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Loan Depot (loanDepot) is based in Foothill Ranch, California and was founded in 2010. Since founding, Loan Depot has become one of the top mortgage lenders in the business. Their main mortgage process is online, however they do also have brick and mortar locations to assist borrowers, with more than 200 branches nationwide. They feature their own online service branded as “mello smartloan”, which expedites the loan from start to finish.
loanDepot has its own online service branded as “mello smartloan”, which expedites the loan from start to finish. Having an end to end online service means that borrowers do not need to worry about faxing or mailing the necessary paperwork, and can clear closing in as little as eight days.
Loan Depot offers a variety of home loan options, all of which can be applied for using their online service. Their loan statistics are impressive, having funded over $275 billion since founding. They are the fifth largest retail mortgage lender, boasting a team of over 10,000 employees to help borrowers get the loan that meets their needs. They also pride themselves on their community funding, with $3 million donated to families and communities to help during the Covid 19 pandemic.
Loan Depot helps many borrowers get into the home of their dreams. With the exception of a few loan types, anyone looking to purchase a home can find Loan Depot to be a solid option.
Loan Depot offers a wide range of mortgage and refinancing products for borrowers to choose from.
The application process is quick and streamlined, and all online. The borrower answers basic questions such as their name, phone number, location of the property they wish to purchase, cost of the home, and credit score. Once this information is provided, they are connected with a loan specialist through Loan Depot. Depending on the home chosen, the borrower then works with the loan specialist to decide which mortgage type would best suit their needs. More information is provided to the loan specialist to gain the mortgage pre-approval; income, amount of debt, employer information, employment tenure, and if there is a co-applicant. Once the file is complete, the loan specialist will work with the borrower to confirm the details of the loan, confirm the rate, and discuss closing fees. When finished, a home inspection and appraisal is completed, followed by signing and closing on the mortgage.
Loan Depot does not disclose rates and terms on their website unless the borrower is completing an application. This is due to the fact that they have many loan types, as well as taking into account the borrowers personal finances and credit scores. Current market rates vary from 2.125% on a conventional 10 year fixed rate, to 3.250% on a 30 year fixed FHA loan.
Loan Depot provides flexibility in communication through emails, texts, phone calls, or in-person meetings. There is the option for clients to apply online and have a completely digital lending experience as well. For all of the client needs, Loan Depot has a bilingual English/ Spanish customer service line and can be reached at 1-888-983-3240, Monday to Friday 8:00am-10:00pm EST and on Saturdays from 11:00am to 6:00pm EST. Loan Depot has extensive information on the home buying process online as well.
Loan Depot offers a huge variety in loan types, helping people get into the home of their dreams. Their straightforward online application process means that borrowers can submit and provide all information without needing to see anyone in person. However, with over 200 locations nationwide, in person assistance is always an option. Closing on a home is a quick process, and superior customer support is provided throughout the application and purchasing of a home.
What is an FHA 203(k) loan?
This loan type is a government insured mortgage used for two purposes; home purchase and home renovation, though a 203(k) loan is primarily used for new construction projects.
Can I refinance through Loan Depot?
Refinance loan options are available through Loan Depot, and can be applied for using the same application method as a regular home loan. Refinance and cash out refinance options are both available.
Would I qualify for a VA Loan?
VA (Veterans Affairs) loans are a loan type available to active and retired service members, as well as their spouses. Borrowers must be able to show that they are active or retired. VA Loans are backed by Veterans Affairs and can offer lower than average rates and terms to qualified applicants.
Contact
Head Office
26642 Towne Centre Drive
Foothills Ranch, California
92610
Client Relations
For New applicants
1-888-983-3240
An online contact form is also available
Loan Depot does not offer a chat service
For Existing Borrowers
Payments can be made to:
P.O. Box 11733
Newark, NJ
07101-4733
1-877-420-4526
Available:
Monday to Friday 8:30am to 11:00pm EST
Saturday 8:30am to 5:00pm EST
customerservice@loanadministration.com
loandepot.loanadministration.com
*average potential savings based on report from CNBC
