Loan Depot; Rachel Mendelson/Insider
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Overall lender rating
| Feature | Insider rating (out of 5) |
| Loan types | 3.5 |
| Affordability | 3 |
| Customer satisfaction | 4 |
| Trustworthiness | 5 |
| Total | 3.88 |
Pros and cons
| Pros | Cons |
|
|
LoanDepot mortgage rates
While using the LoanDepot website, you may find it challenging to find what you are looking for. For instance, if you click on “Compare Mortgage Rates,” it will take to you calculators for purchase and refinance monthly payments.
Other lenders’ websites will feature sample mortgage rates. Or you can fill out a form to get a personalized mortgage rate so that you can start to get an idea of what your mortgage could look like with the lender. However, with LoanDepot, you’ll need to contact a loan officer or begin to fill out a loan application online.
According to customer reviews on Zillow, rates with LoanDepot were “lower than expected,” so you may be able to lock in a good rate.
LoanDepot vs. Fairway Independent Mortgage Corporation
|
loanDepot |
Fairway |
|
Types of home loans Conforming, jumbo, FHA, VA |
Types of home loans Conforming, jumbo, FHA, VA, USDA, renovation, reverse |
|
Alternative credit data No |
Alternative credit data Yes |
Fairway has more home loan options than LoanDepot. Fairway is the clear choice if you’re specifically looking for a reverse mortgage, USDA mortgage, or renovation loan — LoanDepot doesn’t offer any of these types of home loans.
Fairway also lets you use alternative credit data to apply for a loan if you have a low or poor credit score.
Both lenders offer loans throughout the entire US. If you prefer a lender with a nearby branch, your decision may rest on which is available in your state. Fairway doesn’t have branches in Alaska or West Virginia. Meanwhile, LoanDepot branches are located in every state except Montana, Wyoming, North Dakota, South Dakota, Nebraska, and Alaska.
LoanDepot vs. Guild Mortgage
|
loanDepot |
Guild Mortgage |
|
Types of home loans Conforming, jumbo, FHA, VA |
Types of home loans Conforming, jumbo, FHA, VA, USDA, renovation, reverse, manufacturing |
|
Alternative credit data No |
Alternative credit data Yes |
If you live in New Jersey or New York, you won’t be able to apply for a mortgage with Guild Mortgage. However, LoanDepot mortgages are available in every state in the US.
That being said, if you are looking for more home loan options, Guild Mortgage may be the better choice. You also may find Guild Mortgage more appealing than LoanDepot if you have a poor credit score or no credit score. Guild Mortgage allows homebuyers to use other forms of credit when applying for a loan.
How LoanDepot mortgages work
LoanDepot is a national mortgage lender, so you can apply for a home loan from anywhere in the US. There are branch locations in every state except Montana, Wyoming, North Dakota, South Dakota, Nebraska, and Alaska.
If you want to know where the nearest branch is located, you can use this search tool.
LoanDepot has several home loans, such as:
- conforming mortgages
- fixed-rate mortgages
- adjustable-rate mortgages
- jumbo mortgages
- FHA loans
- VA loans
There are also refinancing options for fixed-rate mortgages, adjustable-rate mortgages, FHA loans, or VA loans. You can do a cash-out refinance for mortgages starting at $80,000.
LoanDepot doesn’t have any USDA loans, home equity loans, HELOCs, or reverse mortgage options. Also, if you have a poor or no credit score, you can’t apply for a LoanDepot loan using alternative credit data — you’ll have to show your credit score.
If you have questions about new loans, you can contact a loan officer Monday to Friday from 8 a.m. to 10 pm. ET, or Saturday from 11 a.m. to 6 p.m. ET.
For customer service questions on existing loans, you can reach out for support Monday to Friday from 8:30 a.m. to 11 p.m. ET, or on Saturday from 8:30 a.m. to 5 p.m. EST.
Is LoanDepot trustworthy?
LoanDepot doesn’t have any recent public controversies.
LoanDepot has received an A+ rating from the Better Business Bureau. The BBB rates businesses according to how the business deals with customer disputes. A good BBB rating won’t necessarily guarantee that your relationship with a lender will be the same as others. If you want to see whether a bank is an ideal match, get the perspectives of friends or family who have been customers. Another option is sifting through customer reviews online.
LoanDepot FAQ
Who owns LoanDepot?
Anthony Hsieh founded LoanDepot in 2010, and he now acts as CEO. The lender became a publicly traded company in 2021.
How long does LoanDepot take to close?
Once the seller accepts your offer, it will probably take 30 to 60 days to close through LoanDepot. You’ll go through the appraisal and inspection, sign the remaining documents, then close within two or three days.
Mortgage and refinance rates by state
Check the latest rates in your state at the links below.
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming
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