Summary

Loan Depot is sort of the new kid on the mortgage industry block. So how do they compare to some of the bigger name entities? Pretty darn well, actually! Let’s take a closer look:

Company Overview

Launched in 2010, Loan Depot combines the old school with the new. Yes they’re an online platform, but they’re also readily available by phone, or in person at one of their brick and mortar locations. In the “text me don’t call me” age, we found this blend of old and new communication methodologies refreshing. They’re website is expansive, featuring endless mortgage options, and those brick and mortar branch locations we mentioned… there’s 150 of them, nationwide. That personal touch really means something to many people; if you’re one of them, Loan Depot might be right for you.

What Loan Depot does best

The balance between online lender and old school, in person mortgage lending is Loan Depot’s bread and butter. Their mortgage pros are always available to chat with you online, or, if you’d prefer to pick up the phone and speak with a real, live person, Loan Depot does that as well. And finally of course they have their brick and mortar locations for in person sit downs. And they provide basically every type of mortgage: ARMs (3/1, 5/1, 7/1, 10/1), Fixed Rate loans in 10, 15, 20, & 30 year terms, VA, FHA, HARP, Jumbo loans… these folks have it all. They even offer home equity loans & personal loans. And their rates are ultra competitive. We typically don’t include specifics on rates in these types of reviews (because they’re always fluctuating, and every company in this review piece is competitive when you really crunch the numbers), but when we were on their site, we saw APR’s as low as 2.25% for an ARM, and 3.25% for fixed. So they’re definitely a good choice when it comes to minimizing cost. Finally, Loan Depot’s “lifetime guarantee” feature is pretty incredible: it basically guarantees zero fees on any future refinances done through them. This is great, as the average homeowner refinances every seven years. They’re making a serious effort for repeat business here by incentivizing their customers to come back time and time again.

Any Downside?

The only real downside here is Loan Depot’s lack of a track record. Don’t get us wrong - they’ve done right by their customers during their tenure; it’s just that their tenure is very short. Loan Depot isn’t really a household name, mostly due to the fact that they’ve only been operating since 2010. It may be a bit unfair to call this a “negative” as every company has to start somewhere. But many homeowners, and home buyers, look for longevity when their choosing a mortgage provider. They want a company that’s been around a while, and Loan Depot simply hasn’t. Loan Depot’s website also leaves a bit to be desired. It’s not bad or anything, but it’s not an A+ either. It’s just not the easiest mortgage website to navigate, although it’s really not too problematic either.

What Homeowners Are Saying

The BBB rates Loan Depot A+, which tells you they’re doing a lot of things right. CreditKarma has them at 4.3 out of 5 stars, and their YELP reviews are positive as well. Overall, people seem very happy with their experiences at Loan Depot.

Overall Rating: 4.1 / 5

For a new arrival onto the mortgage lending scene, Loan Depot is a prime example of how it should be done. They’re accessible online, but they’re also available by phone and in person. Great mortgage options as well as personal loans and home equity loans; there’s a lot to like about Loan Depot.