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As one of the largest nontraditional lenders, LoanDepot offers a wide array of mortgage products, with higher loan limits than you can find with other banks and mortgage lenders. But high origination fees and lack of home equity products may lead some borrowers to look elsewhere.
Conventional: 620
FHA: 580
VA: 620
Minimum credit score
3.5%
Minimum down payment (Conventional)
Available in all states
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, Refinance |
---|---|
Minimum credit score | Conventional: 620 FHA: 580 VA: 620 |
Minimum down payment (Conventional) | 3.5% |
State availability | Available in all states |
NMLS # | 174457 |
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LoanDepot is a good choice for borrowers who qualify for standard loan products and like the idea of working with a specialized lender. Despite its focus on a digital loan experience, LoanDepot still requires you to work directly with a representative, even to find out what mortgage rates the lender offers.
But its award-winning customer service may ease the process. And its no-steering policy can keep you from facing a hard sale on any loan, ensuring your loan officer is working to find the best loan for you.
Not all of LoanDepot’s eligibility requirements are listed on its website, but listed requirements are pretty typical for a lender of its size. 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%.
But if you’re looking to refinance, LoanDepot’s loan-to-value (LTV) ratio can go as high as 90%, which can give you more access to your home’s equity.
To apply for a mortgage, you need to provide:
LoanDepot doesn’t disclose its mortgage fees online, only that it doesn’t charge an application fee. But once you’re approved, you may be required to pay the following fees:
LoanDepot also rewards loyalty with a guarantee that once you finance a loan with the company, they’ll waive the lender fees for any refinance you do in the future and reimburse your appraisal fees.
Get started with your mortgage application, following these steps:
LoanDepot offers the following specialty mortgage products:
As of July 2022, the Better Business Bureau gives LoanDepot an A+ rating after having closed 1,160 complaints over the past three years. The lender earns 4.03 out of 5 stars based on almost 2,853 customer reviews. On Trustpilot, LoanDepot receives 3.7 out of 5 stars based on 3,848 reviews.
Many borrowers speak highly of its loan officers, saying customer service is quick and professional. The most frequent complaints are about LoanDepot’s slow closing times, poor communications and being charged hefty appraisal fees only to be denied the loan.
A lenient fee structure and fair guidance look good, but are countered by lack of rate transparency and no home equity products.
Founded in 2010, LoanDepot is headquartered in Southern California. Here are a few quick facts to help you decide whether to work with this lender:
All numbers based on 2019 nationwide data from the Home Mortgage Disclosure Act.
Loan type | Applications denied | Loans originated | $ Amount (originated loans) |
---|---|---|---|
Conventional | 28,455 | 102,100 | $32,494,610,000 |
FHA | 12,727 | 25,472 | $6,110,840,000 |
VA | 8,595 | 21,044 | $6,143,360,000 |
USDA | 95 | 705 | $121,175,000 |
This lender’s standard mortgage products may not cover every homebuyer’s needs. If your financial circumstances require you to find a more specialized loan, consider a lender like New American Funding. Its full suite of mortgage products covers everything from self-employed borrowers to homebuyers interested in fully customizing their loan’s terms and options.
If you’re interested in finding a lender that offers home equity products — which LoanDepot doesn’t — consider the lenders on our best HELOC lenders and best home equity loan lenders guides, so you don’t have to fully refinance your home to access its equity.
No matter which lender you’re interested in working with, it’s important to shop around before you make your final choice to make sure you get the best deal. Select See rates next to one of the lenders below to provide the company with basic property and financial details in exchange for personalized rates.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
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★★★★★ — 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, product selection and borrower experience.
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