in Mortgage Refinance from loanDepot
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|Community Rating||Strongly recommended|
|Loan Term (Years)||10 - 40|
|Loan Amount||$60,000 - $2,000,000|
loanDepot is a mortgage refinance offering by loanDepot, a direct lender based in Foothill Ranch, CA. Founded in 2010, loanDepot offers mortgage refinancing to borrowers in 50 states across the USA (and Washington, DC). NMLS #174457
What range of mortgage balances will loanDepot refinance?
Mortgage refinancing loans start at $60,000 and go up to $2,000,000
What is the maximum loan term for a mortgage refinance via loanDepot?
The term of a mortgage refinance will determine the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. loanDepot offers mortgages refinancing with terms ranging from 10 to 40 years.
What is the estimated funding time for a mortgage refinance with loanDepot?
loanDepot will typically fund mortgage refinances within 3 days of approval.
Does loanDepot charge a mortgage origination fee?
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 does loanDepot offer?
loanDepot 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 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
- 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 (number of days)||15|
|Late Fee Amount||$15|
|Origination Fee||1% - 5%|
|Immigration Status Considered||
|Employment Statuses Considered||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$60K - $2M|
|Loan Term (Years)||10 - 40|
|APR||Starting at 3.748%|