loanDepot Review

Donny Gamble
February 2, 2022
Personalincome rating

The range of FICO scores you can have to interact with their products is better than most other online mortgage lenders out there. While the pros outweigh the cons, you have to pay special attention to all the available loan types before signing up.

LoanDepot isn’t just online, so if you need to go and see someone in person, you have hundreds of branches to choose from. You will receive a lack of transparency when it comes to listing online lender fees, meaning you have to contact them to ask.

loandepot logo
on loanDepot's website

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Key Takeaways

  • One of the most simple ways to apply for a mortgage or equity line
  • Above-average scoring for originating loans
  • Top-tier customer service that you can feel good about contacting
  • Enough loan types to suit most homebuyers

Pros & Cons

  • Available in over 200 in-store locations in the US.
  • Top-tier customer support.
  • Entire start-to-finish online process requires less time from you.
  • Existing customers get better rates and waived fees.
  • Not fully transparent about lender fees and rates online unless you pry.
  • No available USDA loans for customers.

loanDepot began in 2009 right after the housing collapse, and is one of the main companies that helped restore integrity to mortgage lenders everywhere.

Since then, they’ve been revered as one of the best online mortgage lender options, but there’s more than meets the eye with any financial institution and product.

With tons of financial products and a reputation for being straight to the point, cut-and-dry, LoanDepot is one of the most professional programs you could work with.

In this loanDepot review, we’ll talk about their mortgage loans, mortgage refinancing, and why they’re still one of the top mortgage lenders on the market even after all these years.

About loanDepot

In their relatively short time as lenders, LoanDepot has established over $275 billion in funding for their customers. Nearly $100 billion in new home purchases, and over $179 billion in home refinance loans.

Quick math tells us that they’ve nearly contributed to half-a-trillion dollars in the current housing market over the last 13 years.

Apart from boasting impressive numbers, LoanDepot is a very cut-and-dry company. They care about you and why you’re taking the loan out, but they want to get down to business and get your loan to you as fast as possible while taking all the necessary precautions.

Overall, LoanDepot is a transparent company that lays it all right out on the line, gives free calculators for multiple loan types (without having to sign up for their newsletter or any of that nonsense), and provide enough value to know that they don’t have to use the gimmicks that so many loan companies have over the years.

Loan Types

The following loan types are avilable from LoanDepot (noticeable, USDA loans are missing from this list):

  • Conventional
  • Jumbo
  • VA
  • FHA
  • Rate-and-term refinance
  • Cash-out refinance
  • Construction and reno loans
  • Fixed rate
  • Adjustable rate

LoanDepot Mortgage Rates

Like many online mortgage lenders these days, LoanDepot is not listing their mortgage rates online for the public to see. Instead, you have to contact them through their website where they will share this information with you.

The information changes daily with the way the housing market breathes and sways, so you may get a very marginally different rate today than you received a week ago.

They try to keep up to date on the best mortgage rates for all prospective customers.

Who is LoanDepot Best For?

LoanDepot is best for anyone who wants to have their entire loan process take place online. From pre-approval all the way to actually funding your mortgage, you never have to set foot into a physical location if you don’t want to. 

That has serious value for someone who’s trying to get the best deal on their mortgage rate without having to schedule appointments.

Because the business has a parallel in-person business along with a fully functional, no-holds-barred online business, there’s always someone to help you out on the phone or online.

If you enjoy constant access to customer service representatives so you always have an answer to your question, LoanDepot is right for you.

loanDepot FAQ's

Is LoanDepot a reputable lender?

LoanDepot has been around since 2009, and since then they have maintained an A+ rating from the Better Business Bureau, as well as a mostly positive score from 3,600+ TrustPilot reviews

LoanDepot is a reputable lender that you can feel safe and secure using. Not every experience is going to be the same, but LoanDepot is a legitimate business that treats every one of their transactions with professionalism.

How long does it take to get a loan from LoanDepot?

The entire loan process can take around 30 to 45 business days in total. This includes pre-approval all the way to receiving your funding. Overall it’s a fairly quick process compared to some other online lenders, although the length of time can be frustrating to deal with.

LoanDepot is one of the best online loan services out there, which is why it may feel like you have more hoops to jump through and more paperwork to sign, but it’s because they take every step of the process seriously and give you the utmost focus and dedication to make sure your loan is a smooth process.

Is LoanDepot a good place to refinance?

Yes, typically LoanDepot is used for refinancing loans more than initial mortgage loans (based on our research). They’re an excellent refinance lender because of the short amount of time it takes to receive your refinance funds from the point of the refinance loan closing, which averages 1-3 business days.

Without asking, LoanDepot provides you with all the information you need when the loan process comes to a close so you can rest assured that your refinance funding is coming through.

How long does it take to get approved for a loan?

It depends on the type of loan. Reports say it can take anywhere from 55 business days up to 25 business days, and once you are approved, around 3-5 business days to receive your mortgage loan amount.

LoanDepot is known for a transparent process, albeit a slightly longer than average one that can make the process a little frustrating.

They’re open with you every step of the way, which is a breath of fresh air compared to a lot of other loan companies out there. Keep in mind that being approved for a loan and going through the entire loan process are different.

What is the minimum credit score needed?

You need a minimum credit score of 580 to open a 3.5% down payment FHA loan with LoanDepot. If you have a score of 500 to 579, you may still qualify at a rate of 10% for a down payment.

These are FICO scores. Keep in mind that credit history is also a factor. If you only now meet the minimum score required and didn’t meet that requirement three months ago, the lack of favorable credit history may result in an unfavorable outcome.

Compare to Other Lenders

Better Mortgage logo
figure logo
New American Funding logo


loanDepot is an emerging-growth nonbank consumer lender and market leader offering home mortgage, refinance and home equity loan products in all 50 states.

  • loanDepot
  • Rating: 4
  • Reviewed by:
  • On February 2, 2022
  • Last modified:February 5, 2022

Review Summary:

loanDepot is an emerging-growth nonbank consumer lender and market leader offering home mortgage, refinance and home equity loan products in all 50 states.

Review of: loanDepot

Reviewed by:
On February 2, 2022
Last modified:February 5, 2022


loanDepot is an emerging-growth nonbank consumer lender and market leader offering home mortgage, refinance and home equity loan products in all 50 states.

About the author 

Donny Gamble

I’m Donny. I’m a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.

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