loanDepot Home MortgageUnaffiliated
in Home Purchase Mortgages from loanDepot
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loanDepot Home Mortgage Review
loanDepot Home Mortgage is offered by loanDepot (NMLS #174457) , a direct lender founded in 2010 and based in Foothill Ranch, CA. loanDepot Home Mortgage is available in 50 states (and Washington, DC).
How much can you borrow via loanDepot Home Mortgage?
loanDepot Home Mortgage allows borrowers to apply for loan amounts of up to $2,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.
What is the maximum loan term you can get with loanDepot Home Mortgage?
loanDepot Home Mortgage offers mortgages with terms ranging from 10 to 40 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What is the estimated funding time for a home loan via loanDepot Home Mortgage?
loanDepot Home Mortgage will typically fund mortgages within 2 and 3 days of approval.
Does loanDepot Home Mortgage charge a mortgage origination fee?
Yes, loanDepot Home Mortgage may charge a loan origination fee of 1% to 5% of the loan amount.
Does loanDepot Home Mortgage charge prepayment fees?
No, loanDepot Home Mortgage does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.
What mortgage programs does loanDepot Home Mortgage offer?
loanDepot Home Mortgage offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does loanDepot Home Mortgage allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. loanDepot Home Mortgage allows the following property usage types:
- Primary home
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Prepayment Fee|
|Late Fee After||15 days|
|Late Fee Amount||$15|
|Origination Fee (%)||1% - 5%|
|Credit Score Range||
600 - 850
|Employment Statuses Considered||
|Intended Use||Primary Home|
|Joint Loan Applications Accepted||Individual Applications|
|Verification Documents Required||
|Loan Amount||$85,000 - $2,000,000|
|Loan Term||10 - 40 years|