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LoanDepot Mortgage Review

With more than 200 locations across the country, LoanDepot is a mortgage lender that offers both online and in-person support. The lender provides refinance and remodeling loans, Federal Housing Administration and Department of Veterans Affairs loans, fixed- and adjustable-rate conventional mortgages, and more. The business was established in 2010 and has its headquarters in Foothill Ranch, California.

With more than 200 locations across the country, LoanDepot is a mortgage lender that offers both online and in-person support. The lender provides refinance and remodeling loans, Federal Housing Administration and Department of Veterans Affairs loans, fixed- and adjustable-rate conventional mortgages, and more. The business was established in 2010 and has its headquarters in Foothill Ranch, California.

Types of Mortgage Loans That LoanDepot Offers

Among the many home loan choices offered by LoanDepot are:

  • Conventional loans.
  • Jumbo loans.
  • FHA loans.
  • VA loans.
  • 3/1,Β 5/1, 7/1, and 10/1 adjustable-rate mortgages.
  • Rate-and-term refinancing.
  • Cash-out refinancing.
  • Renovation loans.

How LoanDepot Works

For borrowers who like that alternative, the lender’s unique software facilitates a digital mortgage application. This approach enables you to electronically confirm your income, employment, and assets even if you don’t desire a fully digital experience.

A lending officer is available by phone or at any of the more than 200 locations across the country. To determine how much you can borrow or refinance, use the lender’s mortgage calculators in advance.

Your loan officer will submit your loan to underwriting for approval when you select a mortgage. Expect to schedule an appraisal, and the loan officer might want more paperwork. The closure will be set once your loan has been authorized.

The time between signing the sales contract and the closing date is known as the “escrow period,” and it might range from 30 to 60 days for new property acquisitions. LoanDepot, however, has successfully finalized loans in as short as eight days. The average time to close a refinance deal is 45 to 60 days.

What is a LoanDepot loan good for?

First-time homeowners may find LoanDepot to be a good choice because it provides both FHA and VA loans. For borrowers who apply through licensed lenders, both of these government-backed loan programs feature lower minimum down payments and more relaxed borrower restrictions.

Because they allow borrowers with credit scores of at least 580 to put as little as 3.5% down, FHA loans with any lender that provides them can be alluring. With a down payment of at least 10%, those with credit ratings as low as 500 might be approved.

Additionally, VA loans offer even more enticing loan terms for service veterans and their families as they don’t require any down payment. Also, unlike FHA loans, borrowers who put less than 20% down are not required to pay mortgage insurance premiums or private mortgage insurance.

For homeowners who seek a flawless digital experience or who want to try to shave time off their closing date, LoanDepot’s online financing platform can be a good option.

And because of its fee waiver, it’s definitely worth a look if you’ve had a mortgage loan with LoanDepot for longer than 12 months and are thinking about refinancing.

How to apply for a LoanDepot mortgage

Visit the LoanDepot website to begin the application process, or contact a loan officer directly. Depending on the sort of loan you apply for, there are different eligibility conditions. But, these are a handful of the document kinds you might be asked to submit.

  • Tax returns
  • W-2 forms
  • Paycheck stubs
  • Proof of previous mortgage or rent payments
  • List of debts
  • List of assets

You can also be asked to authenticate any gifts you received or to show documentation for other sources of income, such as rental property income or alimony. Your data can be linked digitally, and the full loan application and closing processes can be completed online.

Lender’s Terms, Fees, and Conditions

For details about rates and fees, borrowers must speak with a loanDepot loan officer. The terms and conditions will also vary depending on the loan type you select. A tailored estimate can be given by a loan officer.

After your initial refinance, loanDepot will waive lender costs and pay back appraisal fees for any subsequent refinances.
For a traditional loan, you typically need to have a credit score of at least 620. This rating is within FICO’s range for fair credit.

A FICO score of at least 580 and a 3.5% down payment or a FICO score between 500 and 579 will qualify you for an FHA loan. In general, borrowers must prove they have enough income to repay the loan and meet a debt-to-income ratio of 43%.

Where Does the Lender Operate?

Mortgages can be created via LoanDepot everywhere in the country.

The Better Business Bureau has awarded LoanDepot an A+ rating and accreditation. The average rating on Trustpilot is 3.7 out of 5 stars for loanDepot. In 2021, 400 complaints regarding LD Holdings Group, the parent business of loanDepot, were filed with the Consumer Financial Protection Bureau. Most grievances were issues with making payments, applying for or refinancing a mortgage, and closing on a mortgage. All but 20 complaints received a prompt response, and 355 were closed with an explanation, 17 received financial relief, and 9 received non-financial relief. For 18 complaints, the company is still responding.

You can phone a loan officer, write an email, or go to one of loanDepot’s more than 200 branches if you need assistance with a loan.

For brand-new loans, call a loan officer at 888-983-3240, available Monday through Friday from 8 a.m. to 10 p.m. ET and on Saturday from 11 a.m. to 6 p.m. ET. Also, you can use the loanDepot website’s form or send an email to [email protected].

If you submit your payment to Newark, New Jersey, you can email [email protected] or go to loandepot.loanadministration.com for information on servicing and paying off house loans. Call 877-420-4526 to speak with a representative from 8:30 a.m. to 11 p.m. ET, Monday through Friday, or from 8:30 a.m. to 5 p.m. ET, on Saturday.

If you need help after sending your payment to Chicago, contact [email protected] by phone at 866-258-6572. Visit loandepot.com/about/loan-servicing or write a message using the form on the loanDepot website.

 

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