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LoanDepot provides a simplified approach to mortgages, refinance loans, and home equity loans. One of the best aspects of using loanDepot is that they offer online experiences for their customers but customers that prefer face to face interaction can visit one of the thousands of local branches that loanDepot has throughout the country.
They also promote a turnaround time of two-weeks or less when compared to a traditional mortgage lender, where closing can take 60-90 days in some cases.
Overview of loanDepot Services:
Plans Available: Home Purchase, Refinance, FHA Loans, VA Loans, Jumbo Loans and more…
Pricing: APRs are based on the loan amount and may include up to 3 points, including any origination, discount, and lender fees
Length of Contracts: 10, 15, 20 and 30 year fixed mortgages are most common
National Coverage: 43 States
Service Fees: Rate Quotes are Free, but average fees can range from 1%-5%
- Online application process
- In-person applications and evaluation also available
Features: What kind of Services can loanDepot offer?
High customer satisfaction
Customers are highly satisfied with their LoanDepot mortgage or refinance experience. The company scored 850 out of 1,000 points on J.D. Power’s customer satisfaction survey.
Innovative mortgage technologies
LoanDepot is known for deploying innovative mortgage technologies that make the home financing process smoother and faster for customers — especially those that are willing to conduct business online.
loanDepot Mortgage Products
loanDepot offers a wide array of different types of mortgage loans. One of their main differentiators in the space is the fact that loanDepot offers specialized loans for those of us who are planning to buy or refinance a home and use part of that loan as a budget to “fix-up” our new or existing home.
Large range of mortgage loans offered
Fixed-Rate Mortgages — Most borrowers opt for a 30-year fixed-rate mortgage, though 10-, 15- or 20-year options are all available with higher monthly payments
Adjustable-Rate Mortgages (ARMs) — Offers a lower rate, which is fixed for an initial period of 3, 5, 7 or 10 years, and a floating rate for the rest of the loan term
Jumbo Loans — Offers a higher cap than conventional loans, generally for mortgages over $510,400. LoanDepot lets you borrow up to $2 million
FHA Loans — Backed by the Federal Housing Administration, FHA loans let you borrow with down payments as small as 3.5 percent of the purchase price and have more flexible credit requirements
VA Loans — Eligible service members and veterans can borrow with zero down payment, no continuing mortgage insurance payments, and easier credit hurdles
230k Loans — These are special loans for fixer-upper homes, that let you finance up to $30,000 more than the home’s value for necessary repairs
How to get Started:
Unless you happen to live near one of LoanDepot’s in-person branches, you’ll likely end up handling the majority of your home financing online and by phone with one of the company’s 2,000+ licensed loan officers. Find out more about how loanDepot can help your particular mortgage situation with the link below
The LoanDepot website is modern and welcoming. It lets you apply online, upload documents securely, and check the status of your application at any time. Ultimately, you’ll be put in touch with a loan officer to finish the process.
Things to Consider:
Disclose Personal Financials
You’ll need to disclose all of your personal information upfront to get all of the details you need, including fees and APR. However, you won’t be able to tell if the rate that LoanDepot shows you is the minimum or maximum rate, leaving little to no room for negotiation.
Know Your Credit Score Before
You’ll need a credit score of 620 or higher, unless you’re a veteran. If you’re a veteran, the minimum required credit score is 580. It’s important that individuals with lower credit scores discuss their personal situations with a LoanDepot representative, especially if they’re existing customers.
The Final Call:
2020 is a GREAT YEAR to Refinance Your Home or Buy a New Home
If you consider yourself tech-savvy, or prefer to do the whole mortgage process online, LoanDepot is the best place to start.
With such a large volume of customers and consistently high satisfaction scores, it’s a safe bet your mortgage or refinance process with LoanDepot will meet or exceed your expectations.
Just remember that rates and costs vary by customer. Make sure LoanDepot’s convenience comes hand in hand with a low rate and reasonable closing costs before signing on.