LoanDepot Mortgage Application Procedures: Do you want to get a mortgage with help from a reliable source? The LoanDepot Mortgage is an amazing platform to help you with that. To get you going while reading, we’ve made this article for you, all you need to know about the LoanDepot Mortgage, with special emphasis on the LoanDepot Mortgage application process.
In this article:
What is LoanDepot?
LoanDepot is a direct lender based in Southern California and founded in 2010. Since launching, it’s funded over $165 billion in home, home equity, and personal loans.
Moreover, the company has an A- rating with the Better Business Bureau. And 8.2 stars on Trustpilot as of August 2019.
While most reviews are positive, the majority of negative reviews focus on a slower than expected application process and frustration waiting to hear back from the lender.
As a direct lender, loanDepot says it can deliver low rates (depending on your credit score) and get you to the closing table 50% faster than the industry average.
The company offers a wide range of purchase loan options, including conventional, jumbo, FHA, and VA. loanDepot is the fifth-largest VA lender in 2018, with more than 27,000 loans guaranteed by the Department of Veterans Affairs.
Depending on your needs, you might choose fixed-rate or adjustable-rate mortgage (ARM) loans. ARM loans are available with rates that are fixed for the first three, five, seven, or 10 years, and then adjust annually after that.
If you’re buying a new home, the builder might recommend loanDepot — loanDepot says about half of its home purchase mortgage business comes from referrals by home builders.
Step to Step On How To Get Loan With LoanDepot
LoanDepot Mortgage application procedures include:
- Go to LoanDepot’s site and select the loan product you’re interested in.
- Enter your ZIP code and click Get Started.
- Enter your basic details, including the sale price of the property you want, the loan amount you’re interested in and your credit score, full name, phone number, and email address.
- Click Apply Now.
- Enter your loan and financial information, along with your address, Social Security number, date of birth, income and any available assets you hold.
- Wait for confirmation. After you submit your application, a LoanDepot loan officer will contact you to confirm your information and let you know which loan you qualify for
LoanDepot Mortgage Requirements
To be eligible for a home loan with LoanDepot, you’ll need a minimum credit score of at least 620. You’ll also need to be ready to put a minimum down payment of at least 3.5%.
LoanDepot Mortgage Documentation
To apply for a mortgage, you’ll need to provide:
- Your full name and personal contact information
- Your Social Security number
- Pay stubs from the past 30 days
- W2s and 1099s from the past two years
- Personal tax returns from the past two years
- A list of your assets, including savings, real estate, car titles, and other investment records
- A complete list of your debts, including student loans, auto loans, personal loans, and credit cards
LoanDepot mortgage products
Loan Depot has an amazing menu of mortgage products: fixed- and flexible -rate loans for purchases and refinances, jumbo loans, and also loans backed by the Federal Housing Administration and the Department of Veterans Affairs.
One government-backed mortgage not available: USDA Rural Development loans.
As such, loanDepot ranks as the second-largest lender of FHA loans and also the fifth-largest lender of VA-guaranteed mortgages, according to the latest available data.
Renovation loans are another focus for loanDepot, offering FHA 203k fixer-upper loans and Fannie Mae HomeStyle home improvement loans.
Both programs allow the flexibility to buy and improve a home with just one loan. You can also use these loans to refinance your existing mortgage and do some remodeling, too.
The LoanDepot Mortgage Process
Referrals from home builders account for about half of loanDepot’s purchase loan business, the lender says.
For those of us who aren’t using a builder to construct and finance our home, the mortgage process will likely begin with a phone call, unless you have an affiliated branch near you.
The company is licensed in all 50 states and the District of Columbia and has over 150 local loan locations across the U.S.
An $80 million upgrade to its back-office operations allows loanDepot’s loan officers to digitally verify income, assets, and employment as well as to conduct credit checks.
The lender says its proprietary technology saves time and reduces costs across the loan process.
On the Mortgage Preapproval page, you provide information as to whether you’re seeking a purchase or refinance loan, the loan amount and home’s estimated value, and where the property is located.
It’s really just the beginning of the loan preapproval process, though.
Moreover, you won’t complete a full application on this page and immediately receive a preapproval letter; you are simply requesting a callback from a loan officer who will give you a personalized interest rate quote.
LoanDepot Mortgage Rates and Fees
LoanDepot does publish interest rates online. Selecting “Compare Mortgage Rates” toward the bottom of loanDepot’s website takes you to a display of interest rates for 5/1 ARMs and also 15- and 30-year fixed home loans.
Therefore, these rates can’t be customized for your location or credit score, so it’s extremely likely your actual rate will vary.
Perhaps even more important, the rate assumptions are based on a borrower with a credit score of 740 or higher and a debt-to-income ratio of 35% or lower.
The big factor, though, is that the loan shown may include up to 3% in fees and discount points. Points are interesting you prepay to lower your rate.
LoanDepot provides no further details, so you have no way of knowing how much being is charged in fees or how many discount points are being used to lower the rate.
As for the fees you’ll pay, loanDepot gives itself a widespread to work within. As of April 2019, the company had not responded to requests for updated information.
Frequently Asked Questions
1. Q. What other loan products does LoanDepot offer?
A. In addition to its home loan products, LoanDepot offers personal loans of up to $35,000 for debt consolidation, medical expenses, home improvement costs and purchasing a vehicle.
2. Q. Is LoanDepot’s process fully online?
A. No. Borrowers with LoanDepot must finalize their applications with the assistance of a LoanDepot loan officer and fax supporting documentation.
3. Q. Will LoanDepot ask me for a home inspection?
A. While loanDepot doesn’t require a home inspection to apply for a mortgage, it’s a good idea to get one so that you’re working with the actual value of the home you’d like to purchase, which ultimately affects your rates, terms and more.
Finally, LoanDepot is licensed to lend in all 50 states. Therefore, boosting its value as a comprehensive choice for home financing. LoanDepot’s smooth web experience, diversity of products, and wide availability make it a versatile choice.
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