Our goal here at Credible is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.
If you’re looking for a mortgage to purchase or refinance a home, you’ve probably heard of loanDepot, a top 10 mortgage lender that’s in the same league as companies like Bank of America, Chase, and Wells Fargo.
Before you decide to take out a mortgage with them, you should check out loanDepot reviews and get a feel for the different types of loan products and level of service the company provides.
loanDepot mortgage review
- You need to close your loan quickly
- You’re a member of the military or a veteran
- You’re interested in an adjustable-rate mortgage
- You’re buying a new home
As a direct lender, loanDepot says it can deliver low rates (depending on your credit score) and get you to the closing table 50% faster than the industry average.
The company offers a wide range of purchase loan options, including conventional, jumbo, FHA, and VA. loanDepot is the fifth-largest VA lender in 2018, with more than 27,000 loans guaranteed by the Department of Veterans Affairs.
Depending on your needs, you might choose a fixed-rate or adjustable-rate mortgage (ARM) loans. ARM loans are available with rates that are fixed for the first three, five, seven or 10 years, and then adjust annually after that.
If you’re buying a new home, the builder might recommend loanDepot — loanDepot says about half of its home purchase mortgage business comes from referrals by home builders.
If you decide to buy a home by taking out a purchase mortgage from loanDepot, here’s what you should know:
|Mortgage programs||Conventional, jumbo, FHA, VA, FHA 203k loan, HARP loan
|Fixed-rate loan terms||10, 15, 20, and 30 years|
|Variable-rate loan terms||3/1, 5/1, 7/1, and 10/1 ARMs|
|Rates and fees||APRs are based on the loan amount and may include up to 3 points, including any origination, discount, and lender fees
|Minimum down payment||5% (3.5% for FHA loan programs)
loanDepot mortgage refinancing review
- You want a fast closing
- You’re active duty military or a veteran
- You want an adjustable-rate mortgage
- You might do a mortgage refinance again
Because it’s a direct lender, loanDepot says it can deliver low rates and close loans 50% faster than the industry average application process.
The company offers a wide range of mortgage refinancing options, including conventional, jumbo loans, FHA and VA. If you’re active duty military or a veteran, a Streamlined VA Interest Rate Reduction Refinance Loan (IRRRL) can simplify refinancing. loanDepot offers a cash-out VA refinance loan that allows qualified borrowers to refinance up to 100% of their home’s value.
Although most direct lenders don’t offer home equity loans, loanDepot is an exception. A home equity loan is a second mortgage loan that lets you borrow against the equity you’ve built up in your home. However, loanDepot does not offer a home equity line of credit (HELOC) which is typically available only from banks.
Compare multiple lenders first
If loanDepot looks like a good option for buying or refinancing a home, make sure to compare rates from several other lenders.
Taking the time to compare your personalized home loan options with different mortgage companies allows you to choose a loan with confidence — and can save you thousands of dollars in interest.
To help you with the loan process, Credible lets you compare personalized mortgage rates from loanDepot and other lenders who are on our platform.
Keep in mind that not all loan products are available through Credible.