LoanDepot Mortgage Review 2025

LoanDepot overview

Pros and cons of LoanDepot

How Bankrate scored LoanDepot

Affordability: 3.4/5

LoanDepot’s lack of transparency around APRs lowers its affordability score, resulting in 3.4 out of 5 stars in this category.

• Interest rates: LoanDepot does not publicly show mortgage rates, so the rate you’re quoted could be above, below or at market average. You'll need to connect with a loan officer to learn what the lender could offer you. 
• Down payment: LoanDepot offers conventional mortgages with 5 percent down, FHA loans with 3.5 percent down and VA and USDA loans with no down payment required.
• Closing costs and fees: While closing costs vary by lender and other factors, in 2023, LoanDepot charged an average origination fee of $4,909 according to HMDA data. The total average loan cost was $9,896, at 3.44 percent of the loan amount.

Availability: 5/5

LoanDepot offers several mortgage types and is available nationwide, awarding it a perfect 5 out of 5 stars for availability.

• Home loans offered: LoanDepot offers conventional, jumbo, FHA, VA and USDA loans. It also offers HELOCs and refinance options. 
• Footprint: The lender can originate loans in all 50 states.
• Where to find: LoanDepot is available online and at over 200 in-person locations.

Borrower experience: 4.3/5

LoanDepot offers many contact methods and an online account to manage your loan. However, it requires you to submit a lead before seeing mortgage rates. Because of this, it scores 4.3 out of 5 stars for borrower experience.

• Application and preapproval process: With LoanDepot, you can start the preapproval process online, over the phone or in person at a branch by talking with a loan officer to figure out the best loan for you. Your loan officer will then help ensure your loan progresses to the mortgage underwriting process, and you'll submit any required documents. Documents may include pay stubs and proof of at least two years of employment history. Once approved, you'll move ahead to closing. 
• Transparency: LoanDepot requires you to submit contact information before seeing any mortgage rates.
• Customer service: You can contact the lender through various ways, including in person at a branch, over the phone, or via email, online form or text message. 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.

LoanDepot reputation

LoanDepot is a large lender with an above-average reputation in most regards. The lender is accredited by the Better Business Bureau and has an A+ rating with the organization. The lender has also received a “Great” ranking on Trustpilot, with over 4,000 customer reviews. However, LoanDepot scored below average in J.D. Power’s 2023 Mortgage Origination Satisfaction Study (the most recent available).

What consumers say about LoanDepot

Overall, consumer reviews of LoanDepot on Bankrate are positive, highlighting the company’s professional and knowledgeable staff, quick loan turnaround and flexibility. However, multiple reviewers found the staff to be "pushy" and made commitments that weren’t kept.

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.

AccessZERO

LoanDepot offers this program nationwide for those with FHA purchase loans. First-time and repeat homebuyers who meet qualifying credit score and debt-to-income ratio criteria can receive up to five percent in down payment assistance, which comes as a 10-year fully amortized repayable second mortgage. This program is not available in New York and is only available with a standard 203(b) FHA loan.

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.

Refinancing with LoanDepot

LoanDepot offers rate-and-term and cash-out refinancing options. However, as with purchase rates, you can't see refinance rates on the lender's website. LoanDepot also offers a Lifetime Guarantee program: Take out a loan or mortgage with the company, and it won't charge you fees for another refinance on the same property.

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, 8 a.m. to 10 p.m. ET, as well as Saturday 11 a.m. to 6 p.m. ET.

• 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 - 35%; customer service - 35%; convenience - 20%; rate locks - 10%; reputation (if applicable)

  Learn more about our methodology.