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loanDepot Home Equity Loans Review

6 Customer Comments & Reviews - see all comments
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loanDepot is a California-based, non-bank financial lender that was founded in 2010. Along with loan products that feature low closing fees, the company also offers cash-out refinance and home equity loans. The company offers fast and easy application and process, handy loan calculators, and other online services to assist borrowers through the process of refinancing their homes.
 
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Call: (844) 551-7732

How is loanDepot rated?

Breakdown

Overall Rating: 0 / 5 (N/A)

loanDepot is an online lender that's well-rated in the industry, with below average customer complaint volume. The company offers a wide range of products that allow customers to access the equity they have in their homes, second mortgages, home equity loans, and cash-out refinancing. Loan terms are flexible and the company offers one of the longest term options we've seen: 40 years. That allows customers to monthly payment—though the lifetime cost of their loans will increase at the high end of their loan term options. The company also offers a loanDepot Lifetime Guarantee which allows customers the opportunity to refinance again in the future with no lender fees.

loanDepot Features

Lender Type
Online Lender
Loan Types Available
Home Equity Loan
Cash-out Refinance
Cash-out Refinance Terms
Waived Fees
Appraisal Fee
Origination Fee
1% to 5% of the total loan amount
Application Fee
0

loanDepot Qualifications

Loan Qualifications
Property Appraisal
Proof of Employment
Primary Residence

loanDepot Customer Experience

Total Consumer Financial Protection Bureau Complaints
37
Total CFPB Complaints/Originations
0.1
Site Features & Technology
Home Equity Calculator
Online Application
Online Quote
Online Document Upload
Helpful Related Articles
Total Originations (in millions)
$100
Number of Originations
700
Average Mortgage Size
$221,200
Memberships & Accreditations
Equal Opportunity Lender
Insured by Federal Housing Administration
Nationwide Mortgage Licensing System ID
174457
Nationwide Mortgage Regulatory Actions
2
Trust Pilot Rating
3.9 out of 5
BBB Rating
A+
Date Collected
2020-10-11

Disclaimers

5/1 ARM Rate - Rate displayed assumes that you are refinancing an owner-occupied single family home. Rate Loan refinance mortgage loan and assumes a loan amount of at least $200,000 and may include up to 2 points (1 point equals 1% of the loan) with all borrowers having a credit score of at least 740, a debt-to-income ratio of 43% or lower, a property loan-to-value of 60% or less with all asset and reserve requirements met. Home value for loan to value (LTV) uses automated valuation models (AVM). Actual appraised values may be different which could lead to a different interest rate availability. After five years, the interest rate becomes adjustable based on the following formula: Rate = Index + Margin. Caps are 5/2/5. Margin is fixed at 2.25%. Index is based on the one year Libor. Your APR may be higher if Mortgage Insurance is required or if an affiliated service provider is used. There is no guarantee that all borrowers will qualify and approval is subject to verification of credit, income, assets, and value, among other criteria. This is not a commitment to lend. Interest rates are valid as of October 11, 2020. Your actual rate and payment may be different based on many factors. Payments displayed do not include Mortgage Insurance, Taxes or Hazard Insurance payments, if required.

Contact & Additional Information

Homepage URL
http://www.loandepot.com/refinance/cash-out
Company Phone
(888) 983-3250
Headquarters Address
26642 Towne Centre Dr, Foothill Ranch, CA, 92610
Mailing Address
P.O. Box 11733, Newark, NJ, 07101
Year Founded
2010

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6 Customer Comments & Reviews

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A
Allen
3/22/2022
Trash they don’t keep promises or live up to their contract . I was to be refunded $500 for appraisal. They promised if you don’t get the appraisal you get your money back . It took over a month and multiple emails and phone calls . The loan agent avoided my calls and messages . I finally got in contact with a high manager and it was finally handled a week later . DO NOT USE !!

D
Dan M
1/15/2018
I want to say right from the start, buyer beware! They appear to be a reputable company, but they are not. I went through a refi process that lasted 5 months!! They made me jump through tons of "hoops" and I was required to get not one, not two, but three differest pest reports (there were no noteworthy conditions, LoanDepot just did not like the "way it was written"). I spent hundreds of dollars only not to get the loan after 5 months of effort. Please try Quicken, or Lendinging Tree, I have had good luck with them in the past, and will return. Large companies have the resources and the structure to provide excellent customer service at a good price.

Chung Y
7/17/2017
In short, do not waste your time with this shady company. I started my loan application for $80,000 after a rep from this company called me and offered me a deal with good interest rate, 3.75%, I believe. The rep (his initial is BR) said it would cost me $3,000 and another $439, which would be refunded after loan is approved. So the total cost of loan is $3,000, I thought and I asked him from the very first call that I would receive $80,000 when everything is done, and he said yes, I would get $80,000. After I submitted every paperwork required for the loan application and home inspection, this company sent a documents detailing my loan. Despite what BR promised me that I would get... Read More

P
ph
3/15/2017
This company is a HUGE waste of time. They do not communicate within departments, they are incompetent, and have lousy customer service. We spent over 2 months working with them only to get told that we couldn't get refinanced due to the condo complex having to many renters. 2 months and you wait until the end to check that??!! We were also told the HOA wasn't responding to them, but when I contacted the HOA they forwarded me an email that they had sent two weeks prior! We also had to contact our own HR to ask proper questions that LoanDepot hadn't. The whole process was a joke really. I would run as fast as you could to another lender.

D
D C
2/11/2017
I am work in a service industry and the service I received from LoanDepot was truly awful… Do not do business with them. Here are the indisputable facts: 1) I told Loandepot up front that if they did not think that the loan could not be completed for the amount I was looking for that we not proceed because it would be a waste of everyone's time and my money. 2) They wasted 6 weeks of my time in working through a loan process that was never going to be underwritten at the amount discussed because they did a very poor job on their upfront due diligence. I would have been fine with a “no” answer up front – but they assured me they could get this done. 3) They have an inherent flaw in... Read More

C
Colt
1/2/2017
Really liked it and am very interested

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