LoanDepot offers a wide range of mortgage types with fixed or adjustable interest rates. They also provide a lifetime guarantee of future fees if a current loanDepot borrower decides to refinance through the company. In terms of requirements, they claim to use proprietary software and technology to provide potential homebuyers with 100% digital verification of income, employment, and assets. Overall, the terms and requirements seem to beat the market’s standard and offer competitive rates and options for customers.
Additionally, here are some important highlights regarding their home equity service:
- Minimum draw amount is 75% of the requested line amount minus origination fee
- No additional draws for 90 days following closing date
- Interest rate is based on Prime Rate plus a fixed margin
- After the draw period ends, must pay outstanding balance over 240 months
- Term is 30 years: 10-year draw period, 20-year repayment period
- Minimum monthly payment is $100 or 1/240th of unpaid outstanding balance
- Property insurance required, flood insurance required where necessary
- Certain property types are not eligible collateral
- No third-party fees
- Home must be pledged as collateral
- Excellent credit required for lowest rates
- Origination fee is 2.5% for applications received before 12/15/22
- Offers and rates subject to change without notice.