What is the maximum loan term for a mortgage refinance via loanDepot Mortgage Refinance?

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 Mortgage Refinance offers mortgages refinancing with terms ranging from 10 to 40 years.

What is the estimated funding time for a mortgage refinance with loanDepot Mortgage Refinance?

loanDepot Mortgage Refinance will typically fund mortgage refinances within 3 days of approval.

Does loanDepot Mortgage Refinance 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 Mortgage Refinance 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%.
• 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 Mortgage Refinance 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