LoanDepot offers homebuyers a portal to compare mortgage loan offers. You can access basic mortgage information without signing up for an account, and it’s easy to update your information and view additional loan offers in a simple and straightforward manner. A variety of loans are available to search, including the rare and hard-to-find 10- and 20-year fixed loans.
You can expect your monthly payments to be about average. We entered a wide range of parameters into the company’s Rate Quote form, and in each case we were presented with numbers that were consistent with a wide range of other lenders we’ve reviewed. For example, if you lock in a 30-year fixed loan for a $300,000 home and you have a credit score of 690, you can find monthly payments as low as $898 per month. The site also has a handy Mortgage Purchase Calculator that provides further perspective on what you can expect to pay.
There is a wide spectrum of APR offers available. We encountered offers as low as 2.95% and as high as 4.056%. Though the lower APRs were extremely impressive, they were mostly limited to the 5/1 ARM offers. Unfortunately, adjustable rate mortgages aren’t ideal for every homebuyer.
Interest rates are consistently lower than APRs, sometimes by a wide margin. We found interest rates as low as 2.25% for adjustable rate mortgages and as low as 3.25% for fixed rate mortgages. There is a downside, though. We were only able to find these rates when inputting a credit score of 700 or above. As you dip below 700, the rates rise rapidly. If your credit score is around 650, you’re more likely to find rates in the neighborhood of 4%.
loanDepot offers more loan term options than we have found with any other lender. You can search for a wide range of options, including 30-, 20-, 15- and 10-year fixed. You can also search for 10/1, 7/1, 5/1 and 3/1 ARM mortgages. Your results will vary depending on your information, but we were able to find 10- and 20-year terms with only moderate effort.
loanDepot is one of the few lenders in its class to offer home equity loans, and they also offer FHA and VA loans for qualifying borrowers in need of assistance. The company is also known for its rapid closing times, which is a great asset if you’re looking to get into your new home as quickly as possible.
The most impressive aspects of loanDepot are the wide range of term options and the ease with which you can review and compare information. The layout on the results page is also among the best that the industry has to offer. You are limited, however, in the number of available options afforded to you, and the company is insistent upon phone correspondence after you move past the rate estimator. So look forward to some additional haggling before you secure your loan.
The most impressive aspects of loanDepot are the wide range of term options and the ease with which you can review and compare information.
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