Last Updated: 08/04/2025
SuperMoney User Recommendation Score +86
Strongly recommended36 total votes
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Compare All Mortgage Refinance
Filter & compare all your options in one place.
Highlights
Community Rating
Strongly recommended
Credit Score Range
Starting at 580
Amount Range
$60,000 - $2,000,000
Loan Term (Years)
10 - 40
Number of Reviews
loanDepot Mortgage Refinance Review
loanDepot Mortgage Refinance 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
- No-closing-cost mortgages available. This option allows you to include the closing costs into the new loan, so you don't pay for these expenses upfront.
- Origination fees of 1% to 5%. This is on the high end for lenders on SuperMoney's database.
- Instant online preapprovals. Find out how much you can borrow and what your interest rate will be.
- Wide selection of mortgage programs offered. loanDepot Mortgage Refinance refinances FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
- Financing for a variety of property types. Offers refinancing for manufactured, single, and multi-family homes.
- Non-standard interest rates available. loanDepot Mortgage Refinance offers adjustable-rate mortgages, hybrid mortgages, and fixed-rate mortgages.
- Considers personal use and investment properties. Refinancing available for primary residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
- Fast process. In some cases you can refinance your mortgage loan within 2 business days.
- Fair credit accepted. Borrowers with a credit score as low as 580 may qualify for loanDepot Mortgage Refinance.
- Long loan terms. loanDepot Mortgage Refinance offers mortgage terms of up to 40 years. Most mortgage refinancing loans have a maximum term of 30 years.
loanDepot Mortgage Refinance Pros & Cons
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loanDepot Mortgage Refinance FAQ
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 impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. loanDepot Mortgage Refinance offers mortgage refinancing with terms ranging from 10 to 40 years.
How long does loanDepot take to refinance?
loanDepot does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.Does loanDepot charge a mortgage origination fee?
Yes, loanDepot Mortgage Refinance will charge a loan origination fee of 1% to 5% of the loan amount .
Does loanDepot charge prepayment fees?
No, loanDepot Mortgage Refinance 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 Mortgage Refinance 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%.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- 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 Mortgage Refinance allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
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