LoanDepot loans

An alternative lender offering mortgages and other home loan options.

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You may have came across LoanDepot when shopping around for a mortgage — it’s the second-largest nontraditional home loan lender in the US. Though it still has some kinks, LoanDepot heavily invested in streamlining its online application process a couple of years ago. But with high origination fees and no personal loan option, you may want to carefully consider its competitors before committing.

What types of loans does LoanDepot offer?

Homeowners make up more than 80% of LoanDepot’s borrowers, which is reflected in its options designed to meet your needs. With mortgages and home loan refinancing available, you’ll likely find an option that suits you.


When you decide you want to buy a home, LoanDepot gives you a few different programs to choose from, including fixed-rate, adjustable-rate and jumbo mortgages. On top of this, it also has programs like VA loans for veterans and active military and loans for first-time buyers.

The exact amount you can borrow, as well as the down payment you need and your rate, will depend on the loan you’re looking for. You can browse our guide to LoanDepot’s mortgage options to find more in-depth details about its home buying products.

Home refinance

Like its mortgages, LoanDepot offers a few options when it comes to refinancing. You’ll have the same options as with mortgages — alongside the ability to take out a home equity loan — and you’ll have LoanDepot’s lifetime guarantee by your side. This means LoanDepot won’t charge lender fees and will reimburse you for appraisal fees on any future refinancing.

What should I consider when taking out a loan with LoanDepot?

  • Loyalty is rewarded. LoanDepot’s “Lifetime Guarantee” means that you only have to pay lender and appraisal fees once if you decide to refinance your mortgage with LoanDepot in the future.
  • Cosigners accepted. Not sure you can qualify for a home loan on your own? You can apply with a cosigner on your mortgage or refinancing loan to help improve your chances of being approved.
  • Easy application. With locations across the US and a handy mobile application tool called Mello, a home loan is easy to apply for with LoanDepot. You can apply online or visit a brick-and-mortar location — whichever is more convenient for you.
  • Competitive rates. In general, LoanDepot’s interest rates are lower than or on par with its competitors.

Where does LoanDepot fall short?

  • High origination fees. The cost of taking out a loan with LoanDepot can be much higher than its competitors. Be sure to compare your options and before you commit to know that you’re getting the best deal.
  • Customer service. Despite a high rating on the Better Business Bureau (BBB) website, LoanDepot earned mixed reviews from its borrowers.
  • Mediocre deals for mediocre credit. While you’ll find a few options with a credit score of 600, your options are limited if you don’t have a credit score of at least 700.

How much does it cost to borrow with LoanDepot?

Costs can vary depending on things like your credit score and the type of loan you’re interested in. If you’re taking out a mortgage, be prepared to put up a down payment of 10% to 20% of your home’s purchase price — though some programs allow you to put down less. You should also expect to pay appraisal fees, closing fees, prepaid interest on top of home-purchasing costs like property tax and insurance.

Mortgage refinancing comes with similar fees as a mortgage, plus processing and underwriting fees. How much you pay in these fees depends on factors like the cost of your home and your personal credit history. If you opt for a home equity loan, you may be able to get up to 90% of your home’s value as a loan — but rates will still vary based on your creditworthiness and financial situation.

Compare LoanDepot to other online loan providers

Updated January 26th, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
Get loan offers from multiple lenders at once without affecting your credit score.
Upgrade Personal Loans*
6.98% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
Even Financial Personal Loans
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
NetCredit Personal Loans
34% to 155% (Varies by state)
No minimum
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo Personal Loans
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
PenFed Credit Union Personal Loans
6.49% to 17.99%
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
LendingClub Personal Loan
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
SoFi Personal Loan Fixed Rate (with Autopay)
5.99% to 20.01%
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

What do borrowers say about LoanDepot?

In business for more than 20 years, LoanDepot is accredited with the Better Business Bureau (BBB), meaning that it meets certain transparency standards and has pledged to resolve customer complaints. It has an A+ rating and receives almost four stars based on nearly 900 customer reviews. However, close to 400 complaints have been filed against LoanDepot.

The majority of borrowers are satisfied with its services, though some complain that they were tricked into paying higher fees than expected. As with any loan, make sure you read the fine print before signing a contract.

Is it safe to borrow from LoanDepot?

Yes. Your personal and financial information is encrypted and isn’t stored on LoanDepot’s servers. If you have trouble with your application, you can easily call a hotline for help. It’s easy to find most information you need on its site, especially in the frequently asked questions sections.

How do I apply for a loan with LoanDepot?

To apply, go to LoanDepot’s site or call 888-983-3240 to speak with a licensed loan officer about the type of loan that’s best for you. You can also get a no-risk quote online by providing your basic information.

If you’re preapproved, LoanDepot guides you through the application process, asking you for documentation specific to your needs. After completing the application process, LoanDepot will either approve or deny your request. If approved. LoanDepot can deposit funds into your account or set up an appointment to close your loan.

The process can take anywhere between a few days to a few months, depending on what type of loan you’re applying for — mortgages typically take longer than home equity loans, for example.

Eligibility requirements

Requirements vary by the type of loan you’re interested in and where you live, but you have a better chance of approval if:

  • You have a credit score of at least 600 for other loan types
  • You can provide proof of consistent income
  • You’re a US citizen or resident
  • You’re at least 18 years old (varies by state)

Bottom line

As a prominent lender, LoanDepot offers competitive rates for home loans and loan refinancing — all with a quick application. But if you have less-than-stellar credit, you may want to look elsewhere for cheaper origination fees and rates.

Frequently asked questions

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