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  loanDepot Mortgage Refinance

loanDepot Mortgage Refinance

in Mortgage Refinance from loanDepot · NMLS ID #174457

Claimed

loanDepot Mortgage Refinance

Claimed

in Mortgage Refinance from loanDepot · NMLS ID #174457

SuperMoney Net Recommendation Score +88%

SUPERMONEY NET RECOMMENDATION SCORE

+88%

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.

Strongly recommended

23 users recommend
1 user is unsure
1 user doesn't recommend
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Highlights
Community Rating Strongly recommended
Loan Amount $60,000 - $2,000,000
Loan Term (Years) 10 - 40 years
Number of Reviews 25

loanDepot Mortgage Refinance Review

loanDepot Mortgage Refinance is offered by loanDepot (NMLS #174457), a direct lender founded in 2010 and based in Foothill Ranch, CA. loanDepot Mortgage Refinance is available in 50 states (and Washington, DC).

Key Takeaways
  • Instant online preapprovals. Find out how much you can borrow and what your interest rate will be.
  • 6 different mortgage programs offered. loanDepot Mortgage Refinance refinances FHA, HARP, USDA, VA, jumbo, conforming, and conventional mortgages.
  • Financing for single-family and multi-family properties. However, loanDepot does not offer financing for manufactured 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 homes, vacation homes, and even investment homes, such as rental properties.
  • Fast process. In some cases you can refinance your mortgage loan within 2 business days.
  • 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 up to 5%. This is on the high end when compared to the other lenders SuperMoney tracks. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
  • 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
Pros Cons
  • Lender and appraisal fees of future refinances are waived.
  • Cash-out refinancing available.
  • No steering policy. Loan experts trained to find the best loan for your goals, not the highest commissions.
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • Available in all 50 states.
  • Charges an origination fee of up to 5% of the loan amount.
loanDepot Mortgage Refinance FAQ

What range of mortgage balances will loanDepot Mortgage Refinance 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 Mortgage Refinance?

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 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 a mortgage origination fee?

Yes, loanDepot Mortgage Refinance will charge a loan origination fee of 1% to 5% of the loan amount.

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.
  • 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 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
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

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.

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 580 -
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Property Type
  • Manufactured/Mobile Home
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required
  • Recent Pay Stubs
  • Proof of Income
  • Government Issued Photo ID
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Funding Time Range 2 - 3 days
Mortgage Features
  • Cash-Out Refinance
  • No-Closing-Costs Option
  • Instant Online Preapproval
Loan Term 10 - 40 years
Loan Amount $60,000 - $2,000,000
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
  • Hybrid Mortgage
Mortgage Programs
  • FHA
  • HARP
  • USDA
  • VA
  • Conventional Mortgages
  • Jumbo
Terms 3/1, 5/1, 7/1, 10, 15, 20, 30, 40 years

loanDepot Mortgage Refinance Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

+88%

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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