loanDepot Review

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.

loanDepot is a reputable mortgage lender that offers a wide variety of home loans that can include low down payment options. Rates and fees are not displayed online, but people from various financial backgrounds may find their services helpful and affordable.

loandepot logo

Our Partner

Mortgage Lender


  • Available in all 50 states
  • Fast loan pre-approvals
  • Low mortgage interest rates
  • Publicly traded company
Overall Rating

Best Mortgage Lender for fast pre-approvals

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Pros & Cons

These are the best and worst aspects of loanDepot’s services.


  • Online and in-person assistance is available.
  • Wide variety of home loan options in all 50 states.
  • Their mello smart loan system eases the application process.
  • Existing customers who refinance will have their lender fees dropped.


  • Must contact a loanDepot agent to get rates and fees.
  • No USDA loans or lines of credit.

loanDepot is currently one of the biggest firms in the mortgage market, operating in every US state. They offer plenty of home loan options for purchase and refinance that can accommodate first-time homebuyers, veterans, and those with bad credit history and low income. 

Are you tired of navigating through confusing websites from the mortgage market that discourage you from buying a home? Have you grown frustrated from trying to reach real customer service representatives only to keep talking to machines?

The company knows how important it is for you to communicate efficiently with their agents, so they strive to provide you with the best online mortgage experience and outstanding services at their brick-and-mortar locations. 

loanDepot’s “mello” software is easy to use for customers who are not too tech-savvy and allows them to handle the entire loan process, including document uploads and signatures, from any device.

Those who prefer old-school human interaction with agents can also be helped.

loanDepot icon

Quick Summary

Min. Credit Score: 580

Min. Down Payment: 3.5%

Promotion: No current promotions

About loanDepot

A mortgage industry innovator, Anthony Hsieh, founded loanDepot in 2010, intending to simplify the mortgage experience for shoppers. The company has headquarters in Foothill Ranch, California but operates in all 50 states and has more than 200 locations.

There are currently more than 10,000 employees working for loanDepot who help over 27,000 customers each month. The company also invested more than $80 million on their proprietary mello software that is safe, easy to use, and speeds up the loan process.

loanDepot has become nationally well-respected as a retail mortgage lender by funding $275 billion in consumer loans and providing exceptional customer service since they went into business.

They also currently rank as the second-largest retail nonbank lender in the US.

loanDepot Services

loanDepot offers services that can be helpful for individuals looking to buy inexpensive small homes or for families ready to move on to pricier and luxurious estates. 

Conventional and jumbo loans are available along with government-backed ones like Federal Housing Administration and Veteran Affairs loans. Those looking for home refinancing may also find assistance with loanDepot’s cash-out and rate and term refinancing services. 

They also offer 203k loans, which can get you enough to buy a home and make repairs and improvements on it. 

The company’s Lifetime Guarantee program may be extra helpful for homeowners looking to refinance more than once, promising to drop lender fees and reimburse your appraisal fee after the first time that you finance with them. 

Whether you are looking for a loan to purchase or refinance a home, loanDepot will let you choose between a fixed-rate and adjustable-rate mortgage loan. 

The 30-year fixed-rate loan program is the most popular choice, but they also offer fixed rates for 10, 15, and 20 years. These are usually easier to qualify for and can give you peace of mind knowing that your rate will never change. 

ARM loans can change unpredictably but should be considered by those who plan to refinance or sell their homes soon or people who simply want lower monthly payments.

loanDepot Mortgage Rates & Fees

Specific rates and fees are not shown anywhere on their website, and potential customers will have to contact a loanDepot agent to get a rate estimate based on their unique situation.

Who is loanDepot Best For?

loanDepot offers the convenience of handling your entire mortgage experience from any device through its mello smartloan system, regardless of your physical location.

If you prefer to take the whole process digitally, loanDepot may be worth checking out.  By letting you upload documents that can provide loanDepot credit, income, and other important information about yourself, using mello can dramatically accelerate the whole process.

No more time wasted meeting with agents back and forth to provide information necessary to move on.

Those who struggle with low income and bad credit history, as well as first-time homebuyers and veterans, could also benefit from loanDepot’s FDA, VA, and 203k loan options. 

These government-backed loans are known for having low down payments and more lenient requirements to get them than conventional ones. 

Compare to Other Lenders

Better Logo
  • Min. Credit Score: 620
  • Min. Down Payment: 3%
figure logo
  • Min. Credit Score: 620
  • Min. Down Payment: N/A
New American Funding logo
  • Min. Credit Score: 620
  • Mini. Down Payment: 3%

Should You Get a Loan from loanDepot?

A product of the digital age, loanDepot has successfully taken advantage of the latest technology developments to provide a simple, fast, and efficient mortgage experience with their mellow smartloan system. 

The mello software is beneficial for speeding up the whole loan process in general, but unfortunately, you will have to spend some extra time talking to loanDepot agents to get any additional details about rates and fees. 

loanDepot agents are also available to meet with customers at any of the 200 locations that they operate all over the country. Get in touch with one today to receive more information about their pricing. 

Their diverse loan options include government-backed ones that include people from various economic backgrounds and those who are thinking about buying a home for the first time.

loanDepot FAQ's

Here are a few more details that can give you a better idea of loanDepot's services.

Is loanDepot a legitimate company?

Despite being in business for slightly over a decade, loanDepot has already become one of the most reputable companies for mortgage services. 

The Better Business Bureau is currently giving loanDepot an A+ rating and has considered them an “accredited business” since 2014. They have closed 514 customer complaints in the last 12 months. 

The BBB page for loanDepot has over 3,500 mostly positive reviews, but a few negative ones can also be found, as is typical with any big company. 

Satisfied customers tend to praise loanDepot’s smooth and professional operation and comment about how happy they were with their rates and timeliness.

Negative IoanDepot reviews deal with confusion while communicating with agents and providing documents.

How do I qualify for a mortgage loan with loanDepot?

Qualification requirements will vary depending on the type of mortgage loan that you are trying to get. 

Their conventional and jumbo loans will demand higher credit scores than government-backed ones, but that is standard industry practice. 

You must have a minimum credit score of 620 for conventional loans and 700 for jumbo ones. FHA loans are the easiest to qualify for, with a minimum credit score of 580. Any of these loans could require a down payment as low as 3.5 percent.

loanDepot recognizes that many veterans don’t have established credit, and the VA reviews their loan profiles “holistically” while considering other factors before making a decision. Veterans will also not be asked for any down payments for VA loans.

What documents will I need when applying for a mortgage?

The type of home loan you are interested in will also dictate which documents you are required to present. 

Tax returns and W-2 forms from the past two years are usually required as well as paycheck stubs from more recent months. loanDepot will also typically ask for proof of previous mortgage or rent payments you’ve completed in the past year. 

Lists of all your debts and assets may also be required. Credit cards, student loans, alimony, and more can be included in your list of debts, while your assets can include bank statements, auto titles, investment accounts, etc.

How long will it take to get pre-approval for a loan?

The home purchase process with loanDepot can take between 30 to 60 days.


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 icon

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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