LoanDepot Mortgage Review 2026

LoanDepot overview

Pros and cons of LoanDepot

How Bankrate scored LoanDepot

Affordability: 3.4 out of 5 stars

LoanDepot’s lack of transparency around APRs lowers its affordability score, resulting in 3.4 out of 5 stars in this category.

• Down payment: LoanDepot offers conventional mortgages with 3 percent down, FHA loans with 3.5 percent down and VA and USDA loans with no down payment required.
• Closing costs: While closing costs vary by lender and other factors, as of 2023, LoanDepot charged an average origination fee of $4,909 according to HMDA data. 

Availability: 5 out of 5 stars

LoanDepot offers several mortgage types and is available nationwide, netting a perfect 5 out of 5 stars for availability.

• Home loans offered: LoanDepot offers conventional, jumbo, FHA, VA and USDA loans. It also offers HELOCs and refinance options. 
• Footprint: The lender can originate loans in all 50 states.
• Where to find: LoanDepot is available online and at over 200 in-person locations.

Borrower experience: 4.6 out of 5 stars

LoanDepot offers many contact methods and an online account to manage your loan. However, it requires you to submit a form before seeing mortgage rates. Because of this, it scores 4.6 out of 5 stars for borrower experience.

• Preapproval and application process: With LoanDepot, you can start the preapproval process online, over the phone or in person at a branch. When we called, we got in touch with a representative who then funneled the call to a loan officer. The loan officer didn’t offer the clearest guidance when we asked questions. 
• Transparency: LoanDepot requires you to submit contact information before learning what mortgage rate you might qualify for.
• Customer service: You can contact the lender in multiple ways, including in person at a branch, over the phone or via email, online form or text message. The lender’s website includes a “Knowledge Cafe” with educational resources on buying and owning a home, and you can easily apply and make your monthly payments online.

LoanDepot reputation

LoanDepot is a large lender with an above-average reputation in most regards. The lender is accredited by the Better Business Bureau and has an A+ rating with the organization. The lender has also received a “Great” ranking on Trustpilot, with over 4,000 customer reviews. However, LoanDepot scored below average in J.D. Power’s 2024 Mortgage Origination Satisfaction Study.

Refinancing with LoanDepot

LoanDepot offers rate-and-term and cash-out refinancing options. However, as with purchase rates, you can't see refinance rates on the lender's website. LoanDepot also offers a Lifetime Guarantee program: Take out a loan or mortgage with the company, and it won't charge you fees for another refinance on the same property. 

What Bankrate users say about LoanDepot

Overall, consumer reviews of LoanDepot on Bankrate are positive, highlighting the company’s professional and knowledgeable staff, quick loan turnaround and flexibility. However, multiple reviewers found the staff to be "pushy" and made commitments that weren’t kept.

• Methodology

  To determine a mortgage lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
  • Availability: Loan products - 50%; licensing - 40%; credit score - 10%
  • Borrower experience: Rate transparency - 35%; customer service - 35%; convenience - 20%; rate locks - 10%; reputation (if applicable)

  Learn more about our methodology.