Types of Loans & Products
As previously mentioned, clients can
count on LoanDepot if they want to purchase a home or if they wish to refinance
an already existing mortgage. The company offers a multitude of financial products
but when it comes to mortgages, the most important ones are jumbo,
conventional, VA, FHA, refinance, fixed- and adjustable-rate, construction,
renovation, and cash-out refinance loans. It’s important to mention that
LoanDepot does not offer USDA loans, home equity loans, and HELOCs.
Even if the official website of the
lender looks good and seems intuitive enough, it lacks some important
information. For example, it doesn’t list any purchase and refinances rates.
Even if these sections appear on the website, they only contain basic
information and not a list of the actual rates. The only way in which you can
find out more about their rates and obtain an estimate is by calling and
collaborating with a loan officer.
When it comes to the minimum required credit
score that you will need, this will depend on the type of mortgage of your
choice. For example, a conventional or a VA one requires a credit score of at
least 620 while an FHA one requires one of at least 580. Jumbo loans require
you to have a credit score of 700. Your rate can be locked for a period between
15 and 270 days. In case you want to extend it, you will have to pay.
Application Process
- When applying online or through the app, you will do that through the LoanDepot Mello smart loan system;
- You can also apply in person at one of their physical
branches;
- Enter the required data and wait for the system to verify
everything: your income, credit score, assets, etc;
- This system will also take care of the appraisal, flooding status, and title insurance;
- You will receive all the necessary info on your loan within
minutes;
- This digital platform shortens the closing time of your
mortgage.
Repayment Terms & Fees
The repayment terms available at
LoanDepot are 10, 15, 20, or 30 years for the fixed-term mortgages and 3/1,
5/1, 7/1, and 10/1 for the adjustable-rate ones. As for fees, LoanDepot is a
free service that does not charge prepayment penalties or application fees.
However, it charges late fees along with some other ones like a tax certificate
fee, appraisal fee, credit report fee, underwriting, processing, or recording
fee. These are all considered closing costs and also depend on the type of
mortgage you seek and on various other factors. You will get a clearer idea of
what you will have to pay once you have been accepted for a loan and you have
talked to a loan officer.
It’s also worth mentioning that the
minimum required down payments for the mortgages offered by LoanDepot vary
depending on the type of mortgage you choose. However, they are usually between
0% and 5%.
Contact Information
You can connect with LoanDepot by
filling out the contact form on the official website and waiting for a
representative to answer your inquiry. You can also call at (888) 983-3240 and talk to a licensed lending officer
directly. The available hours are Monday to Friday from 8 AM to 10 PM EST and
on Saturday from 11 AM to 6 PM EST. There are also a few other numbers that you
can call and which are all displayed on the website. Also, LoanDepot’s
Knowledge Café section can be truly helpful for current and possible future
clients alike. It contains all sorts of useful information and it can
definitely represent a good starting point if you simply want to do some
research before contacting them. The website also lists some P.O. boxes where
you can send your loan payments.
