loanDepot: Is It Legit?

Andrew Reyes
A person working on their laptop with financial documents on their desk.

LoanDepot is a direct lender that was launched in 2010 and has funded over $165 billion in loans. The company has over 150 loan offices throughout the country. While the lender offers a robust website with many resources for potential borrowers, you can’t complete the mortgage application process entirely online.

However, the online system does make getting pre-approved and providing required loan documents much easier and faster for borrowers. To learn about the home mortgage features and rates loanDepot offers, review the following sections.

Table of Contents

What Is loanDepot Mortgage and How Does It Work?

LoanDepot specializes in VA, FHA, conventional, and jumbo home loans and is known for quick home loan closings. You need to speak with a loan officer to complete the mortgage application process and the company has an extensive number of back-end employees who quickly process loan applications. You can also digitally upload required loan documents, such as your W-2 forms or bank account information, which expedites the approval process.

LoanDepot offers several different home refinancing opportunities with fixed or adjustable rates. The mortgage application process works the same way as with a new home loan. You’re connected with a loan provider by phone or in-person if you’re near a branch office. The loan provider takes your information and provides you with loan options based on your qualifications.

loanDepot Mortgage Features

LoanDepot provides several features to its home loan and refinancing customers, some of which are discussed below.

Customer Service

To speak with a loan provider, you can contact loanDepot directly at 1-888-983-3240 or you can search for a loan office in your area. If you’re near a branch, you may visit a loan officer in person to discuss your loan options. You can also begin the mortgage application process online.

When you provide your information and answer questions about the home you’re planning to purchase or refinance, the system assigns you a loan officer who will assist you. The loan officer you’re assigned helps you with the home loan process, from start to finish.


It’s important to be aware of all the costs of buying a home or refinancing your current mortgage, such as homeowner’s insurance and closing fees. With loanDepot, you’re responsible for paying lender fees, which may vary depending on your situation.

If the interest rate you’re offered is high, you may also be interested in buying discount points at closing to lower your rate. Keep these fees in mind when determining how big of a mortgage you can afford.


If you prefer to start the mortgage application process in person or simply want to meet with a loan officer face-to-face to ask questions, loanDepot has over 150 office locations throughout the country. You can use the loanDepot online branch locator to explore offices in your area.


While loanDepot claims to offer mortgage pre-approval online, you must speak with a loan officer to complete the process. You begin the pre-approval process online when you enter your contact information and answer questions about the home you want to buy.

The system uses this information to connect you with a loan provider who can help. To obtain your pre-approval letter, the loan officer must ask you additional questions, run your credit report, and analyze your financial situation to ensure you can comfortably afford a mortgage.


You may want to refinance your home so you can use your equity to pay for a home improvement project or to lower your monthly mortgage payment. When deciding if you should refinance your home, you may need to apply with a loanDepot loan officer to see what loan terms you qualify for.

Be sure refinancing your home loan improves your financial situation before agreeing to a new loan. Take potential closing costs and lender fees into consideration when calculating the expenses associated with refinancing.

loanDepot Mortgage Rates

You can view current interest rates for different types of loans on the loanDepot website. Interest rates are organized based on the loan term and whether the rate is adjustable or fixed. The company claims its rates are competitive with other lenders but the interest rate you’re offered may depend on several factors, such as:

  • The type of loan you qualify for.
  • Your location.
  • The home you’re buying.
  • The amount of your down payment.
  • Your debt-to-income ratio and credit score.

As a borrower, it’s helpful to view current interest rates but keep in mind, these rates are based on the average homebuyer and may not apply to your situation.

How to Apply for a loanDepot Mortgage

While you can begin the home loan application process online, you must speak with a loanDepot loan provider to obtain a mortgage. To complete the application process, follow these steps:

  1. Visit the loanDepot website and click “Apply Now.”
  2. Answer questions about your homebuying process, including whether you’re already working with a lender.
  3. Provide information about the home you’re looking for, your down payment, and purchase price.
  4. Answer questions about your credit score and provide your contact information.
  5. Receive contact information for a lender qualified to work with you.
  6. Contact the lender or wait for them to contact you to complete the process.

If you qualify, you may be offered different loan options. You’re asked to provide documentation before closing on the loan, such as proof of income or bank account information.

You may be able to upload these documents online if you’re dealing with your loan provider by phone. After you close on your loan, you can make monthly mortgage payments and check your loan balance through the lender’s website.

LoanDepot offers several types of mortgages for new homebuyers and homeowners who are interested in refinancing. Using their website and loan officers, you can complete the mortgage application process and close on your loan quickly.

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