LoanDepot Mortgage review June 2019 |

loanDepot mortgage review

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Fast mortgage applications online, but watch out for high fees

When you’re ready to buy a home, you’ll find no shortage of mortgage financing options. Many lenders provide similar options and features, but each tends to offer something unique.

LoanDepot is one of the largest nontraditional lenders in the home loans space, offering mortgages in all 50 states. Looking to lead the nation into “the next generation of modern lending,” loanDepot boasts more than $100 billion in funding since its launch in 2010.

Name loanDepot
Description A nontraditional lender offering impartial guidance on a range of loans, though with potentially high fees.
Loan types Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Minimum credit 620
Minimum down payment 3.5%
Origination fee 1.0% to 5.0%
Other fees loanDepot doesn’t disclose this information on its website, so speak to your loan officer about additional home loan fees you might pay.


  • Wide selection of mortgages.
  • High loan amounts.
  • No prepayment fee.


  • High origination fees.
LoanDepot has a strong online presence. The Better Business Bureau gives loanDepot an A rating, and it earns 4.42 out of 5 stars based on more than 750 reviews.

On Trustpilot, loanDepot gets an 8.7 out of 10 based on 326 reviews. Many borrowers speak highly of its loan officers, saying customer service is quick and professional.

Of the complaints, the most frequent is about loanDepot’s high origination fee, which can be as high as 5% of your loan’s total value. Many competitors offer origination fees of 0.5% to 1% of your loan amount.

What can I expect with a loanDepot home loan?

  • Direct lender. loanDepot is a direct lender, which means you don’t need to deal with thirty-party lenders.
  • Maximum loans. Borrow up to $2 million on a fixed- or adjustable-rate jumbo loan.
  • Accepted loan-to-value ratios. If you opt to refinance your home with loanDepot, you’ll be able to access up to 90% of your home’s equity.
  • Flexible repayment. There are no prepayment fees associated with a home loan through loanDepot, so you can pay off your loan early without penalty.

Compare to other lenders

Name Product Min. down payment Origination fee
Connect with vetted home loan lenders quickly through this online marketplace.
0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.

Compare up to 4 providers

Do I qualify for a loan with loanDepot?

To be eligible for a home loan with loanDepot, you’ll need a minimum credit score of at least 620.

You’ll also need to be ready to put down a minimum down payment of at least 3.5%.

Are there any special programs?

  • FHA loan. Both fixed- and adjustable-rate Federal Housing Administration loans are available with a 3.5% down payment.
  • HARP loan. If your current home loan is owned by Fannie Mae or Freddie Mac, you could qualify for the Home Affordable Refinance Program with no minimum credit score or home appraisal required.
  • VA loan. If you’re an active military member or veteran, loanDepot’s VA loan specialists can help you qualify for this exclusive home loan program.

Pros and cons


  • No steering policy. LoanDepot holds its loan officers to a “no steering” policy, which means honest, impartial guidance when it comes to selecting the best loan for you.
  • Wide selection of mortgages. LoanDepot offers fixed-rate, adjustable-rate, jumbo, FHA, VA and HARP loan options to its customers.
  • Online resources. Access mortgage and refinancing calculators that help you estimate costs.
  • High-amount loans. Borrow up to $2 million through a jumbo mortgage loans. Fixed- and adjustable-rate loans are available, with ARM terms of three, five or seven years.
  • Accepted loan-to-value ratios. Refinance to access up to 90% of your home’s equity.
  • No prepayment fee. Pay off your home loan early with loanDepot without worrying about fees or penalties.


  • High origination fees. Expect to pay as high as 5% of your total loan amount in origination fees.

How do I get started?

To get started with your mortgage application, visit loanDepot’s site.

Eligibility requirements

  • Minimum personal credit score of 620
  • Minimum down payment of 3.5% for conventional loans

Required documentation

  • Your full name and personal contact information
  • Your Social Security number
  • Pay stubs from the past 30 days
  • W2s and 1099s from the past two years
  • Personal tax returns from the past two years
  • A list of your assets, including savings, real estate, car titles and other investment records
  • A complete list of your debts, including student loans, auto loans, personal loans and credit cards

I got the loan. Now what?

  • Set up autopay. Create an online account with loanDepot to register for automated online payments.
  • Ask questions. If you’re unsure about anything in your loan agreement, reach out to a loan officer Monday to Friday from 5 am to 7 pm PT or Saturday from 8 am to 3 pm PT.

Bottom line

LoanDepot offers a strong selection of mortgage products. But it charges a higher origination fee than many of its competitors.

Before you sign a contract, learn about other home financing options you might be eligible for.

Frequently asked questions about loanDepot

Home loans ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews and borrower experience.

Read the full methodology of how we rate home loan providers.

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