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LoanDepot Mortgage Review 2024

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At a glance

LoanDepot
NMLS: 174457
Editor's take

LoanDepot is a non-bank mortgage lender combining the convenience and efficiency of an online platform with human support at more than 200 branches nationwide. Along with home purchase mortgages and refinancing, it also offers free credit score monitoring and personal loans (via a third-party partner). You won’t be able to compare rates without first contacting the lender, however.

Bankrate Score
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4.2
Rating: 4.2 stars out of 5
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Bankrate Score

Customer Rating
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3.7
Rating: 3.69 stars out of 5

824 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

5% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

LoanDepot

NMLS: 174457

4.2

Rating: 4.2 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans

LoanDepot overview

LoanDepot was the third-largest mortgage lender in the U.S. in 2022, offering an end-to-end digital process along with in-person assistance at branch locations. Notably, the lender claims it can beat industry average closing times by 50 percent. The lender has closed loans in as few as seven days, but the typical timeline is 30 to 60 days.
 

Pros and cons of LoanDepot

Pros
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    $1,000 Close on Time Guarantee

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    Perks like home security and moving discounts and smart home products

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    Waives fees for existing customers who refinance

Cons
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    No mortgage rates on its website

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    No USDA loans

Our Editor’s Take on LoanDepot

LoanDepot is a non-bank mortgage lender combining the convenience and efficiency of an online platform with human support at more than 200 branches nationwide. Along with home purchase mortgages and refinancing, it also offers free credit score monitoring and personal loans (via a third-party partner). You won’t be able to compare rates without first contacting the lender, however.

How Bankrate scored LoanDepot

  • Affordability: LoanDepot’s mortgage rates typically run above Bankrate’s averages. One benefit for returning customers: The lender waives fees on future refinances.
  • Availability: This lender operates nationally and offers the basic slate of mortgage offerings, along with personal loans.
  • Borrower experience: You can apply for a mortgage on LoanDepot’s website, but the lender also maintains more than 200 locations if you’re looking for in-person help.

Affordability: 6.8/10

LoanDepot’s mortgage rates and fees aren’t publicly advertised on its website. Instead, you’ll need to fill out a request for a personalized rate quote and preapproval. The lender’s Grand Slam package could net you $4,500 back at the close of your transaction, provided you work with an affiliated real estate agent and meet other qualifying criteria.

Availability: 10/10

LoanDepot offers an array of products: conventional mortgages, jumbo loans, FHA and VA loans, construction and renovation loans and refinances. The lender has also begun offering home equity lines of credit (HELOCs). It operates in all U.S. states. (Note: The Grand Slam program isn’t available in some states.)

Borrower experience: 8.5/10

LoanDepot is accredited by the Better Business Bureau with an A+ rating, and based on more than 3,900 reviews, has 3.8 out of five stars on Trustpilot. It scored well below average, however, in J.D. Power’s 2023 ranking for mortgage origination satisfaction. 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.

How to apply for a mortgage with LoanDepot

You can apply for a mortgage with LoanDepot in person at a branch location, online or by phone at 888-983-3240. You can reach customer service Monday through Friday, 10 a.m. to 9 p.m. ET.

Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with LoanDepot

LoanDepot offers both rate-and-term and cash-out refinancing options. The lender also offers a Lifetime Guarantee program: Take out a loan or mortgage with the company, and it’ll never charge you fees for another refinance on the same property. Plus, you’ll get your appraisal fee reimbursed.

Special programs offered by LoanDepot

Grand Slam

LoanDepot’s Grand Slam program offers up to $4,500 back after closing if you work with an affiliated real estate agent to buy your home. The program isn’t available in Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon and Tennessee.

Compare LoanDepot to other lenders

LoanDepot
Rating: 4.2 stars out of 5
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4.2

Bankrate Score
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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
Info
Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

5% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

LoanDepot customer ratings and reviews

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NMLS: 174457

3.7

Rating: 3.69 stars out of 5

824 ratings

Info

This lender has 14 recent reviews.

Knowledge
Rating: 3.8 stars out of 5
Level of service
Rating: 3.9 stars out of 5
Professionalism
Rating: 3.7 stars out of 5
Responsiveness
Rating: 3.8 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
63%
4%
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3%
29%

68% of customers would recommend this lender.

of 14 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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