Expert loanDepot Review 2019

In a nutshell: As one of the largest lending services in the United States, loanDepot provides loans nationwide. loanDepot offers fixed and adjustable loans for purchases and refinances. Their online mortgage calculator provides instant estimates prior to submitting an application. loanDepot has over 1,700 licensed lending officers guiding customers through the lending process.

Overview

loanDepot has become one of the largest retail mortgage lending services in the United States, providing loans in all 50 states. The recently upgraded website allows borrowers to get a quick estimate online. However, those interested in loanDepot should watch out for lending fees, as they can go above the national average

Eligibility & Process

loanDepot mortgage lending has updated and upgraded its application process. Customers can now finally get an estimate online through their website. The mortgage calculator provides instant estimates or customers can go through a six-step process for a more detailed estimate. loanDepot is also licensed to offer special VA loan programs for active military and veterans.

Fees & Rates

At first, loanDepot mortgage rates may seem lower than the competition, but, in terms of the annual percentage rate, this mortgage lending service has slightly higher rates. Origination fees vary between 1% to 5%, a number that falls above the national average of under 1%.

Payment Terms

loanDepot offers both fixed rate and adjustable rate mortgage loans. Loan terms available include 10 year, 15 year, 20 year, 25 year, and 30 year terms. The mortgage calculator on the loanDepot website provides instant estimates for total and monthly repayment terms.

Customer Support

All in all, loanDepot has an average customer support rating. Although the company has updated its website, allowing customers to handle loan services online, their service still falls short. Still, loanDepot is one of the top most popular lending services in the United States. The company has over 1,700 licensed lending officers across the county. Customer service is available by phone, email, online contact form, and post.

Video Review

Joe Schwartz | Mortgage Loans Editor

Our chief content editor, Joe manages a diverse team of content writers. He holds a degree in online communications and his writing has been featured in a wide range of online publications.

Top 5
1
9.9
2
8.7
3
8.5
4
8.0
5
7.9
Pros
  • Available in 50 states
  • 1,700 licensed lending officers
  • Home refinancing
Cons
  • High lender fees
  • Average service
Bottom Line
Retail mortgage lending with fixed and adjustable loans for purchases and refinances.

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