Loan Depot Logo
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9 User Reviews
LAST UPDATED: March 7th, 2022

loanDepot is a nationwide mortgage lender that has dominated the home loan scene over the past decade. It is one of the largest players in the industry, assisting around 25,000 customers per month. It offers numerous home loan and refinancing options making it easy for nearly any borrower to find the right product for them.

loanDepot is unique from other top mortgage lenders in the industry because it focuses on technology to help streamline and simplify the often complicated and lengthy home loan process. loanDepot’s unique mission to technology is one of its most defining points as a mortgage lender.


The Good

  • Unique Loan Options
  • Lifetime Guarantee
  • Secure and Efficient Technology

Unique Loan Options

loanDepot offers several different loan products, helping nearly every kind of homebuyer to secure a home loan. Its products include the following:

  • Adjustable Rate Mortgage
  • Fixed Rate Mortgage
  • FHA Loan
  • HARP Loan
  • Jumbo Loan
  • VA Loan
  • 203k Loan

What standouts among these loan products is the 203k loan and the HARP loan. Not every mortgage lender offers these specific types of loans, making loanDepot a great option for borrowers with more specific needs.

A 203k loan is often a great option for those that are trying to buy a foreclosed home or who are looking to do some major renovations on a home. A 203k loan not only gives borrowers the funds to buy a home but it also includes renovation funds that one might need for a fixer-upper. Since it is structured similarly to an FHA loan it has the benefit of requiring only a 3.5 percent down payment.

A HARP loan is beneficial to those who own homes that are near water that are more likely to incur water damage and flooding. HARP can only help homeowners that have loans owned by Fannie Mae or Freddie Mac on or before 5/31/09, but if you do qualify you may be able to receive a lower interest rate if you refinance. Since this loan is very niche not all lenders offer it, making loanDepot a great option if you are a current homeowner that could benefit from a HARP loan.

Lifetime Guarantee

loanDepot has a great loyalty program called the Lifetime Guarantee that can save you money when refinancing in the future. Very few mortgage lenders offer loyalty programs that can save borrowers money, making loanDepot a great option if you stick with the company through several transactions.

The Lifetime Guarantee promises that a borrower will not have to pay lender fees in the future after they first purchase a loan with the loanDepot. This means that borrowers will not have to pay future refinancing loan lender fees if their original loan is with loanDepot.

If you plan to stay in your house for a long period of time, exempting lender fees on future refinancing could save you thousands of dollars overtime.

Secure and Efficient Technology

The loanDepot puts digital security and efficiency at the forefront of all its mortgage services. It has spent considerable time and money to make its mello smartloan™ technology the best in the industry. Its mello smartloan™ technology creates an end to end digital experience that makes the loan process more cost and time efficient.

All you would have to do is upload a few personal document to your mello smartloan™ account and within minutes it will be able to create your application for you. From your application, loanDepot may even opt you out of the appraisal application and fee if it looks like you are a strong borrower that automatically qualifies for a home loan.

loanDepot’s mello smartloan™ technology is something that is unique to them. No other mortgage lender matches the time and money saving tools that loanDepot offers throughout the loan process. If security, time, and money are important to you then loanDepot’s streamlined technology will be a great benefit.


The Bad

  • Pre-Approval Letter

Pre-Approval Letter

It is common in the mortgage industry for lenders to offer a free pre-approval letter to potential borrowers. A free pre-approval letter can save you a few hundred dollars on fees. loanDepot does not explicitly say if this is a service that it offers or not.


The Bottom Line

loanDepot is a great option for many different types of borrowers. If you are interested in its specialty loans, like their 203k and HARP loan, then you will especially find loanDepot to be a great fit.

However, loanDepot’s advanced technology is the main thing that sets the company apart from other mortgage lenders. Overall, we recommend loanDepot as a great option for most home loan needs.

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9 Reviews

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Review Source

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Alexandria Lekberg Chesterfield, VA

I have bought our home with them and have refinanced 3 times with Loan Depot. They beat everyone else’s price and gave me the lowest percent. They were easy to work with and we closed early every time. You receive loyalty deals as well and pay no origination fee the 2nd time. They match and beat any company! I have referred them to 14 people who were very satisfied as well. Great company to work with and save thousands of dollars!

9 months ago

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Constance Royval

When I wanted to refi our loan they took care for us 100%. Chase,who had had our loan for 12 years ws not willing to drop our rate. Loan depot did.By 3.5% saving me $350 per month a no increasing the time left to pay. Chase blew it.

4 years ago


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Luke Swierczynski Troy, MI

When I was looking for financing there site was easy to navigate, but just wow. There aggressiveness was extreme in how pushy the sales rep was, often disregarding my concerns about anything. Took a while to get them to stop calling after going with a competitor. I also saved quite a significant amount not using them based on the information they provided me. I hope I never have to work with this company in any capacity again. Too pushy.

6 months ago

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Angela DeLeal Firestone, CO

I got all my refinance papers that were requested sent in to them on Jan 15th 2021. Today is Feb 25th2021 and I have still not gotten my refinance with a cash out done. I have called and been told the reason it is taking so long is that they are inundated with refinances because they rates are at a record low. I have had at least 15 other mortgage companies call me and SAY they could have it done in two weeks! Then after calling and leaving a message with some manager person, I get a call back telling me that I now have to sent proof of when I return to work as I am on medical leave till April 1st!!! My patience is gone! I have now lost my contractor because they were waiting to do my renovation but can no longer wait. If you try and find ratings for Loan Depot they are not in the top 20. I highly recommend not using them! IF it hadn't already been this long I would go find another.

1 year ago

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Lynnell Green-Keyes

They were wonderful on my original loan and when I refinanced they were on top of all the changes and helped immensely!

2 years ago

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LRandall San Antonio, TX

They approved my loan quick

1 year ago

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K Hall

Great customer service but website is a bit antiquated

2 years ago

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They have been extremely courteous and helpful.

4 years ago

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Teresa Wehunt Port Charlotte, FL

Easy finance, quick closing, great people

4 years ago