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LoanDepot: A One-Stop Shop for Mortgage Needs

With over 6,000 employees serving more than 27,000 consumers across all 50 states, loanDepot is a force to be reckoned with in the mortgage and refinance space. As the fifth largest retail mortgage lender in the U.S., it has funded over $275 billion in loans since its founding in 2010.

Key Benefits

• Earn up to $7,000 cash back at closing through the mellohome Grand Slam program when buying and selling with a mellohome-approved real estate agent
• First-time home buyers can receive an extra $1,000 cash bonus through the program
• Refinance your loan with loanDepot and waive its lender fee through the Lifetime Guarantee program

Mortgage Options

loanDepot offers a wide array of mortgage and refinance loans, including:

• Conventional loans
• FHA loans
• VA loans
• Purchase mortgages
• Refinance loans
• Cash-out refinance loans
• Fixed-rate mortgages
• Adjustable-rate home loans
• Jumbo loans
• Renovation loans
• HELOCs

What’s Lacking

• loanDepot doesn’t publish interest rates online, making rate comparisons difficult
• Customer service rating is below average, according to the 2024 J.D. Power Mortgage Origination Satisfaction Study

FHA Loans

As a direct FHA mortgage lender, loanDepot offers several FHA loans for buyers at varying stages, including:

• FHA purchase loans with 3.5% down payments
• FHA Streamline Refinance for homeowners with current FHA mortgages
• FHA cash-out refinance for current FHA mortgage holders with equity
• FHA 203k renovation loans for those in the market for a fixer-upper

VA Loans

As an approved VA lender, loanDepot offers VA loans with benefits such as:

• 0% down payment
• Low closing costs
• Competitive interest rates
• Less stringent qualifying terms

Home Equity Lines of Credit (HELOCs)

loanDepot offers HELOCs with a soft credit pull, allowing you to check your rate without hurting your credit score. However, the origination fee for HELOCs can be up to 5% of your credit line.

Getting Started

To get a mortgage rate quote, you’ll need to contact loanDepot via phone or online form. Be prepared to ask about other costs, including lender fees, to get a complete picture of your mortgage product’s total cost.

Resource Library

loanDepot has a robust resource library for homebuyers, featuring calculators, articles, and guides to help you navigate the mortgage and home-buying process.