MAKE MONEY ONLINE POSTS: loanDepot Mortgage Rates Reviews: Today’s Best Analysis

الثلاثاء، 3 سبتمبر 2019

loanDepot Mortgage Rates Reviews: Today’s Best Analysis

loanDepot was founded in 2010. This online lender services all states across the nation, offering plenty of mortgage and refinance options for individuals in all regions. It currently has over $150 billion in assets, a large number considering it is a relatively new lender.

loanDepot Mortgage Facts

Founded in 2010 by CEO Anthony Hsieh
Currently has over $150 billion in assets
Headquartered in Southern California
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

Overview

loandepot mortgage rates review loanDepot’s current CEO, Anthony Hsieh, launched loanDepot in 2010 after working for years in the mortgage sector. He was the prior owner of LoansDirect.com, an online lender that was eventually acquired by E*TRADE Financial.

He then founded HomeLoansCenter.com, a national online lending organization that ultimately merged with Lending Tree. 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.

loanDepot matches loan borrowers through technology and hands-on customer care. This company prides itself on its impressive performance and leadership in the modern lending sphere. The organization operates with the mission and values of ethics and integrity, transparency, customer care, and excellence.

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. Also, it is the second largest nonbank consumer lender after Quicken Loans. It provides extensive mortgage options for home purchase and refinance.

Current loanDepot Mortgage Rates

loanDepot Loan Specifics

This popular online lender offers a variety of home loan options to cater to different homebuyer needs and budgets.

Fixed-Rate Loans

These standard home loans provide consistent monthly payments over the lifetime of the mortgage. loanDepot recommends fixed-rate loans for buyers who plan on staying in their new homes for more than five years.

These loans allow for easy long-term budgeting, which makes them an ideal choice for money-conscious buyers. Thirty-year fixed-rate mortgages are the most popular choice for loanDepot borrowers, but term lengths of 10, 15, and 20 years are also available for those who would like to pay off their loan faster.

Adjustable-Rate Loans

Adjustable-rate mortgages (ARMs) have monthly payments that may change throughout the lifetime of the loan. ARMs begin with a fixed term, in which payments are typically low for a predetermined number of years.

Once this initial period is over, the rates can rise and fall based on market trends. loanDepot offers an interest cap to its ARM borrowers to prevent rates from increasing too much. 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.

Jumbo Loans

loanDepot offers jumbo mortgages to homebuyers who need a loan that exceeds the limits set by Fannie Mae and Freddie Mac. While many lenders constitute jumbo loans as those that exceed the limits set by Fannie Mae and Freddie Mac, loanDepot considers loans that exceed $417,000 to be jumbo.

This online lender can provide borrowers with up to $2 million in financing for high-value homes. It offers both fixed- and adjustable-rate jumbo mortgages.

FHA Loans

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. loanDepot allows borrowers to take out FHA loans at fixed- and adjustable-rate payment styles and with a 3-percent down payment.

VA Loans

The Department of Veterans Affairs assists veterans, current service members, and their spouses in finding home loans with low monthly costs. VA loans are a popular form of government-assisted mortgage and refinance option for eligible Americans.

HARP Loans

loanDepot can help homeowners refinance their home loans to a lower rate through the Home Affordable Refinance Program (HARP). 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.

Savings from loanDepot’s HARP refinancing program average $355 per month. This program allows homeowners to refinance their loans with no equity or private mortgage insurance. In addition, there is no credit minimum required to take out loans through the HARP.

203k Loans

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 holds the funding in an escrow account that can be released to pay construction staff once home renovation landmarks have been made.

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.

loanDepot Mortgage Customer Experience

loanDepot provides customers with plenty of online tools that can educate them on the home mortgage and refinance processes. They offer clear descriptions of their home loan offerings, as well as updated interest rate estimations based on each of these options.

This online lender has multiple different mortgage and refinance calculators. 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:

Home cost
Down payment
Term length
Annual income

loanDepot allows its borrowers to apply for a mortgage online by filling out a quick form. This questionnaire asks for several pieces of information, including full name, address, phone number, and email.

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. Prospective borrowers do not need to fill out all this information at once.

Instead, they can create an account and save their progress at any time. This initial form does not require a Social Security number or any other compromising information.

loanDepot requires borrowers to submit different forms of documentation during the underwriting process. They will need to submit the following information to attain a home loan:

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
Credit score
Mortgage statement
W-2 forms from the past two years

loanDepot has a Nationwide Multistate Licensing System number of 174457. It has thousands of licensed loan officers that can help borrowers find the best loans for their budgets and goals.

Webster Bank Lender Reputation

loanDepot is a national consumer lender that was launched in 2010. Currently headquartered in Foothill Ranch in Southern California, loanDepot has over 150 loan locations across the country.

This lender is comprised of 6,400 staff members, including over 1,700 qualified licensed loan officers. The organization has funded over $150 billion since its founding less than a decade ago.

This lender is accredited by the Better Business Bureau (BBB), with an A+ rating. loanDepot has an average customer rating that is just short of 4 out of 5 stars with 824 reviews. This score is significantly higher than the ratings of most lenders in the nation. There are a total of 399 BBB customer complaints against this lender.

loanDepot has a TrustPilot score of 9.1 out of 10 stars with 1,488 reviews. 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

loanDepot Mortgage Qualifications

When applying for a mortgage through loanDepot, borrowers typically need to meet the requirements associated with standard home loans. Typically, this lender will offer the best rates to customers who put 20 percent down on their homes.

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.

loanDepot offers the best mortgage rates to individuals with high credit scores. Typically, prospective borrowers with credit scores in the good or excellent range should have no trouble securing a loan through loanDepot.

It is still possible to get a mortgage with bad credit or no credit history, but it won’t be easy. Here are the typical ranges of credit scores in the U.S.:

Credit Score	Quality	Ease of Approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
621-699	Fair	Moderate
620 and below	Poor	Somewhat difficult
No credit score	n/a	Difficult