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LoanDepot Reviews


bestfor-icon Quick and efficient process

Written by Ali Rivzi

About LoanDepot | Read More


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Opening Hours Opening Hours drop-down-btn
Mon-Fri 8am-10pm EST
Sat 11am-6pm EST
Sun Closed
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  • customercare@loandepot.com
  • (888) 983-3240
  • Headquarters: 26642 Towne Centre Drive Foothill Ranch CA, 92610
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LoanDepot Mortgages Review

LoanDepot’s mortgage services make it easy to purchase your dream home. As a direct lender, they control the entire mortgage process, resulting in competitive rates and faster closing times. Their strict no-steering policy ensures that customers receive the right loan for their needs and preferences, with options including FHA, VA, Jumbo, ARM, and fixed mortgage programs. The company’s licensed loan officers are experienced and licensed under the S.A.F.E. Act.

LoanDepot Mortgages Highlight


Min Credit Score


Mortgage Amount

up to 40 years

Repayment terms


Soft Credit Pull


Lender Type


Underwriting Fee


Other Fees


Origination Fee


Prepayment Fee

7 Days

Funding Time



Mortgage Refinance

Max $3M

Mortgage Amount

Home Equity


Mortgage Amount

Pros & Cons

  • con-icon Can choose face-to-face interaction by accessing over 150 affiliated loan stores in the United States
  • con-icon Experienced FHA and VA lender
  • con-icon Fannie Mae HomeStyle home improvement and FHA 302K fixer-upper loans available
  • con-icon 100% digital asset, employment, and income verification available
  • con-icon USDA Rural Development loans not available

Mortgage Type

  • Mortgage Purchase
  • Mortgage Refinance
  • Fixed
  • Adjustable
  • Home Equity Loan
  • Home Equity Line of Credit
  • FHA
  • VA
  • Jumbo

LoanDepot Mortgages Terms & Requirements

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.

How to Apply

The process of applying for a mortgage with LoanDepot is straightforward and convenient. Potential borrowers can apply online or by phone, and a licensed loan officer will assist them in finding the right loan option to fit their needs and budget.

The loan officer will also explain the steps involved, from getting started to locking in a low rate to closing the loan quickly. They also have a strict no-steering policy, ensuring that borrowers are offered the loan that best fits their needs, not the lender’s.

Qualification Requirements

  • Must be at least 18 years old and a US citizen or permanent resident
  • Must have a minimum credit score of 620
    • 620 for conventional mortgages
    • 500 for FHA loans
    • 620 for VA loans
    • 700 for jumbo loans
  • Must have a minimum down payment of 3%
  • Must have stable employment and income
  • Must have a debt-to-income ratio below 45%
  • Must have a clear title and no outstanding liens on the property
  • Must have a maximum loan-to-value ratio of 90%
  • Must have homeowner’s insurance and, if required, flood insurance.
  • Property type must be eligible for mortgage financing (e.g. single-family home, townhouse, etc.).

Required Information

To get started with the prequalification process, one can visit LoanDepot’s website or call their licensed loan officers. They will be asked to provide their:

  • Name
  • Address
  • Phone number
  • Credit score
  • Social security number
  • Proof of income
  • Desired amount to borrow
  • Proof of identity
  • Information about current mortgage, if applicable
  • Other relevant financial information.

Application Steps & Time Frames

  • The initial process of requesting a prequalification with LoanDepot typically takes a few minutes online or over the phone with a licensed loan officer.
  • The loan officer will gather the necessary information and documents to assess the borrower’s eligibility and creditworthiness. This may include information such as name, address, proof of identity, phone number, credit score, social security number, proof of income, and desired loan amount.
  • Once the initial prequalification process is complete, the loan officer will provide the borrower with a personalized loan estimate and discuss available options and terms. The loan process can then move forward, with potential closing in as little as 30 days.
  • In comparison to other lenders in the market, the prequalification process with LoanDepot is straightforward and efficient, with a focus on providing personalized service and a seamless digital experience.

State Availability

- Available in all states

Written by Ali Rivzi linkedin-icon

Ali Rizvi is a published author, financial analyst, and market researcher. He's passionate about providing in-depth insights and analysis in the finance and blockchain industries. With a Bachelor's in Finance from Purdue University and a background studying abroad at the University of Cambridge, he brings a wealth of knowledge and expertise to the table.



What is the process for applying for a mortgage with LoanDepot?

To apply for a mortgage with LoanDepot, customers can either fill out an online application or speak with a loan officer to start the process. The loan officer will provide information on the available loan options and guide the customer through the application process.

What is the loanDepot Lifetime Guarantee?

The loanDepot Lifetime Guarantee is a promise to waive lender fees and reimburse appraisal fees for current borrowers who decide to refinance their property through LoanDepot.

Does LoanDepot offer any assistance for first-time homebuyers?

Yes, LoanDepot offers a variety of loan options and expert guidance from loan officers to assist first-time homebuyers in finding the right loan solution for their needs. They also provide resources and tools on their website to help educate first-time homebuyers on the home buying process.

Customer Support

The customer support available by LoanDepot is focused on providing exceptional care as customers achieve their financial goals. The company has assembled a team of experts who provide guidance throughout the mortgage journey. The representatives are living human beings, not bots, and offer a call-back option for added convenience. LoanDepot has a good reputation for solving customers’ problems and is committed to providing exceptional value, ethics, and transparency in all its actions.

Privacy & Security

LoanDepot has a comprehensive and updated privacy and security policy on their website. They do not sell or share personal information with other companies unless it’s necessary to facilitate approving your loan application or closing the loan.

LoanDepot has a Better Business Bureau (BBB) rating of “A” and a four-out-of-five star average with 964 customer reviews. Many recent one-star reviews note a lack of customer service response and problems with closing delays.

In Conclusion

LoanDepot is a direct lender that offers a wide range of mortgage options. Their major selling point is their use of proprietary software and technology to provide 100% digital verification of income, employment, and assets, which allows for a quick and efficient mortgage process. They also offer a lifetime guarantee of future fees for current borrowers who decide to refinance through the company.

Brand Disclaimer

loanDepot Lifetime Guarantee (“Guarantee”) — Subject to the conditions and contact requirements outlined below, the Guarantee applies to the refinancing of an outstanding loan originated by loanDepot that is secured by the same property upon which that borrower previously received from loanDepot a loan and “loanDepot Lifetime Guarantee” certificate. The Guarantee is non-transferable and does not apply to loans obtained to purchase a new property, new loans that result in the creation of a separate lien on the current property (i.e., a “home equity loan”), renovation loans, bond loan programs and down payment assistance programs. The Guarantee also does not apply to loans applied for through third parties (e.g., Lending Tree) or originated through loanDepot’s Wholesale division. The Guarantee may only be used by submitting an application directly to loanDepot.