
Ally Bank
4.9 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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LoanDepot is best suited for borrowers who are looking for an expedited closing process, a wide variety of loan options and the flexibility of both online and in-person support.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans
Min. credit score required
620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans
Nationwide availability
Available in all U.S. states
Min. down payment
3.5% for FHA loans
The customer 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.
It has been great working with Micheal and Glann. We had frequent updates on what was happening, what to expect, and action items to be completed. The entire of application pricess was online and very easy to follow. Overall it was a very stress-free process. Micheal is easy to communicate with and...
Kambiz P.
Irvine (Apr 27, 2023)
I had a great experience working with Loan Depot. The personnel assigned to our refi effort kept us informed at each and every step. This was a cash out VA refi and they accomplished it in less than 30 days. The website was easy to use throughout the process. Of note, I want to change one aspect of...
Quick and responsive. Very professional. Easy process
Grand Rapids MI (Mar 7, 2023)
NMLS: 174457
4.4
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans
Nationwide Availability
Available in all U.S. states
Min. credit score required
620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans
Waives fees for existing customers who refinance
Offers an entirely digital process from application to close with its "mello smartloan" platform
More than 200 branches across the country
Rates and fees not available online
No USDA loans
LoanDepot is best suited for borrowers who are looking for an expedited closing process, a wide variety of loan options and the flexibility of both online and in-person support.
To determine LoanDepot’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors.
Loan cost is a deciding factor for many borrowers. The affordability nature of loans differ from lender to lender, so comparing costs is key. Unfortunately, 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 $7,000 back at the close of your transaction, provided you work with an affiliated real estate agent and meet other qualifying criteria.
Availability factors can make the overall mortgage-application process smoother or more challenging. LoanDepot has a good array of products: It offers 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.
Customer experience factors can help you know what to expect when you work with a specific lender. Loan Depot is accredited by the Better Business Bureau with an A+ rating, and based on more than 3,900 reviews, has 3.7 out of five stars on Trustpilot. It scored above average in J.D. Power’s 2022 ranking for mortgage origination satisfaction. The lender’s website includes a “Knowledge Cafe” with educational resources on buying and owning a home, and borrowers can easily apply and make their monthly payments online. Still, if you prefer live human help with your mortgage, you can reach customer service Monday through Friday, 10 a.m. to 9 p.m. ET.
LoanDepot employs a streamlined online platform to collect all of your application documents. The mello smartloan platform is designed to verify all of your documentation and credit reporting in around seven minutes (not all borrowers are eligible to use the tool, however) and facilitate a paperless process.
Still, there are ways to ensure all goes seamlessly. Some tips:
You can refinance your existing mortgage with LoanDepot. The lender 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. If you’re a new customer, you’ll need to ask a loan officer about refinance rates and costs, as they aren’t listed online.
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Rating: 4.4 stars out of 5
4.4
Bankrate Score
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Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans |
Loans offered Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing |
Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans; investment property; disaster relief; manufactured home, tiny home and container home loans |
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, 700 for jumbo loans |
Min. credit score required 580 for conventional loans, 550 for FHA loans, 550 for VA loans, 580 for USDA loans |
Down payment 3.5% for FHA loans |
Down payment 3% for conventional conforming loans, 10.01% for jumbo loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Nationwide availability Available in all U.S. states |
Nationwide availability Available in all U.S. states |
Nationwide availability Available in all U.S. states |
NMLS: 174457
3.7
811 ratings
This lender has 78 reviews.
68% of customers would recommend this lender.
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.
Terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?