and schedule your loan closing. You’re free to select a time that works for you and doesn’t interfere with your busy schedule.
loanDepot Home Purchase Loans
loanDepot may be able to make it possible to buy the home of your dreams. The mortgage lender offers various loan types that simplify the path to homeownership. So whether you have a great credit score and want the best rates, or you have low credit and want a path to homeownership, loanDepot can help. Their suite of loan products and quicker delivery of funds can help you own a home or get a refinance sooner.
Benefits of Getting A Home Loan Through loanDepot
Here are a few key reasons why you should consider getting a home loan through loanDepot:
- Several flexible home loan options to choose from
- Licensed in all 50 states with over $275 billion in loan originations to date
- Stringent “no-steering policy” to deter loan officers from pushing select loan products
loanDepot Home Refinance Loans
Homeowners can select from several home refinancing strategies. Some homeowners extend the life of the loan to reduce monthly payments. This is a popular strategy among investors who want to increase monthly cash flow. You can also shorten your loan to become debt-free sooner. You can also convert your equity into cash if you need to cover emergency expenses, make a high-ticket purchase, or consolidate your debt.
Benefits of Getting A Refi Loan Through loanDepot
loanDepot Lifetime Guarantee (1) waives lender fees and reimburses appraisal fees for repeat customers.
Types Of Loans From loanDepot
A fixed-rate mortgage is a top choice for many as it gives you a predictable monthly payment over the life of your home loan. In addition, you won’t have to worry about rising interest rates affecting your mortgage payments after securing this loan.
An adjustable-rate mortgage is ideal if you’d prefer more affordable initial monthly payments. Some homeowners use this approach when they know a pay raise or better career is around the corner. Lower monthly payments give them more time to generate additional income and afford the higher payments. Real estate investors frequently use these loans for property flips. Keeping costs low gives them more resources to invest in the property and find a new buyer without worrying as much about mortgage payments. Your rate will adjust after the introductory period and every 6-12 months thereafter, depending on the ARM type.
VA loans are backed by the U.S. Department of Veterans Affairs and reserved for active-duty military, veterans and their spouses. These loans have no down payment requirement and limits on closing costs. So even if you put no money down, you won’t have to pay private mortgage insurance.
FHA loans are backed by the U.S. Department of Housing and Urban Development and make it easier for anyone to obtain a home. These loans have a minimum down payment requirement of just 3.5% and more generous credit score minimums. For example, you can put 3.5% down with a 580 credit score. Aspiring homeowners with a 500 credit score can qualify for an FHA loan with a 10% down payment. While those credit scores wouldn’t qualify you for a conventional mortgage, the FHA loan is more accessible.
Jumbo loans help homeowners buy properties that require more financing than a conforming loan. loanDepot offers fixed rates on their jumbo loans and will let you borrow up to $3 million. You can also use an adjustable rate loan which is best for borrowers who anticipate their income or property value will rise considerably in the near future.
loanDepot Rates And Fees
loanDepot does not disclose mortgage rates and fees on its website as it varies by customer. However, you can contact a loan officer to get a rate estimate and inquire about origination fees and other costs.
What are loanDepot Reviews Saying?
loanDepot mortgage reviews reflect the company’s commitment to serving customers and providing the best possible experience. Here’s what a few past clients had to say about loanDepot:
- My experience with loanDepot was wonderful. I was able to apply, get approved and close in just two weeks, and everyone was very professional during the entire process. I had specific reasons for wanting to refinance my home loan outside of wanting lower payments and loanDepot delivered. I even have two months before I have to make a payment. I’m beyond happy with the service I was provided.—Ursula R. (Trustpilot review)
- I’d highly recommend Loan Depot. The loan officers were very thorough and made everything easy to understand.—Jeremy J. (Trustpilot review)
- The process was very simple. I was able to upload all my documents to the portal, which made my life much easier, and my loan officer was very thorough and attentive. —Vanita C. (Trustpilot review)
- Working with the loanDepot team has been a pleasant experience. The representatives are very knowledgeable and always prepared to answer any questions you may have or make recommendations for your unique situation. Because of this, my opinion of loanDepot and its staff is very high. —Joel G. (Trustpilot review)
How to Get Started with loanDepot
When you’re ready to apply for a mortgage loan, submit an online inquiry or use the search tool to find a branch in your local area.