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loanDepot Review
loanDepot Review
October 15, 2020 / Nadav Shemer
loanDepot Review
October 15, 2020 / Nadav Shemer
Closure in as little as 8 days
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loanDepot is the second-largest non-bank mortgage lender in the United States by total loan value. It offers a full suite of purchase and refinancing options involving conventional and government-backed loans. It is best known for mello smartloan, its trademarked digital assessment process that allows you to skip the paperwork and appraisal and gets you to close in as little as 8 days.
How it Works
With loanDepot, you get a platform that is both national and local, online and bricks-and-mortar. Anyone can complete an application using the loanDepot online portal or by speaking with a loan agent over the phone. Additionally, loanDepot has 150+ branches spaced all over the United States.
loanDepot makes it quicker and easier than ever to get approved for a home loan. With the mello smartloan tool, it can digitally verify your income, employment and financial information, saving you the trouble of uploading paperwork. By automating much of the process, loanDepot’s loan officers are able to quickly determine the best loan offer for you – potentially saving you the trouble and expense of an appraisal. Best of all, it is committed to getting its homebuyers through to close in as little as 8 days.
100% digital application, with no paperwork
In some cases, lets you skip appraisal
Close in as little as 8 business days
Contact details required to get rates
No home equity loans
Not necessarily the lowest rates
loanDepot’s greatest asset is undoubtedly the efficiency with which it is able to get things done. While there are plenty of other digital mortgage lenders out there, we haven’t seen any other service that can claim to get your mortgage closed in as little as 8 days. The thing about loanDepot is that it has found a way to trim the fat off the entire process. From digitally verifying your financial information to automating the appraisal process, Loan Depot truly is a leader in streamlined mortgage applications.
loanDepot beats everyone else for speed, although we’re not sure the same can be said for its rates. Unlike many of its competitors, loanDepot doesn’t advertise mortgage rates. You’ll need to request a quote to see the latest rates for your buyer profile. This requires handing over information about yourself, including contact details and financial information.
Types of Loans
As you’d expect of one of America’s largest non-bank lenders, loanDepot has mortgage products to suit all types of homebuyers and homeowners. It offers purchase and re-finance loans, as well as fixed and adjustable rates.
Here’s the full breakdown:
  • Conventional loan: Regular loan with 20% down payment.
  • Jumbo loans: Loan exceeding $500,000, typically with higher interest than a regular loan.
  • FHA loan: For borrowers with 500-619 credit, with down payment of 3.5-10%.
  • VA loan: For qualifying servicepeople and veterans, with option of 0% down payment.
  • HARP refinance: Federal program for underwater and near-underwater homeowners to refinance their mortgages.
  • 203K loan: FHA-backed loan with renovation feature.
  • Cash-out refinance: Alternative refinance that lets you cash out the difference between the new loan amount and what you owe on the home.
Loan Features
Applying for a mortgage can be a long and painful process. With that in mind, loanDepot offers several features to try and sweeten the deal.
Here are the top features:
  • mello smartloan: As described earlier, mello smartloan automates most of the mortgage assessment process, saving you the trouble of a prolonged paper-chase and getting you to closure in as little as 8 days.
  • Expert loan consultants: loanDepot’s expert agents are available to serve you by phone or in any of 150+ branches nationwide.
  • Lifetime guarantee. When you finance with loanDepot for the first time, you receive a guarantee that you’ll never have to pay any lender or appraisal fees if and when you refinance.
  • Calculators: loanDepot offers free mortgage and refinance calculators that help you assess your payment options instantly.
Rates and Terms
Unfortunately, loanDepot doesn’t offer much information about its rates. From what we can gather, its interest rates are competitive but not world-beating. When you apply to loanDepot, your APR is determined by the usual factors such as credit score, loan amount, and debt-to-income ratio. loanDepot offers jumbo loans, which means the loan amounts can go as high as $2 million+. The loan amount on a conventional loan goes to as high as $500,000 in most areas, rising to as high as around $750,000 in certain high-priced areas such as San Francisco and New York – in accordance with federal government regulations. Repayment terms range from 10-30 years.
Contact loanDepot
loanDepot has been serving American homebuyers since 2010, so you can be sure its agents have plenty of expertise. As mentioned earlier, loanDepot provides service over the phone and in person at 150+ branches. Call 888 983 3240 to speak to a loan officer or click “Find an Expert” at the top of the loanDepot home page to find a loan officer or branch.
It’s easy to see why loanDepot is one of the largest non-bank lenders in the United States. It gives homebuyers what they want – a speedy, reliable, and transparent mortgage application. No one wants to wait for loan approval for more than a month. With loanDepot, the application process is quick and painless, and you could close in as little as 8 days.
Get started now, visit LoanDepot
By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for He enjoys writing about the latest innovations in financial services and products.
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