LoanDepot Reviews 2023

If you are a first-time homebuyer or simply want a mortgage solution, then there are plenty of mortgage loan options available to choose from, both online and offline.

However, more option means more confusion, because of which we end up choosing an unfit platform.

Read this LoanDepot review to help you deal with this dilemma and to choose the best mortgage platform.


GuideLoanDepot Reviews
FeaturesOnline process, two-way assistance, and more
Minimum credit score580 or above
Downpayment cost0-3%
WebsiteClick here

Key Takeaways

  • LoanDepot offers services like Mellow Smart loan, two-way assistance, online and offline services, and various mortgage options, including fixed loans, adjustable loans, VA, FHA loans, etc.
  • They do not charge lender fees from those who have been their customer for 12 months or more.
  • LoanDepot has a rating of 3.8/5 stars on Trustpilot.

What Is LoanDepot?

What Is LoanDepot?
What Is LoanDepot?

Founded in 2010, LoanDepot has made its name in the mortgage lending industry in no time.

LoanDepot aims to offer fully digital and seamless mortgage solutions coupled with unrivaled customer service.

Whether you are a first-time homebuyer, want to get your home renovated or constructed, or even just want help in refinancing, LoanDepot has something for all.

To meet the demands of the customer, they offer a variety of mortgage options, including fixed loans, adjustable loans, VA, FHA loans, etc., among many others, with decent downpayment rates and low credit scores.

And not only this, LoanDepot boasts its mellow, smart loan option, which claims to reduce the loan closing time by 50%.

If you are too planning to buy the house of your dreams, then let us dig deeper and learn about LoanDepot in detail.

Read Detailed Article How Do We Review A Mortgage Refinance Company?

Also Read: Rocket Mortgage Review | Should You Roll With It?

Features & Services Of LoanDepot

Features Of LoanDepot
Features Of LoanDepot

Mellow Smart loan – Unlike any other mortgage companies LoanDepot, offers the Mellow Smart loan option that seeks to verify personal information, including your employment history, income, asset record, etc., digitally, thereby reducing the loan closing time by up to 17 days. This feature saves you a lot of time and money, giving you a smooth borrowing experience.

Two-way assistance – Another thing that we love about LoanDepot is that it not only offers a fully digital and seamless borrowing service but also has 200 offices across the U.S., making it simple and efficient for people who want to get things done in person.

No lender refinancing fee for existing customers – LoanDepot promises that they will not charge you a lender fee if you have been their customer for more than twelve months.

And if you choose to opt for refinancing your mortgage in the near future, then they will reimburse the appraisal fees and waive the lender fee.

However, you cannot avail this benefit if you apply for third-party referral sites.

Pros And Cons


  • Offers a wide variety of home loan options.
  • Offers both online and offline services.
  • Claims to close loan process faster.
  • Waive fees for existing customers.
  • Excellent reputation and positive reviews from customers.


  • Not transparent about pricing.
  • USDA loans and HELOCs are not available.

Also Read: What Is The Tax Relief Credit?

Types of Loans Offered

Have a look at these loan options offered by LoanDepot:

  • Conventional
  • FHA
  • Jumbo
  • VA
  • Adjustable-rate
  • Fixed-rate
  • Construction and renovation loans
  • Rate-and-term and cash-out refinancing

Borrowing Requirement

LoanDepot Borrowing Requirement
LoanDepot Borrowing Requirement

There are various requirements that you must meet in order to be eligible for home loans. Let’s have a look at these borrowing requirements:

Minimum Credit Score

  • 620 for conventional loans
  • 700 for jumbo loans
  • 620 for VA loans
  • 580 for FHA loans

Minimum Down Payment

  • 3.5% for FHA loans
  • 0% for VA loans
  • 3% for conventional loans


LoanDepot has not disclosed any information regarding their fees. You will have to get in touch with them to get a quote on the price.

Repayment Term

Just like all other similar mortgage companies, LoanDepot also gives you thirty years to repay the loan.

You may choose a term of 10, 15, 20, or 30 years to repay the loan, depending on your payment capacity.

Home Improvement Financing

LoanDepot offers three kinds of home improvement financing options, including personal loans, FHA 203k renovation loans, and cash-out refinancing.

You can choose cash-out refinancing to put cash to work while tapping your home’s equity. You can even choose lower mortgage rates and lock them if rates have decreased since you took a loan.

FHA 203k lets you combine renovation costs and home mortgage into a single loan. It is an ideal option for people who are going to buy an older house that will require money for renovation.

LoanDepot even offers a personal loan option that can be used for improvements or renovation if there’s not enough equity available to you.

How to Apply?

How to Apply
How to Apply on LoanDepot

You can choose to apply for LoanDepot’s mortgage home loan options by either visiting their website or by, getting in touch with their representative via call or by visiting offline.

The criteria for a loan differ from person to person, the amount of loan they are seeking, their credit score, etc.

However, you must have the following documents handy for swift approval:

  • W-2 forms
  • Tax returns
  • Paycheck stubs
  • List of debts
  • Proof of previous mortgage or rent payments
  • List of assets

LoanDepot’s Mellow smart loan feature can help you in getting approval as it gives you the option to upload documents online, e-sign them, etc., thereby considerably decreasing the closing time.

NPC LoanDepot Ratings

Customer Service4.4/5
Quality of service4.6/5
Ease of use4.4/5

Also Read: PenFed Credit Union Review 

Customer Ratings And Reviews

LoanDepot Customer Rating And Review
Customer Ratings And Reviews
LoanDepot Customer Ratings And Reviews

LoanDepot holds an excellent online reputation, and customers are usually satisfied with their overall service.

It has been given a 3.8 rating out of 3794 votes by Trustpilot and has scored 844 out of 1000 on J.D.

Reddit Users Share Their Experience

Feedback on LoanDepot
by u/thinktaj in RealEstate

Customer Service

Even when it comes to customer service, Loandepot has not failed to impress us.

You can get in touch with their exceptional support executives by calling on this (888) 983-3240 number.

Our Experience with LoanDepot

We decided to have a word with LoanDepot’s representative to get an idea for a VA loan that we wanted to take.

So we called them and discussed our options, and we were told that we could take a VA loan with zero down payments.

They also quoted a price for us depending on our loan amount requirement and credit score, which we found to be feasible.

As we have already mentioned that LoanDepot has not disclosed any information on the prices publicly.

Hence we suggest you get in touch with them too if you want to discuss your loan options with them.

What Differentiates it?

LoanDepot holds a great reputation among customers, which is a great indicator of the service and satisfaction they are rendering to their customers.

Apart from this, their unique Mellow smart feature helps you to get a loan approval online with ease and crazy speed.

For this, they ask for the submission of the relevant documents online and give approval within a matter of a few minutes, which considerably decreases the loan closing time. Apart from this, we also like the competitive downpayment and credit score requirements they ask for.


GuideLoanDepot QuickenLoans
FeaturesOnline process, two-way assistance, and moreOnline process, customized loan options, and more
Minimum credit score580 or above580
Downpayment cost0-3%0% – 3%
Processing feeNot disclosedNot disclosed
Trustpilot rating3.84.8\5
BBB RatingA+Not accredited

Also Read QuickenLoans Review

Final Verdict

LoanDepot is ranked #2 in our list of top ten mortgage refinance companies. It is an excellent loan mortgage option for those who are looking for an online and traditional brick-and-mortar type of lending institution.

LoanDepot not only boasts of closing your loan application quickly but also does not charge any kind of fee for refinancing needs for existing customers.

Not to mention the satisfaction rate it has among customers just adds the cherry on top. We hope you found this LoanDepot review useful.

Frequently Asked Questions

Is LoanDepot Legit?

LoanDepot has been operating since 2010, has served millions of customers ever since, and is hundred percent legit.

Where is LoanDepot available?

It is available in all the states of the U.S.

What is the minimum credit score requirement of LoanDepot?

You need to have a minimum credit score of 580 for FHA loans with a maximum of 620 for Jumbo loans.

Does LoanDepot offer Spanish Support?

No, it does not offer spanish support.

Is LoanDepot accredited by BBB?

Yes, it is accredited by BBB and has an A+ rating.

NPC Overall Rating

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