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  loanDepot Home Mortgage

loanDepot Home Mortgage

in Home Purchase Mortgages from loanDepot · NMLS ID #174457

Claimed

loanDepot Home Mortgage

Claimed

in Home Purchase Mortgages from loanDepot · NMLS ID #174457

SuperMoney Net Recommendation Score +11%

SUPERMONEY NET RECOMMENDATION SCORE

+11

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

Mostly recommended

9 users recommend
2 users are unsure
7 users don't recommend
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Highlights
Community Rating Mostly recommended
Loan Amount $85,000 - $3,000,000
Loan Term (Years) 10 - 40 years
Number of Reviews 18

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).

loanDepot Home Mortgage FAQ

How much can you borrow via loanDepot Home Mortgage?

loanDepot Home Mortgage allows borrowers to apply for loan amounts of up to $3,000,000. 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
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects
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Other Services by loanDepot

Message From loanDepot

loanDepot, America's lender, matches borrowers through technology and high-touch customer care with the credit they need to fuel their lives. As a fast-growing national consumer lender, the loanDepot platform is disrupting finance by dissolving the lines between mortgage and nonmortgage credit.

Message From Our Editor

What We Love About loanDepot

loanDepot offers a variety of loan options, including home purchase loans, mortgage refinancing, and home equity loans. The company offers the option to apply online as well as over the phone with a quick and easy process. Some consumers will find that loanDepot is a great alternative to other lenders, especially those who prefer not to use a bank for funding.

What Could loanDepot Do Better?

At the present time, loanDepot doesn’t offer home equity lines of credit, which may make it less useful for some customers. It also has only average ratings in terms of customer service so relying on the agents may or may not provide you with what you need. loanDepot also has no guarantee of payment plans if you start to fall behind and there is no option to modify the loan’s payment date after it has been assigned.

loanDepot Backstory

loanDepot is a consumer lender that was founded in 2010 by Anthony Hseih. He and the management team have over 25 years of experience in the business and wanted to bring something new to the market. Since its launch, loanDepot has funded over $165 billion in loans, which makes it the fifth-largest retail mortgage originator and the second largest consumer lender that is not a bank.

This company offers home loans and mortgage refinancing in all 50 states and provides 180 affiliated loan stores for convenience. It has been a leader in the mortgage industry for many years and is worth considering for those who are or wish to be homeowners.

The Verdict

There are plenty of good things to say about loanDepot and its services. The company offers a non-bank option for mortgages and refinancing in all states and keeps an up to date and informative website. It works to offer competitive rates, terms, and fees compared to other options on the market.

It’s always a good idea to look at all your options before going with a single company for a home loan. While many may find that loanDepot meets their needs, knowing your other options may mean you get a better rate, customer service, or payment options.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee
Late Fee Amount $15
Late Fee Grace Period 15 days
Origination Fee (%) 1% - 5%
Credit Score Range 600 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Self-Employed
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted
  • Individual Applications
Maximum LTV 80%
Minimum Age 18
Minimum Down Payment 3.5% - 10%
Property Type
  • Manufactured/Mobile Home
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Investment
Primary Residence
Loan Amount $85,000 - $3,000,000
Loan Term 10 - 40 years
Mortgage Programs
  • FHA
  • HARP
  • VA
  • Conventional Mortgages
Terms 3, 5, 7, 10, 15, 20, 30 & 40 year

loanDepot Home Mortgage Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

+11

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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