Are you considering Loan Depot for a purchase or mortgage refinance loan? How does Loan Depot compare to the best mortgage lenders? Here’s my unbiased review of Loan Depot services, interest rates and fees.
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Loan Depot is an online direct mortgage lender.
Should you trust Loan Depot with your next home mortgage?
Loan Depot Profile
Claiming to be the pioneers of direct lending, they have no problem telling you they have the lowest purchase and refinance rates and fees without publishing anything on their website. The site is little more than a sales-brochure promoting their mortgage products.
Loan Depot Contact Information
26642 Towne Centre Drive
Foothill Ranch, CA 92610
Loan Depot Mortgage Review
Direct lenders fund their own home loans allowing them to take an advantage of a loophole in the Real Estate Settlement Procedures Act. My biggest problem with this lender is that they do not disclose any fees or publish interest rates on the site.
The only thing I could find on the website was a video about the rate lock deposit. The fees you pay at closing including the origination fee are one of the most important aspects of your home loan. If you’re not able to break even recouping your out-of-pocket expenses you’ll be losing money no matter how great your mortgage rates.
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Common junk fees include application, processing, rate lock and courier fees. The less you pay at closing the more benefit you’ll get from a lower payment amount. You can learn more about getting the best deal on your next home loan by checking out my free Underground Mortgage Videos.