LoanDepot Mortgage review June 2018 |

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.

Rates last updated June 21st, 2018
Details Features
loanDepot Mortgage
loanDepot Mortgage
  • Rates as low as 3.125%
  • Licensed in all 50 states
Easy application and good customer service, but beware of fees up to 5% Go to site More info

Product details

Product nameloanDepot mortgages
RatesFixed, adjustable
Fixed-rate terms10–30 years
Adjustable-rate terms 3, 5, 7 and 10 years
Repayment typePrincipal and interest
Fees1–5% origination fee
Loan purposesOwner-occupied, investment, construction, refinancing, home equity
Maximum loanUp to $3 million
Customer servicePhone weekdays and Saturday



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.

What types of home loans does loanDepot offer?

Type of loanDetails
  • Fixed-rate terms of 30, 20, 15 and 10 years
  • Adjustable-rate terms of 3, 5, 7 and 10 years
  • Down payments as low as 5%
  • Fixed and adjustable rates.
  • Adjustable-rate terms of 3, 5 and 7 years
  • Borrow $424,100 to $2 million
  • Government-backed loan through HUD
  • Down payments as low as 3%
  • Qualify with a co-applicant
  • Sponsored by the Dept. of Veterans Affairs
  • For active servicemembers, veterans and spouses
  • 100% financing available
Home Affordable Refinance Program
  • Government-funded refinancing program
  • For homeowners with up-to-date payments and guaranteed loans with Fannie Mae or Freddie Mac before 2009
  • No appraisal or minimum credit score required
Home equity
  • Fixed-rate loans only
  • Access up to 90% of your property’s value
  • Get up to $250,000 in cash

What types of fees come with this loan?

LoanDepot charges an upfront origination fee of 1% to 5% of your total home loan amount. Confirm with a loan officer any other fees you might pay when you get a home loan through loanDepot.

What do customers really say about loanDepot?

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. Compare your mortgage options before choosing a mortgage provider.

How do I apply?

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

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

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