In a Nutshell
- Basic mortgage information is available without a signup
- Viewing additional loan types is easy thanks to the simple layout
- 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|
|Suitable for||Comparing loan options|
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.
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.
- 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
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.
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.
26642 Towne Centre Drive,
Foothill Ranch, CA 92610