LoanDepot Review

Top10.com Staff

In a Nutshell

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 typesHome Purchase, Home Refinance

 Loan features: Fixed and adjustable rate

 Repayment Terms: Varies, depending on specific loan

 Best 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 a wide range of 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 with only moderate effort.

There is a wide spectrum of APR offers available. LoanDepot offers as low as 2.95% and as high as 4.056%. Though the lower APRs were impressive, they were mostly limited to the 5/1 ARM offers. Unfortunately, adjustable rate mortgages aren’t ideal for every home buyer. Interest rates are consistently lower than APRs, sometimes by a wide margin. There are interest rates as low as 2.25% for adjustable rate mortgages and as low as 3.25% for fixed rate mortgages. There is a downside, though. People are only offered these rates with a credit score of 700 or above. As you dip below 700, the rates rise rapidly. If your credit score is around 650, you’re more likely to find rates in the 4% range.

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 LoanDeopt? 

The most impressive aspects of LoanDepot are the wide range of term options and the ease with which you can review and compare information. The layout on the results page is also among the best that the industry has to offer. 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

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