Last Updated: 07/03/2025
SuperMoney User Recommendation Score +19
Mostly recommended27 total votes
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Compare All Home Mortgage Loans
Filter & compare all your options in one place.
Highlights
Community Rating
Mostly recommended
Credit Score Range
600 - 850
Amount Range
$85,000 - $3,000,000
Loan Term (Years)
10 - 40
Number of Reviews
loanDepot Home Mortgage Review
loanDepot Home Mortgage is offered by loanDepot (NMLS #174457), a direct lender founded in 2010 and based in Irvine, CA. loanDepot are available in 48 states and Washington, DC.
Key Takeaways
- Wide selection of mortgage programs offered. loanDepot Home Mortgage offers FHA, FHA 203k, VA, jumbo, conforming, and conventional mortgages.
- Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
- Refinancing for large mortgages. You can refinance mortgages with balances of up to $3,000,000 with loanDepot Home Mortgage.
- Standard interest rates types. loanDepot Home Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
- Investment and personal use properties considered. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
- Fast process. In some cases you can close on your home loan within 2 business days.
- Origination fees of 1% to 5%. This is on the high end for lenders on SuperMoney's database.
- Maximum LTV. loanDepot Home Mortgage has a maximum loan to value ratio of 80%.
- Fair credit accepted. Borrowers with a credit score as low as 600 may qualify for loanDepot Home Mortgage.
- Long loan terms. loanDepot Home Mortgage offers mortgage terms of up to 40 years. Most mortgage refinancing loans have a maximum term of 30 years.
loanDepot Home Mortgage Pros & Cons
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loanDepot FAQ
How much can you borrow via loanDepot?
loanDepot 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?
loanDepot 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 mortgage rates does loanDepot offer?
Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.
What is the estimated funding time?
loanDepot will typically fund mortgages within 2 and 3 days of approval.
Do they charge mortgage origination fees?
Yes, loanDepot may charge a loan origination fee of 1% to 5% of the loan amount .
Does loanDepot charge prepayment fees?
No, loanDepot 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 are available?
Besides conventional mortgages, loanDepot offers the following mortgage types:
- FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- FHA 203k: An FHA mortgage you can also use to finance home improvements.
- Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency.
- VA loans: A zero down payment mortgage or a refinance of up to 100% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.
What property usage types does loanDepot allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. loanDepot allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
- Investment properties and house flipping projects
What is the customer service phone number?
The customer service number for loanDepot Home Mortgage is (888) 983-3240.
What is the support contact email?
The support contact email for is customercare@loandepot.com.
How do people rate the customer service and user experience?
Overall, this business is mostly recommended based on community reviews that rate customer service and user experience.
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Message from loanDepot
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.