
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 a variety of loan options and the flexibility of both online and in-person support. You won’t be able to compare rates without first contacting this lender, however.
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
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 a variety of loan options and the flexibility of both online and in-person support. You won’t be able to compare rates without first contacting this lender, however.
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.
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.
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.
LoanDepot 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.
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:
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.
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.
LoanDepot’s Grand Slam package offers up to $7,000 back after closing if you work with an affiliated real estate agent through mellohome and both buy and sell a home. The incentives are paid as a rebate of up to $3,500 after each transaction. The program also offers first-time homebuyers $1,000 if they buy through mellohome. The mellohome Grand Slam is not available in Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon and Tennessee.
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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; refinancing; construction and renovation loans; investment property |
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% percent 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 All U.S. states |
NMLS: 174457
3.7
819 ratings
This lender has 14 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.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?