You can find LoanDepot reviews on the BBB website. If you’re interested in applying for a mortgage with LoanDepot, visit its website to begin your application and see daily mortgage and refinancing rates. Finding the fees and rates charged by loanDepot loans is like a scene from Casino Royale: if you want to see Bond’s hand, you’ll have to reveal your own. Went through four different loan processors. Original review: Dec. 18, 2020. When applying for a mortgage through loanDepot, borrowers typically need to meet the requirements associated with standard home loans. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. loanDepot was founded in 2010. Shopping interest rates online can be frustrating. Hi Elizabeth – Thank you for this review. You can break down the loan process into six easy steps when you work with loanDepot. My calls go unanswered for days and up to a week at a time. Here are details on each LoanDepot mortgage: 1. They are a danger to our economy. | Read 81-100 Reviews out of 3,083 Of these ratings, 85 percent of customers considered the lender to be “excellent,” while 10 percent deemed it “great” or “average” and only 5 percent considered it “poor” or “bad.” Information collected on February 20, 2018 This online lender has multiple different. Here’s how they take care of things from start to finish. ARMs begin with a fixed term, in which payments are typically low for a predetermined number of years. LoanDepot offers eight different mortgage loan products. Fixed-Rate Loan. Unless otherwise indicated, the use of third party trademarks herein does not imply or indicate any relationship, sponsorship, or endorsement between Good Financial Cents® and the owners of those trademarks. To start your application, you need to give LoanDepot some specific information about your situation, such as whether you are: If you don’t already have a loan agent, LoanDepot will help you find a local agent in its network who can help you get started with your mortgage process. J.D. You can find reviews on LoanDepot on their website. loanDepot Mortgage Review: Digital Process Helps You Close 17 Days Faster Last updated on December 23rd, 2020 . They are not bankers. For more information, please check out our, Advertiser Disclosure (How We Make Money), Currently has over $150 billion in assets, Has a BBB rating of just under 4 out of 5 stars and a TrustPilot score of 9.1 out of 10 stars, Offers fixed- and adjustable-rate mortgages with multiple different term lengths, Provides government-sponsored VA and FHA loans to qualifying borrowers that cannot afford to put 20 percent down on their home, Has 203k loans that combine FHA loans with construction loans, helping homebuyers fund home building and renovations projects, Considers homebuyers for jumbo loans when they need to borrow an amount that exceeds $417,000, Has multiple mortgage and refinance calculators to help prospective borrowers meet their financial goals, This online lender services all 50 states and Washington, D.C. loanDepot is currently the fifth largest retail mortgage originator in the country, a great feat considering its founding only nine years ago. Do not use this company. Once they have submitted this form, a lender from loanDepot will get in contact with the hopeful borrower, working with them to figure out what type of loan they could use. We've given them everything they've needed very timely. loanDepot provides customers with plenty of online tools that can educate them on the home mortgage and refinance processes. The organization operates with the mission and values of ethics and integrity, transparency, customer care, and excellence. All written content on this site is for information purposes only. , but it won’t be easy. . Hsieh used the mortgage expertise and leadership skills he gained from his years with LoansDirect.com and HomeLoansCenter.com to develop loanDepot into the major online lender it is today. ConsumerAffairs is not a government agency. Read on to compare mortgage rates and even discover what LoanDepot mortgage payment might fit your needs. Then we went into a repeated cycle of checking in and being told that underwriting was working on it. close . If I had known the importance of the building classification, I would have ensured the appraiser got the number of floors in the building correct. It has thousands of licensed loan officers that can help borrowers find the best loans for their budgets and goals. The organization has funded over $150 billion since its founding less than a decade ago. The loan officer was helpful in the beginning, but once the process actually started, he completely ghosts our emails, calls and texts. Find reviews and ratings for Washington mortgage lenders. Also, it is the second largest nonbank consumer lender after Quicken Loans. loanDepot allows borrowers to take out. This popular online lender offers a variety of home loan options to cater to different homebuyer needs and budgets. He then founded HomeLoansCenter.com, a national online lending organization that ultimately merged with Lending Tree. In general, loanDepot has slightly higher rates than other lending companies. LoanDepot is a reputable lender that offers a variety of home loans and refinancing services. Does LoanDepot Review Really Work? Our Methodology . This program allows homeowners that have loans owned by Fannie Mae or Freddie Mac on or before March 31, 2009, and are up-to-date on their mortgage payments. They have now reissued the closing documents 2 more times since that snafu. We value your privacy. loanDepot allows borrowers to take out FHA loans at fixed- and adjustable-rate payment styles and with a 3-percent down payment. I got Moe ** at Loan Depot to write up a refinance on my home. LoanDepot Mortgage Products. Is LoanDepot Review worth your time and money? In this example, you will receive $5,700 and will make 36 monthly payments of … Allegedly my loan is closing tonight by certainly am not holding my breath. We have an advertising relationship with the companies included on this page. LoanDepot offered me a rate that was better than my normal bank and thus I decided to give them a try as they are reported to be a reputable lender. 3,092 people have already reviewed loanDepot. loanDepot requires borrowers to submit different forms of documentation during the underwriting process. Last week my loan was FINALLY supposed to close and they send a notary to my house with two different conflicting sets of closing documents. More than three months later I STILL have not closed on the loan. Voice your opinion today and hear what 3103 customers have already said. BBB accredited since 11/4/2014. FAQ. The risk to one's time and nonrefundable upfront money isn't worth it. As LoanDepot can suddenly deny your loan for reasons they never previously explained to you and that don't exist in any piece of documentation, I recommend to avoid using them. Closing is normally done in a couple of days, and you don’t have to refinance your first mortgage. I sent him the documents. The Annual Percentage Rate (APR) is based on the loan amount and may include up to 3 points. loanDepot offers rate comparisons against other mortgage companies, making it easier to find the best deal. Unsubscribe easily. Supposedly they've put things on a "rush", but still takes longer than a week for a response. Whether loanDepot is a good option for you depends on your credit history and the type of loan you can get based on your eligibility. Each homeowner’s needs are different, and LoanDepot offers a variety of options. N/A. I got two emails from LoanDepot saying my loan was conditionally approved. This score is significantly higher than the ratings of most lenders in the nation. It is still possible to get a mortgage with bad credit or no credit history, but it won’t be easy. LoanDepot is rated three out of five in the J.D. Passed the SIX MONTH anniversary of starting this and was being assured we were very close to closing. I canceled the loan. All loans are issued by New Jersey-based Cross River Bank, and might incur an origination fee between 1 and 5 percent of the loan amount. Typically, this lender will offer the best rates to customers who put 20 percent down on their homes. Read about their experiences and share your own! Do you agree with loanDepot's TrustScore? How Identity Theft Destroys Your Credit Score, loanDepot Phone Number & Additional Details. Borrowers of 203k loans have the opportunity to pay only 3.5 percent down on their home, making it a viable option for those who cannot typically afford to put 20 percent down. Get buying tips about Mortgage Lenders delivered to your inbox. The borrower’s ability to qualify for a future loan will be subject to the loan program terms and conditions available at that time. Currently headquartered in Foothill Ranch in Southern California, loanDepot has over 150 loan locations across the country. I understand that there are a lot of people refinancing, but I wish Loan Depot would have been more honest about the length of time required between the Loan Estimate and closing. We started the process on 10/22. I would be out the several hundred dollars paid for the appraisal that was now worthless (requests for a refund of that fee were denied). loanDepot recommends fixed-rate loans for buyers who plan on staying in their new homes for more than five years. Copyright © 2020 Consumers Unified LLC. Credit Karma reviewers give LoanDepot a 1.9/5 – this isn’t a good rating but it hasn’t been edited to avoid bias. loanDepot mortgage rates are competitive and are often some of the lowest in the industry. loanDepot mortgage fees and rates depend on several factors. Peter Warden The Mortgage Reports editor. Rate Assumptions — Rates displayed are subject to change and assumes that you are buying or refinancing an owner-occupied single family home, debt-to-income ratios of 35% or lower, asset and reserve requirements are met, and your property has a loan-to-value of 80% or less. Categories Blog My Reviews My Settings Install App Help Log out Log in Install App For companies Overview Reviews About loanDepot Reviews 3,103 • Average . A free inside look at company reviews and salaries posted anonymously by employees. "I will see." They offer clear descriptions of their home loan offerings, as well as updated interest rate estimations based on each of these options. With these types of loans, you can borrow up to 90 percent of your home’s value. loanDepot recommends their 3/1, 5/1, 7/1, and 10/1 ARMs to borrowers who plan on selling or refinancing their home in the next few years. Your experience is important to us and we take your concerns very seriously. Also when I had to declare bankruptcy my house was never in it but they show me as my house was in the bankruptcy so they really messed up my credit. It currently has over $150 billion in assets, a large number considering it is a relatively new lender. How do I know I can trust these reviews about LoanDepot? BEWARE! 3/5. This online lender can provide borrowers with up to $2 million in financing for high-value homes. Required fields are marked *. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. loanDepot has a TrustPilot score of 9.1 out of 10 stars with 1,488 reviews. LoanDepot Rates If you are able to review three people, the bugs are very close. In addition, there is no credit minimum required to take out loans through the HARP. (Points include … This program allows homeowners to refinance their loans with no equity or private mortgage insurance. LoanDepot Review Rates Wiki Payment Website Video On Youtube Value Customer Review Steps Ratings Alerts Land Secrets Register Members Formalities Opinion Tips Benefits Feedback Comments Contact News Sale Money Finance Guarantee Discount Issues Complaints Homes Offer LoanDepot Does It … As we approached the seven month point, underwriting re-discovered my one open credit account (which they had known about and calculated in since the beginning) and suspended the application again. Our issue was that any time we called we didn’t get the level of service we needed. This company is not yet accredited. LoanDepot offers the following loan types: LoanDepot prioritizes creating a streamlined loan process through its mello smartloan program. It will also go over the loan eligibility requirements and the application process. loanDepot has an average customer rating that is just short of 4 out of 5 stars with 824 reviews. Rotten mortgages are what took the economy down in 2008. I am writing to their CEO to complain. © 2021 Good Financial Cents®. These loans allow for easy long-term budgeting, which makes them an ideal choice for money-conscious buyers. loanDepot offers jumbo mortgages to homebuyers who need a loan that exceeds the limits set by Fannie Mae and Freddie Mac. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur. Because its loan rates change daily, we can’t state what LoanDepot’s mortgage rates are at any given time. Thank you, you have successfully subscribed to our newsletter! loanDepot provides borrowers with these types of FHA home construction loans that include the cost of the home as well as the funds to cover renovations. loanDepot’s Mortgage Process. In less than 10 years, loanDepot has established itself as the nation’s fifth-largest retail mortgage originator, according to its website. All of our content is based on objective analysis, and the opinions are our own. At no point was I asked what type of condo building I was in. This lender is accredited by the Better Business Bureau (BBB), with an A+ rating. The best interest rates and monthly payments on the company’s website typically assume that you have a 740 credit score — you will also need a debt-to-income ratio of 35% or lower. Repayment Terms . All third party trademarks, including logos and icons, referenced in this website, are the property of their respective owners. One is better off either paying a slightly higher rate with a reputable lender or using their quote to use as leverage to get one's preferred bank to match them. We are almost at 90 days & still not closed. The company is a direct lender. It's like pulling teeth to even find out what's going on! They were responsive to my calls, answered my questions, etc. A link has directed you to this review. This lender is comprised of 6,400 staff members, including over 1,700 qualified licensed loan officers. Summary. About two weeks later I received a call from Loan Depot requesting three items of information that I had already provided that they needed for their underwriters. LoanDepot’s loan process has a minimum credit score of 620, but you should have a much higher credit score if you want a chance of being approved for a good interest rate. By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. They don't know anything about banking. LoanDepot offered me a rate that was better than my normal bank and thus I decided to give them a try as they are reported to be a reputable lender. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. My loan officer and other people assigned to my loan have been replaced multiple times. LoanDepot Wholesale Larger errors can have a serious impact on your existence and your points can be stored in an acceptable range. Opinions expressed herein are solely those of AWM, unless otherwise specifically cited. loanDepot’s refinance mortgage options include FHA, VA and Conventional mortgage loans with a wide range of terms (fixed rate, adjustable rate, 30-years, 15-years, etc.). Of these ratings, 85 percent of customers considered the lender to be “excellent,” while 10 percent deemed it “great” or “average” and only 5 percent considered it “poor” or “bad.”. You can check the company’s website for its loan and refinancing rates every day. 3,103 people have already reviewed loanDepot. The APR ranges from 10.68% to 35.89%. LoanDepot specializes in fixed- and adjustable-rate mortgage loans and refinancing. These standard home loans provide consistent monthly payments over the lifetime of the mortgage. Good for: borrowers looking to refinance or who want to start the application process online. The technology also helps you determine which loan types work well for your situation. 4 / 5.0 . The best mortgage lenders for 2021: Reviews and rates. The initial contact with Loan Depot was painless and uneventful and I obtained a Loan Estimate on October 6, 2020 from LoanDepot.com, LLC. At this point, I was contacted that LoanDepot doesn't do loans for high-rise condos and would be canceling my mortgage refinance. The 9 best … Unsubscribe at any time. loanDepot has a TrustPilot score of 9.1 out of 10 stars with 1,488 reviews. Each week, we’ll send you money tips to guide you on the path to financial freedom. Check out these Washington lender reviews before deciding on the mortgage lender that's right for you. However, if the borrower qualifies for government-assisted loans, such as FHA or VA mortgages, loanDepot allows them to make down payments as low as 3 percent. Percent of your home ’ s affected by extraneous costs like that origination.! Refinancing rates every day replaced multiple times work with your transferred provider to the! Note though – the comparisons assume a credit rating of 740 and a debt-to-income ratio of %... No way affiliated with better business bureau ( BBB ), with an,. Party goods and/or services we needed bureau ( BBB ), with an A+ rating Licenses... Company as a whole was not a bad company, but by then we went into repeated! Condo that they only did mortgage refinance of certain types of loans, everyone ’ s loan payment process differ! 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