Unlocking Home Dreams: LoanDepot Mortgage Review for 2024

LoanDepot provides a wide variety of conventional and government-backed loans nationwide. Let’s break it down:

• Fixed-rate: Lock in your rate for the duration of the loan, with terms ranging from 10 to 30 years.
• Adjustable-rate: Start with a fixed rate that adjusts after a predetermined period—options include 3, 5, 7, or 10 years.
• FHA loans: These loans require as little as 3.5% down if you have a 580 FICO score.
• VA loans: Perfect for veterans and active-duty members, these loans offer lower rates without a down payment or private mortgage insurance.
• USDA loans: Zero down payment mortgages for eligible buyers in rural areas.
• Jumbo loans: For those looking at homes exceeding conforming loan limits, LoanDepot offers jumbo loans up to $5 million.
• HomeReady and Home Possible: Low down payment options at just 3% for qualified buyers.
• HomeOne: Freddie Mac’s solution for first-time buyers, requiring only 3% down.
• Renovation loans: Options for FHA, VA, and conventional renovation loans to help you make your house a home.

• Credit score: Generally, a minimum of 620 for conventional loans, but as low as 520 for FHA and VA loans.
• Down payment: Starting at 3% for conventional loans.
• Debt-to-income ratio: Usually capped at 50%, though this can vary.

LoanDepot is loaded with enticing programs designed to benefit borrowers:

Lifetime Guarantee

Say goodbye to lender fees when refinancing your purchase mortgage with LoanDepot. This can save you upwards of 2% at closing!

Grand Slam Program

First-time homebuyers can receive up to $4,500 in closing credits simply by working with a real estate agent from LoanDepot’s partner company, mellohome.

AccessOne+

Eligible borrowers in specific census tracts can score up to $8,000 to help cover closing costs or a down payment.

AccessOne

Borrowers earning up to 80% of the area median income may qualify for a 2% grant for their down payment, up to $3,000.

Access Zero

A unique FHA mortgage that allows zero down payment, with an additional 5% of the home’s value provided as a second mortgage for closing costs.

LoanDepot offers a range of refinancing options, including cash-out and rate-and-term refinancing, along with home equity loans and lines of credit.

• Credit score: Minimums vary—620 for conventional, 520 for FHA and VA.
• Debt-to-income ratio: This can vary based on loan type.
• Home equity requirements: Generally, 0% for conventional, 20% for FHA, and 0% for VA.

While LoanDepot received mixed reviews in J.D. Power’s 2024 Mortgage Origination Satisfaction Study, they excelled in mortgage servicing, which is key after your loan closes.

The online application process is user-friendly, and e-closing is available in participating states. With 200 branches across the country, you also have access to in-person support if needed.

Customer support is available Monday to Friday, from 10 a.m. to 9 p.m. ET, although they’re not open on weekends. You can reach them at 888-983-3240, and they also provide online chat support and a mobile app for managing your loan and payments.

How does LoanDepot measure up against other mortgage heavyweights? Let’s take a look.

LoanDepot vs. Better Mortgage

Both LoanDepot and Better Mortgage are leaders in the online lending space, offering competitive rates. However, Better stands out by not charging lender fees—potentially saving you up to 2% of your loan total. They also have a rate-match guarantee, ensuring you get the best deal possible.

Getting started with a LoanDepot mortgage is easy! You can apply online, over the phone, or in person at one of their 200 branches across the country.

Be prepared with essential documents like your ID, proof of income, bank statements, and other paperwork to verify your credit score, assets, and debts. Once approved, you’ll provide information about the property you wish to purchase and schedule an appraisal. Don’t forget—the option for e-closing is available where applicable!

If you’re in the market for competitive rates and the convenience of an online application process, LoanDepot could be your perfect match. With a suite of down payment assistance options, they make the home-buying process easier than ever.

However, if you’re looking for specialty loans or a broader banking experience, you may want to explore other lending options.

This review is forged from a commitment to providing you with quality service journalism and sound financial advice. Each mortgage analysis is rooted in thorough research and crafted by a team of experts well-versed in the realm of home loans. Though we may earn a commission from affiliate partners on certain offers, we maintain strict editorial independence, ensuring our content upholds the highest journalistic standards.

We assess mortgage products through a multifaceted lens, evaluating criteria like loan types, average rates, terms, availability, fees, down payment options, online experience, and customer satisfaction.

Additionally, we incorporate insights from independent studies, including lender scores from the J.D. Power Mortgage Origination Satisfaction Study and ratings from the Better Business Bureau.