LoanDepot Mortgage Service
LoanDepot offers nontraditional mortgages for homes. It has more variety of mortgage products than direct lenders. LoanDepot rates and charges aren’t much different from the competitors.
LoanDepot is one of the earliest online mortgage lenders. Found by Anthony Hsieh as LoansDirect.com, LoanDepot helped the user to talk to an expert. LoanDepot does most of its business over the phone. This South California based company is now the nation’s fifth-largest retail mortgage originator, and the second-largest nonbank consumer lender.
Minimum credit: 620
Minimum down payment: 3% – 3.5%
Origination fee: 1% – 5%
Other fees: There is no disclosure about any additional charges to be paid on the website. One has to speak to a loan officer and understand if there is an additional fee involved in the process.
Available States: Available in all states
Pros & Cons
- No steering policy. LoanDepot follows a no steering policy, which means, all loan officers will give honest and impartial guidance while choosing the best loan for you.
- Loan Limits. LoanDepot has a high loan limit of up to $2 million. They also have fixed and adjustable-rate loans which is flexible for the borrowers.
- Refinance. LoanDepot allows loan-to-value ratio and provides refinance to 90% of your home equity.
- Types of loans. LoanDepot offers a wide variety of loans including conventional, jumbo, FHA and VA loans.
- Coverage. LoanDepot does business in all 50 states and has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
- Interest rate. LoanDepot offers just an average interest rate.
- Documentation. The company asks you to create an account and scrutinize all your mortgage information.
- High origination fees. They charge high origination fees when compared to other mortgage lenders. The company expects to pay as high as 5% of your total loan amount in origination fees.
What types of loans does LoanDepot offer?
- FHA Loans
- Jumbo Loans
- Fixed Loans
- USDA Loans
- VA Home Loans
- Home Equity
- Refinance Mortgage Loans
- Purchase a Home
- Adjustable Mortgage
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