LoanDepot Mortgage Review – Pros, Cons & Application Procedure

Do you need to close your loan quickly? Or are you a member of the military or a veteran interested in an adjustable-rate mortgage? LoanDepot Mortgage is the right answer for you.

LoanDepot Mortgage Review - Pros, Cons & Application Procedure

LoanDepot offers mortgage loans with low down payments and low minimum credit score. It is one of the largest non-bank lenders in the country. It offers several types of NMLS-licensed mortgage loans, as well as personal loan products.

LoanDepot has more than 150 local loan offices where you can get in-person help, but it still provides timely pre-approval and other great features that are traditionally made available by online lenders.

About LoanDepot

Founder Anthony Hsieh, LoanDepot can trace its roots to the earliest days of online mortgage lending. Hsieh was making home loans in the late 1990s through a company he co-founded called LoansDirect.com — back in the big-box desktop days of computers.

LoanDepot has a good menu of mortgage products: fixed- and adjustable-rate loans for purchases and refinances, jumbo loans and loans backed by the Federal Housing Administration and the Department of Veterans Affairs. One government-backed mortgage not available: USDA Rural Development loans.

Yet LoanDepot ranks as the second-largest lender of FHA loans and the fifth-largest lender of VA-guaranteed mortgages, according to the latest available data.


  • Offers digital income, asset and employment verification.
  • Have over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
  • One of the nation’s most active lenders of FHA and VA loans.
  • There’s a lifetime guarantee. You won’t have to pay any fees to refinance once you’ve gotten a loan with LoanDepot initially.
  • Borrow up to $2 million through a jumbo mortgage loan. Fixed- and adjustable-rate loans are available, with ARM terms of three, five or seven years.
  • Pay off your home loan early with LoanDepot without worrying about fees or penalties.


  • Published mortgage rates include up to 3 points of prepaid interest and fees.
  • Does not offer home equity loans or lines of credit
  • Expect to pay as high as 5% of your total loan amount in origination fees.

Eligibility & Requirement

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 down a minimum down payment of at least 3.5%.

Eligibility & Requirement


To apply for a LoanDepot 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

How to Apply

loanDepot offers the “mello smartloan,” which doesn’t require an appraisal, and which eliminates as much as 80% of the work involved in getting a mortgage loan. This streamlined loan process cuts as much as 17 days off the time it takes to close on your loan.

The process of getting a loan with loanDepot includes a few simple steps:

  • You’ll start by filling out some basic information online. loanDepot will then connect you with one of the 1,700 licensed loan officers across the United States. Your officer will help you set goals for buying or refinancing your house.
  • You’ll then select the right loan to meet your needs. loanDepot offers many options, including conventional loans, jumbo loans, VA loans, and FHA Loans.
  • Next, you must submit some basic financial information to get approved for the loan you want. This can all be done online, and the documents may include pay stubs and tax returns.
  • You’ll close on the loan at a pre-set time that’s convenient for you.

LoanDepot Fees & Rate

Loan Type Min. credit score Min. down payment Loan Terms 
Conventional Not disclosed (620 estimated) 5% Fixed: 10, 15, 20, or 30 years
ARM: 3/1, 5/1, 7/1, or 10/1
Jumbo Not disclosed Not disclosed Fixed: Not disclosed
ARM: 3/1, 5/1, or 7/1
FHA 500 3.5% Not disclosed: see conventional options for estimate
VA Not disclosed (500 estimated) $0 Fixed: 15 or 30 years
ARM: Not disclosed
302k 580 3.5% Not disclosed: see conventional options for estimate
Mortgage Refinance Not disclosed Not disclosed Fixed: 10, 15, 20, 30, or 40 years
ARM: Not disclosed

Comparing LoanDepot to Quick Loans Mortgage

Comparing LoanDepot to Quick Loans Mortgage

It’s important to compare loanDepot with competitors, such as Quicken Loans Mortgage (and its subsidiary, Rocket Mortgage). Both have very similar features, but there are also important differences that you should be aware of when deciding which lender is right for you.

  • loanDepot and Rocket Mortgage by Quicken Loans have the same minimum credit score.
  • The minimum down payment for Rocket Mortgage is 3% while loanDepot requires a 5% down payment.
  • Rocket Mortgage offers more loan types, including USDA loans. Both Rocket Mortgage and loanDepot offer purchase and refinance loans, as well as FHA and VA loans
  • loanDepot has an A- rating from the Better Business Bureau and an 8.6 out of 10 from TrustPilot, while Rocket Mortgage has an A+ BBB Rating and a 9.6 out of 10 Trustpilot score.


LoanDepot offers a strong selection of mortgage products. But it charges a higher origination fee than many of its competitors.

If you aren’t sure that loanDepot is the ideal choice for your mortgage loan, there are other lenders to check out. You should always compare multiple rate quotes from several of the best mortgage lenders to make sure you find the best rates.

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