LoanDepot Mortgage Review 2024

LoanDepot overview

Pros and cons of LoanDepot

How Bankrate scored LoanDepot

• Affordability: LoanDepot’s mortgage rates typically run above Bankrate’s averages. One benefit for returning customers: The lender waives fees on future refinances.
• Availability: This lender operates nationally and offers the basic slate of mortgage offerings, along with personal loans.
• Borrower experience: You can apply for a mortgage on LoanDepot’s website, but the lender also maintains more than 200 locations if you’re looking for in-person help.

Affordability: 6.8/10

LoanDepot’s mortgage rates and fees aren’t advertised on its website. Instead, you’ll need to fill out a request for a personalized rate quote and preapproval. Loan Depot’s APRs are typically above Bankrate’s averages, which docks their affordability score. The lender’s Grand Slam package could net you up to $4,500 back at the close of your transaction, provided you work with an affiliated real estate agent and meet other qualifying criteria.

Availability: 10/10

LoanDepot offers an array of products: conventional mortgages, jumbo loans, FHA and VA loans, construction and renovation loans and refinances. The lender has also begun offering home equity lines of credit (HELOCs). It operates in all U.S. states. (Note: The Grand Slam program isn’t available in some states.)

Borrower experience: 8.5/10

LoanDepot is accredited by the Better Business Bureau with an A+ rating, and based on more than 3,900 reviews, has 3.9 out of five stars on Trustpilot. It scored well below average, however, in J.D. Power’s 2023 ranking for mortgage origination satisfaction. The lender’s website includes a “Knowledge Cafe” with educational resources on buying and owning a home, and you can easily apply and make your monthly payments online.

Learn more: How to choose a mortgage lender

How to apply for a mortgage with LoanDepot

You can apply for a mortgage with LoanDepot in person at a branch location, online or by phone at 888-983-3240. You can reach customer service Monday through Friday, 10 a.m. to 9 p.m. ET.

Here are some steps to take to get ready to apply:

1. Verify your credit report: Check your credit report before your lender does to catch any errors that could affect your preapproval and mortgage rate options. Understanding your credit score will also help you determine the most suitable loan type. For example, if you have a credit score between 580 and 620, an FHA loan can be a good option because of its less strict credit score requirements.
2. Collect personal and financial documents: Be ready to provide documentation concerning your income, assets and debts to any lender. This involves items such as pay stubs, W-2s, as well as account and loan statements.
3. Share property details: Supply the lender with the property address and other details about the property you’re buying or refinancing. It will schedule an appraisal to determine the value of the home. (For refinancing, an appraisal may not be required.)

Learn more: How to get a mortgage

Refinancing with LoanDepot

LoanDepot offers both rate-and-term and cash-out refinancing options. The lender also offers a Lifetime Guarantee program: Take out a loan or mortgage with the company, and it’ll never charge you fees for another refinance on the same property. Plus, you’ll get your appraisal fee reimbursed.

Learn more: When should you refinance your mortgage?

Special programs offered by LoanDepot

AccessONE+

LoanDepot’s AccessONE+ program offers first-time homebuyers in certain cities up to $9,000 in down payment and closing cost assistance, along with the ability to put down just 1 percent. You might be eligible if you’re a first-time buyer in or around one of these metro areas: Atlanta; Baltimore; Brownsville-Harlingen, Texas; Chicago; Cleveland; Dallas-Fort Worth; Detroit; Houston; McAllen, Texas; Memphis; Miami; New York; Oklahoma City; Orlando; Philadelphia; Phoenix; Riverside; San Antonio; St. Louis; Tampa; and Washington, D.C.

Grand Slam

LoanDepot’s Grand Slam program offers up to $4,500 back after closing if you work with an affiliated real estate agent (through mellohome) to buy your home. The program isn’t available in Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon and Tennessee.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
  • Availability: Loan products - 50%; licensing - 40%; credit score - 10%
  • Borrower experience: Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.