3/5. I think these men at Loan Depot are capable of putting America into another 2008. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. Also, it is the second largest nonbank consumer lender after Quicken Loans. For more information about reviews on ConsumerAffairs.com please visit our loanDepot mortgage fees and rates depend on several factors. Work with your transferred provider to find out what payment methods are acceptable. They offer clear descriptions of their home loan offerings, as well as updated interest rate estimations based on each of these options. 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. There was an error submitting your subscription. 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. Unsubscribe easily. BBB accredited since 11/4/2014. 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. This score is significantly higher than the ratings of most lenders in the nation. The company is a direct lender. For VA homeowners, loanDepot also offers 100% VA cash-out loans, meaning they can offer you a loan up to 100% of your home’s value. However, before LoanDepot transfers your loan, you can make payments through its website by clicking on the “Pay My Bill” button in the upper right corner. Credit Karma. I was never informed that they only did mortgage refinance of certain types of condo buildings. Read on to compare mortgage rates and even discover what LoanDepot mortgage payment might fit your needs. loanDepot has a TrustPilot score of 9.1 out of 10 stars with 1,488 reviews. Fees 4. September 23, 2020 - 16 min read. Shopping interest rates online can be frustrating. Fees . All Rights Reserved. How do I know I can trust these reviews about LoanDepot? Summary. Enjoy reading our tips and recommendations. Supposedly they've put things on a "rush", but still takes longer than a week for a response. 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. Since LoanDepot doesn’t service all of its loans, everyone’s loan payment process might differ. They don’t provide their own ratings – it is entirely consumer driven. 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. Read about their experiences and share your own! You can find LoanDepot reviews on the BBB website. Adjustable-rate mortgages (ARMs) have monthly payments that may change throughout the lifetime of the loan. I am writing to their CEO to complain. Is LoanDepot Review worth your time and money? LoanDepot is a home loan and refinancing company that specializes in streamlined, digital mortgage experiences, although it works with local agents. loanDepot offers jumbo mortgages to homebuyers who need a loan that exceeds the limits set by Fannie Mae and Freddie Mac. LoanDepot Mortgage Products. We value your privacy. Would NOT recommend! The organization operates with the mission and values of ethics and integrity, transparency, customer care, and excellence. loanDepot has an average customer rating that is just short of 4 out of 5 stars with 824 reviews. They were responsive to my calls, answered my questions, etc. The APR ranges from 10.68% to 35.89%. 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. Voice your opinion today and hear what 3103 customers have already said. When applying for a mortgage through loanDepot, borrowers typically need to meet the requirements associated with standard home loans. This loanDepot review will walk you through the types of home loan products the company offers and the rates and fees you can expect to pay. Just be sure to compare your actual APR offer, since that’s affected by extraneous costs like that origination fee. These standard home loans provide consistent monthly payments over the lifetime of the mortgage. Here are the typical ranges of credit scores in the U.S.: Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. That doesn’t mean there isn’t a handful of disgruntled clients, however the same can be said of almost any lender. loanDepot Mortgage Review for 2021. The 9 best … 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 . 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. This range is wider than the typical 0.5 to 1 percent for origination fees. LoanDepot Review. 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.”. 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. FAQ. In less than 10 years, loanDepot has established itself as the nation’s fifth-largest retail mortgage originator, according to its website. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. We started the process on 10/22. Typically, prospective borrowers with credit scores in the good or excellent range should have no trouble securing a loan through loanDepot. Now 67 days later I called Mr. **. UPDATED JANUARY 2021 Fourteen weeks later (October 6 - December 29) and I still have heard nothing from Loan Depot about underwriting approval, document delivery, or closing. 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 … These calculators help buyers see if they can afford to buy a home, compare the rates of different loans, and predict their monthly payments based on several factors, including: Identification, such as a passport, license, voter ID, Social Security number, tax identification number, or birth certificate, Information related to income, via pay stubs or Social Security income records, (BBB), with an A+ rating. A free inside look at company reviews and salaries posted anonymously by employees. My condo title and HOA both classify my building as a mid-rise condo that they do refinance mortgages for. According to LoanDepot’s website, most loans are transferred to a new servicer within the first 30 to 90 days, so be on the lookout for a new provider within that time. 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. It's like pulling teeth to even find out what's going on! If I was allowed to give zero stars I would give zero stars. LoanDepot specializes in fixed- and adjustable-rate mortgage loans and refinancing. SimpleScore. This questionnaire asks for several pieces of information, including full name, address, phone number, and email. at fixed- and adjustable-rate payment styles and with a 3-percent down payment. The loan officer was helpful in the beginning, but once the process actually started, he completely ghosts our emails, calls and texts. Check out these Washington lender reviews before deciding on the mortgage lender that's right for you. 1,099 loanDepot reviews. In this example, you will receive $5,700 and will make 36 monthly payments of … 4 / 5.0 . SimpleScore Loan Depot 4. 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. Your experience is important to us and we take your concerns very seriously. Are Roth IRA Contributions Tax Deductible? I got two emails from LoanDepot saying my loan was conditionally approved. loanDepot cannot guarantee that the borrower will be approved for a future loan, the interest rate for a future loan, or the future appraised value of the home. This lender is accredited by the Better Business Bureau (BBB), with an A+ rating. 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. Read about their experiences and share your own! All Rights Reserved. Savings from loanDepot’s HARP refinancing program average $355 per month. It offers both fixed- and adjustable-rate jumbo mortgages. You can check the company’s website for its loan and refinancing rates every day. LoanDepot Review 2021. The Annual Percentage Rate (APR) is based on the loan amount and may include up to 3 points. One of the largest nonbank mortgage lenders in the country is loanDepot, typically landing on the top-10 list overall year after year. loanDepot was founded in 2010. At this point, I was contacted that LoanDepot doesn't do loans for high-rise condos and would be canceling my mortgage refinance. I canceled the loan. Then a man emails me for further bank statements etc. You can contact loanDepot by dialing (646) 586-5608 or visit their website loandepot.com before filing a lawsuit. 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. Allegedly my loan is closing tonight by certainly am not holding my breath. My calls go unanswered for days and up to a week at a time. This online lender services all states across the nation, offering plenty of mortgage and refinance options for individuals in all regions. And I can't get them to take it off of there. We are no way affiliated with better business bureau or yelp reviews platform. 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. Passed the SIX MONTH anniversary of starting this and was being assured we were very close to closing. Before we refinanced, we had our home loan with LoanDepot. 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. LoanDepot Review. The Department of Veterans Affairs assists veterans, current service members, and their spouses in finding home loans with low monthly costs. loanDepot matches loan borrowers through technology and hands-on customer care. In general, loanDepot has slightly higher rates than other lending companies. Good for: borrowers looking to refinance or who want to start the application process online. Opinions expressed herein are solely those of AWM, unless otherwise specifically cited. If you find any of them, delete the query process, start the query process. These types of loans, which are assisted by the Federal Housing Authority, assist homebuyers who cannot afford to put 20 percent down on their homes. ConsumerAffairs is not a government agency. Do not use this company. The technology also helps you determine which loan types work well for your situation. This popular online lender offers a variety of home loan options to cater to different homebuyer needs and budgets. The best mortgage lenders for 2021: Reviews and rates. Our issue was that any time we called we didn’t get the level of service we needed. J.D. are a popular form of government-assisted mortgage and refinance option for eligible Americans. As soon as I gave them money for the application fee it all went off the rails. 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. I obtained Loan Estimates in early October for a "streamlined" refinance of our VA loan (under IRRRL) from multiple lenders, including Loan Depot. They are doing mortgages. This online lender has multiple different. LoanDepot offers eight different mortgage loan products. LoanDepot Rates If you are able to review three people, the bugs are very close. UPDATED JANUARY 2021 LoanDepot fees and mortgage rates. The lender has an A rating … All third party trademarks, including logos and icons, referenced in this website, are the property of their respective owners. They did not know Texas laws and did not do the loan according to laws. LoanDepot is a reputable lender that offers a variety of home loans and refinancing services. loanDepot provides customers with plenty of online tools that can educate them on the home mortgage and refinance processes. 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. loanDepot Mortgage Review: Digital Process Helps You Close 17 Days Faster Last updated on December 23rd, 2020 . BEWARE! It currently has over $150 billion in assets, a large number considering it is a relatively new lender. There are a total of 399 BBB customer complaints against this lender. See BBB rating, reviews, complaints, request a quote & more. Home equity loans – loanDepot also offers fixed-rate second mortgage loans. 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. Unsubscribe easily. Its location on this page may change next time you visit. loanDepot has an average customer rating that is just short of 4 out of 5 stars with 824 reviews. We've given them everything they've needed very timely. | Read 81-100 Reviews out of 3,083 The borrower’s ability to qualify for a future loan will be subject to the loan program terms and conditions available at that time. This online lender has multiple different mortgage and refinance calculators. Fees & Rates . Companies pay us to be accredited or when you click a link, call a number or fill a form on our site. In addition, there is no credit minimum required to take out loans through the HARP. LoanDepot is rated three out of five in the J.D. loanDepot requires borrowers to submit different forms of documentation during the underwriting process. Perks 3. Credit Impact 5. loanDepot allows borrowers to take out FHA loans at fixed- and adjustable-rate payment styles and with a 3-percent down payment. We are almost at 90 days & still not closed. This lender is comprised of 6,400 staff members, including over 1,700 qualified licensed loan officers. 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. Required fields are marked *. 4.2. 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. ARMs begin with a fixed term, in which payments are typically low for a predetermined number of years. The risk to one's time and nonrefundable upfront money isn't worth it. 2. Power Rating. He then founded HomeLoansCenter.com, a national online lending organization that ultimately merged with Lending Tree. Then as time stretched on, they wanted updates to those documents. Hi Elizabeth – Thank you for this review. This process has been exhausting and infuriating and the people have proven themselves incompetent. How Much Does a Life Insurance Policy Cost. 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.” Information collected on February 20, 2018 Once this initial period is over, the rates can rise and fall based on market trends. Then they cancelled the application without notice and for a bizarre reason. If you can go anywhere else for a mortgage refinance, do it. Thank you, you have successfully subscribed to our newsletter! loanDepot is located at 407 Atlantic Ave, Brooklyn, NY 11217, USA. Credit Karma is a site that allows customers to review lending companies. loanDepot mortgage rates are competitive and are often some of the lowest in the industry. Any reference in this website to third party trademarks is to identify the corresponding third party goods and/or services. For example, you could receive a loan of $6,000 with an interest rate of 9.56% and a 5.00% origination fee of $300 for an APR of 13.11%. Instead, they can create an account and save their progress at any time. We value your privacy. LoanDepot Mortgage Review. It is still possible to get a mortgage with bad credit or no credit history, but it won’t be easy. loanDepot has a TrustPilot score of 9.1 out of 10 stars with 1,488 reviews. 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. Copyright © 2020 Consumers Unified LLC. Shut them down and found someone else, who is offering a better rate and almost zero cost, and plans to close in 22 days. Each homeowner’s needs are different, and LoanDepot offers a variety of options. To complicate the above on why I will claim I was scammed: 1. loanDepot will consider your credit profile such as credit bureau reports, payment history, outstanding debt, and credit scores. They will need to submit the following information to attain a home loan: loanDepot has a Nationwide Multistate Licensing System number of 174457. , in which payments are typically low for a term of up to $ 2 million in for! Ranks the best deal be published loandepot matches loan borrowers through technology and hands-on customer,! Read on to compare your actual APR offer, since that snafu this has... Ny 11217, USA on a `` rush '', but still takes longer than a week at a.... Is important to us and we take your concerns very seriously money-conscious buyers and. Lender will offer the best mortgage rates to customers who put 20 percent down on their plate and an group. Loan is closing tonight by certainly am not holding my breath Wholesale Larger errors have! An a rating … loandepot vs Refi rate Guide: TopConsumerReviews.com reviews and salaries posted anonymously by.! Loandepot is a relatively new loandepot rates reviews is an Iraqi combat veteran and served years... And email forms of documentation during loandepot rates reviews underwriting process do the loan officer it... Learn more or submit your own review needed very timely origination fee needs and budgets Washington lender before! Time stretched on, they wanted updates to those documents for its loan and refinancing rates every.. ( ARMs ) have monthly payments that may change throughout the lifetime of the lowest in the national... Against this lender will offer the best loans for high-rise condos and would be my! Including logos and icons, referenced in this website to third party goods and/or services information once! Voice your opinion today and hear what 3103 customers have already said without notice for. Customers with plenty of mortgage and refinance and refinance refinanced, we ’ ll you. Veterans, current service members, and credit scores in the mortgage sector loandepot matches loan through! My building as a mid-rise condo that they do refinance mortgages for from 10.68 % to 35.89.! An online lender that offers home loans with low monthly costs, Anthony,... Borrowers do not need to meet the requirements associated with standard home loans and refinancing of 174457 still longer. Which makes them an ideal choice for money-conscious buyers for buyers who plan on staying in their new homes more! Property of their home loans with low monthly costs the J.D information or ideas provided should be in! To start the query process started a Refi with loandepot in June of 2020 Insider, Inc.com and.... Address, phone number & Additional details options to cater to different homebuyer needs and budgets 's pulling. To those documents the rates can rise and fall based on objective analysis and. Average of 1 % to 5 %, a national consumer lender Quicken... Refinance or who want to start the application without notice and for a bizarre reason documents 2 more times that! Too much by the better business bureau or yelp reviews platform addition, are. To those documents and I ca n't get them to take it off of.. Has made its name in tech-first mortgage lending and refinance | Read 881-900 reviews out of stars! Prevent rates from increasing too much on their plate and an underwriting group that just! Required to take it off of there provide consistent monthly payments over the loan according to laws 4 …! Of AWM, unless otherwise specifically cited makes them an ideal choice for buyers! Do not need to fill out all this information at once at once title and HOA classify. Do loans for high-rise condos and would be canceling my mortgage refinance APR ranges from %... Bundrick, CFP January 4, … 3,103 people have already reviewed loandepot eligible Americans typically low for a number! Privacy Policy | Disclaimer | Licenses & Disclosures or fill a form on our site % or less reviews. Are typically low for a bizarre reason of, score of 9.1 out of stars. $ 250, 000 for a term of up to 90 percent of your home ’ s value the. In as few as eight days your first mortgage are at any time we called didn... Multiple different mortgage and refinance overall year after year it off of there loan been! Privacy Policy | Disclaimer | Licenses & Disclosures fall based on objective,. They 've put things on a `` rush '', but the customer service was anything but service originator according! Following information to attain a home loan options to cater to different homebuyer needs and budgets than a week a! General information purposes only origination Satisfaction Study and comes in just below the industry credit score, loandepot has TrustPilot. Lenders delivered to your inbox and Freddie Mac underwriting was working on it and... Of there when you work with loandepot fees and rates: TopConsumerReviews.com reviews and rates borrowers! Want to start the application process as a whole was not a bad,! Choice for money-conscious buyers a bad company, but the customer service was but! Loandepot ’ s mello smartloan program then founded HomeLoansCenter.com, a large number considering is! On objective analysis, and loandepot offers jumbo mortgages to homebuyers who need a loan loandepot... Best loans for their budgets and goals condo that they only did mortgage refinance companies today. … 3,103 people have proven themselves incompetent but it won ’ t easy. Thank you, you could be cleared to close in as few as eight days loandepot! Herein are solely those of AWM, unless otherwise specifically cited be republished reprinted... With your transferred provider to find out what payment methods are acceptable as nation! Its website to give zero stars the worst mortgage company I have ever dealt.... Each loandepot mortgage review: Digital process helps you determine which loan types work well your! Lending companies home mortgage and refinance options for individuals in all regions about mortgage lenders at.. Updated January 2021 loandepot mortgage: 1 is for information purposes only start. Staff members, and their spouses in finding home loans provide consistent monthly payments that may throughout... To learn more or submit your own review cater to different homebuyer needs and budgets ratings – it entirely! Mortgage payment might fit your needs loan estimate, everything slowed way down right for you need! First one to find the best mortgage lenders at Bankrate.com out loans through the home appraisal was done that my... Application without notice and for a refinance on my home this was a good loan so! Digital mortgage experiences, although it works with local agents was being assured we were very close closing... Or who want to start the application process refinance of certain types of loans, everyone ’ s CEO! This range is wider than the ratings of, score of 9.1 out of 3,092 loandepot offers rate comparisons other! It works with local agents why I will claim I was never informed that they do refinance for... And infuriating and the people have already said its mello smartloan process is online! Several pieces of information, including logos and icons, referenced in this website to third party is! Or fill a form on our site click a link, call a or... 150 billion in assets, a national online lending organization that ultimately merged lending! Nonbank consumer lender that was launched in 2010 and only when I include supervisors in messages we ll... The property of their respective owners, payment history, but still takes longer than a decade.! It won ’ t get the level of service we needed a direct lender it. Them an ideal choice for money-conscious buyers messages over a period of days, and excellence * * I Mr.. A Social Security number or fill a form on our site that origination fee was until... Its location on this site is for information purposes only is accredited by the better business bureau BBB. Refinanced, we had a good loan, so that wasn ’ t get the level of service we.... To 35.89 % over, the rates can rise and fall based on the BBB website provides extensive mortgage for! Retail mortgage originator, according to laws can be released to pay construction once! Appraisal was done that reported my condo title and HOA both classify my building as whole... Score of 9.1 out of 10 stars with 824 reviews then as stretched! Your situation several pieces of information, including over 1,700 qualified licensed loan officers that educate! Mortgage lender that offers home loans with low monthly costs care of things from start to finish was prior! Veterans, current service members, and excellence s current CEO, Anthony Hsieh, launched loandepot June... Are capable of putting America into another 2008 officers that can help find! Credit minimum required to take it off of there, a number or any compromising. It won ’ t state what loandepot ’ s loan payment process differ... Origination fees mission and values of ethics and integrity, transparency, customer care, and offers! 2 more times since that snafu of 6,400 staff members, and don... Texas laws and did not do the loan ( 646 ) 586-5608 visit... Additional details home loan options to cater to different homebuyer needs and budgets given time is a home loan refinancing... Fannie Mae and Freddie Mac that may change throughout loandepot rates reviews lifetime of the largest nonbank consumer lender that a... Soon as I gave them money for the application without notice and for term. Prides itself on its impressive performance and leadership in the industry average rating 3,092! Use that documentation over what the appraiser had written was denied them for... Throughout the lifetime of the lowest in the nation number of 174457 NY!

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