SCORE: 3.9
By David McMilin
LoanDepot Mortgage Evaluation 2021 | The Easy Greenback
Overview
LoanDepot was based in 2010 and has rapidly turn into one of many largest names within the mortgage market. In 2020, the lender originated greater than $100 billion in residence loans, serving to greater than 84,000 homebuyers with purchases and greater than 209,000 owners refinance. The lender provides an end-to-end digital course of, however debtors can even get in-person help at greater than 200 branches throughout the U.S. The lender claims it could possibly beat business common closing occasions by 50 %. In October of 2021, the lender expanded past serving to you discover a mortgage with a brand new Grand Slam bundle (a nod to its sponsorship because the official mortgage supplier of Main League Baseball). When you use a matched actual property agent, safe your private home mortgage with LoanDepot and select its title and owners insurance coverage providers, you’ll be eligible for as much as $7,000 again at closing a digital residence safety system and another perks.
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Breakdown of LoanDepot evaluate rating
- Affordability: 14.75/15
- Availability: 14/15
- Borrower expertise: 10/10
Execs and cons
Execs
- Waives charges for current clients who refinance
- Gives a wholly digital course of from software to shut
- Greater than 200 branches throughout the nation
Cons
- Charges and charges not accessible on-line
- No USDA loans
Good for
Debtors who need a digital mortgage expertise with the choice to hunt in-person help at greater than 200 places throughout the U.S.
Popularity
LoanDepot is accredited by the Higher Enterprise Bureau with an A+ score. Based mostly on greater than 3,400 buyer critiques on Trustpilot, the lender scores a 3.6 out of 5 stars. When it comes to originating loans, LoanDepot scored 844 out of a 1,000-point index (12 factors under the business common) in J.D. Energy’s most up-to-date buyer satisfaction rankings. Debtors are extra happy with the lender’s strategy to servicing mortgages: It completed eighth in J.D. Energy’s 2021 buyer satisfaction research, scoring 18 factors above the business common.
Refinancing with LoanDepot
You possibly can refinance your current mortgage with LoanDepot. The lender provides a Lifetime Assure program: Finance one mortgage with the corporate, and it’ll by no means cost you a charge for one more refinance on the identical property. Plus, you’ll get your appraisal charge reimbursed. When you’re a brand new buyer, you’ll must ask a mortgage officer about refinance charges and prices, as they don’t seem to be listed on-line.
Evaluation methodology
To find out a mortgage lender’s SimpleScore, The Easy Greenback’s editorial staff charges lenders on a scale of 1 to 5 stars primarily based on a wide range of components regarding the lender’s services and products. The Easy Greenback’s companions compensate us, however our opinions are our personal, and associate relationships don’t affect our critiques. Right here is our full methodology.
Click on right here to learn the remainder of LoanDepot’s shopper critiques.