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LoanDepot Review

Find a customized quote easily

This site is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time.

Bestmoney Staff
Bestmoney Staff
Jan. 31, 20214 min read

LoanDepot summary

LoanDepot offers speed, signup through closing, on many kinds of home loans, including FHA, VA and home equity loans.

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

LoanDepot at a Glance

Loan types
Home Purchase, Home Refinance
Loan features
Fixed and adjustable rates
Repayment terms
Varies
Suitable for
Comparing loan options

Overview

LoanDepot offers homebuyers a portal to compare mortgage loan offers. You can access basic mortgage 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 is one of the few lenders in its class to offer home equity loans, and it also offers FHA and VA loans for qualifying borrowers in need of assistance. 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.

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 byBestmoney 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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