Loan Depot Logo

Loan Depot

star star star star star_half


Overall Score

LAST UPDATED: November 22nd, 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.

View Best Mortgage Lenders


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.

View Best Mortgage Lenders

Was this content helpful?
thumb_up Yes thumb_down No

Star Rating



star star star star star_half

11 Reviews

Review Breakdown

5 grade


4 grade


3 grade


2 grade


1 grade


Sentiment Criteria


star star star star star_half


star star star star star


star star star star star


star star star star star
We couldn't find any matches for your request. Click here to try again.