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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.



About lender

LoanDepot operates in all 50 states and has nearly 200 branches with headquarters in Foothill Ranch, United States. Anthony Hsieh founded the business in 2010 and became one of America's largest mortgage lenders.

The lender offers various mortgages, including low-down-payment alternatives for first-time homebuyers and refinancing options. Borrowers who want a digital mortgage application can use the lender's proprietary software. Even if you don't want an entirely digital loan experience, you can use this system to verify your income, employment, and assets.

Conventional loans, fixed-rate and adjustable-rate loans for purchases and refinances, jumbo loans, the Federal Housing Administration (FHA) loans, and the Department of Veterans Affairs (VA) loans are available on loan types in LoanDepot. It also focuses on renovation loans, offering FHA 203(k) fixer-upper loans and Fannie Mae HomeStyle home repair loans. Both loan programs allow consumers to purchase and improve a home with only one financing. You can use these loans to refinance your existing mortgage and remodel your home. You'll need to reach a loan officer via phone, email, or in-person to get information about mortgage rates and fees. USDA loans, home equity loans, and home equity lines of credit are unavailable.

Pros and cons


  • Digital income, asset, and employment verification are all available.

  • It provides various remodeling finance choices.

  • Customers who prefer face-to-face service can visit connected loan outlets.


  • Online mortgage rates aren't available.

  • There are no home equity loans or lines of credit open.

  • A 5% down payment is required.

  • If you have a bad or low credit score, you won't be able to use alternative credit data.

Terms and conditions

Fixed-rate loan lengths range from 10 to 30 years of monthly payments, and the lender also offers four variable-rate loan options: 3/1, 5/1, 7/1, and 10/1 adjustable-rate mortgages. After a specific amount of time, the interest rates on these ARMS may vary.

However, LoanDepot does not provide U.S. loans and HELOCs. Search for LoanDepot's official webpage to view legal disclosures and important notices. Personal loans from LoanDepot come with no prepayment penalties and a 15-day grace period. On personal loans up to $35,000, they provide some of the lowest APRs accessible.

LoanDepot requires a minimum credit score of 620 for conventional loans, 700 for jumbo loans, 580 for FHA, and 620 for V.A. loans. When you buy a property via LoanDepot, you get a "lifetime guarantee" that you'll never have to pay lender fees again. LoanDepot will eliminate its lender costs and reimburse any appraisal fees if you elect to refinance your mortgage with them in the future.

Funding a loan

LoanDepot offers a broader selection of mortgage packages compared to some of its competitors. That means that a variety of homebuyers and homeowners should be able to get suitable financing.

Conventional loan meets Fannie Mae and Freddie Mac's lending restrictions, which are $647,200 in most regions of the country. Home buyers can qualify for a standard mortgage with as low as a 3% down payment and a FICO score of 620. FHA loans allow you to borrow with as little as a 3.5% down payment and have more liberal credit standards. V.A. Loans allow eligible service personnel and veterans to borrow with no down payment, no monthly mortgage insurance, and less stringent credit requirements.

FHA 230K loans will enable you to borrow up to $35,000 more than the home's value to cover necessary renovations. For mortgages over $647,200, Jumbo has a more significant ceiling than conforming loans. You can borrow up to $3 million from LoanDepot. Most consumers choose a 30-year fixed-rate mortgage, while fixed-rate loans with 10-, 15-, or 20-year periods are also available. ARMs have a lower rate that is fixed for the first 3, 5, 7, or 10 years and then floats for the balance of the loan term.


Is LoanDepot a legitimate company?

LoanDepot is a legitimate lender with authority to provide a wide range of home loans and refinancing services. LoanDepot is an A+ rated company with the Better Business Bureau. 

Is loanDepot a good bank?

LoanDepot has a 3.7 out of five-star rating on Trustpilot, based on over 3,600 client reviews. In J.D. Power's loan origination index, LoanDepot received an above-average 856 out of 1,000 points. 

What company owns loanDepot?

E*TRADE Financial purchased LoanDepot in 2001. In 2002, frustrated by the lack of financing options, Anthony Hsieh created Home Loan Center, the first online lender to offer a comprehensive range of home loan products in all 50 states, including first and second mortgages and HELOC loans.

Is loanDepot a broker or lender?

LoanDepot has access to cheap refinance rates as a direct lender. It can help you refinance your homebuying process quickly and easily.

Company documents

Privacy & Security
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Terms of Use

We are grateful and proud of our purpose. For more than 12 years, we’ve been helping customers achieve their home purchase and refinance goals.

© LoanDepot

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What to focus on before applying for a loan with LoanDepot

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between LoanDepot and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All LoanDepot’s reviews by September 2022
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