loanDepot Mortgage Review 2026
loanDepot, rated 3.5/5 stars by LendingTree experts, is a good option for cost-conscious borrowers seeking a solid selection of home loan products.
loanDepot stands out for its competitive pricing and a good selection of mortgage and loan products. Its lower rate spread compared to some peers appeals to cost-conscious borrowers. However, because the application process takes place primarily online, it’s best for people who are comfortable managing their mortgage online, are responsive during underwriting and prioritize rate competitiveness over in-person service or upfront rate transparency.
See how we reached our verdict below.
- Competitive rates compared to other large lenders
- Fully digital application process
- Wide range of loan options
- Rates not posted online
- Doesn’t offer home equity loans
- Comparison shoppers complain of frequent follow-up calls
loanDepot mortgage overview
loanDepot is a large, direct-to-consumer mortgage lender that offers home purchase loans, mortgage refinancing, home equity lines of credit (HELOCs) and personal loans.
The company operates primarily through online and phone-based channels, with an emphasis on digital tools designed to streamline the application and underwriting process.
- Areas of service: All 50 states
- Digital service: Yes
- Headquarters: 6561 Irvine Center Drive, Irvine, CA 92618
- Website: loanDepot.com
loanDepot rates and fees
Rates
loanDepot does not publish mortgage rates online.
loanDepot’s rates are a bit higher when compared with other national banks, typically averaging about 0.47 percentage points above the average prime offer rate (APOR) in 2024. The APOR represents the average APR a bank will likely offer a well-qualified borrower in the current market.
Fees
loanDepot doesn’t share its exact fees, but you should budget for closing costs of around 2% to 5% of the loan amount. The lender will list those costs once you get preapproved.
Based on 2024 Home Mortgage Disclosure Act (HMDA) data, loanDepot borrowers paid an average of $9,413 in total loan costs during 2024, with origination fees averaging $4,578. That’s quite a bit higher than the average of $7,141 in total costs and $3,349 for origination fees across all major lenders.
loanDepot’s AccessOne+ down payment assistance program provides eligible first-time buyers with up to $9,000 in down payment assistance, which they can apply toward the down payment or closing costs. To qualify, you must live in one of 21 eligible census tracks.
The lender also offers an AccessZERO program that helps eligible borrowers purchase a home with an FHA loan requiring no down payment. Rather than providing a traditional grant, the program offers up to 5% in down payment assistance structured as a 10-year second mortgage.
loanDepot also partners with GEICO to offer up to $1,000 in lender credits for eligible GEICO customers to reduce their closing costs.
What types of mortgage loans does loanDepot offer?
loanDepot offers a variety of home loans, including:
For homebuyers looking for a conventional loan, loanDepot offers several options, including fixed-rate mortgages, adjustable-rate mortgages (ARMs) and cash-out refinances.
Conventional loan qualification requirements
- You typically need a credit score of 620 or higher for a fixed-rate loan, or 640 or higher for an ARM
- 3% for a fixed-rate loan, 5% for an ARM, 20% to avoid private mortgage insurance (PMI)
- Maximum debt-to-income (DTI) ratio of 45%
The Federal Housing Administration (FHA) insures FHA loans to make homeownership more accessible for borrowers with lower credit scores or limited savings. loanDepot offers FHA purchase, refinance, cash-out refinance and 203k renovation loans.
FHA loan qualification requirements
- 580 minimum credit score
- 3.5% minimum down payment
- Maximum DTI ratio of 43%
The U.S. Department of Veterans Affairs (VA) backs VA loans. These loans have no down payment requirements, don’t require PMI and the VA limits the closing costs lenders can charge to keep them affordable. Eligible service members, veterans and surviving spouses can use VA loans to purchase a home or refinance an existing VA loan.
VA loan qualification requirements
- No down payment required for borrowers with full VA loan entitlement
- VA loan requirements don’t set a minimum credit score, but many lenders want to see a score of at least 620
- No PMI required
- Maximum DTI ratio of 41%
Jumbo loans exceed conforming loan limits, so you can use them to finance a higher-priced home. loanDepot offers fixed- and adjustable-rate jumbo loans up to $3 million to purchase a home or refinance your existing mortgage.
Jumbo loan qualification requirements
loanDepot doesn’t disclose jumbo loan requirements publicly, but most lenders require:
- A down payment of at least 20%
- Minimum 700 credit score
- Maximum DTI ratio of 45%
- Cash reserves for future mortgage payments
A HELOC is a revolving line of credit, similar to a credit card, but secured by your home’s equity. You can use it for home renovations, paying off other high-interest debts and other major purchases or unexpected expenses. loanDepot HELOCs have variable rates and are available with line amounts of $45,000 or more.
HELOC qualification requirements
loanDepot doesn’t disclose its HELOC requirements publicly, but most lenders require:
- A DTI ratio of 43% or less
- A credit score of 620 or higher
- At least 15% home equity
loanDepot mortgage qualifications
| Credit score minimum | Conventional: 620 (typically)FHA: 580VA: 620 (typically)Jumbo: 700 |
| DTI ratio
Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments.
| Conventional: 45%FHA: 43%VA: 41%Jumbo: 45% |
| Down payment minimum | Conventional: 3%FHA: 3.5%VA: 0%Jumbo: 20% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
Understanding who a lender typically approves can help you prepare to apply for a mortgage. Based on 2024 HMDA data, applicants most likely to be approved by loanDepot have the following characteristics:
- loanDepot’s average loan-to-value (LTV) for purchase loans was 84.7%, indicating that loanDepot approved more borrowers with larger down payments.
- loanDepot’s average DTI ratio was 46.6% for purchase loans. That reflects loanDepot’s willingness to work with borrowers with higher debt loads.
- loanDepot has a rejection rate of about 30% for all loan types, which is right on par with SoFi, but higher than Mr. Cooper.
To improve your chances, focus on lowering your DTI ratio by paying down revolving debt and increasing your down payment to reduce LTV. Even small improvements in these areas can increase your odds of approval and help you qualify for a lower rate.
How does loanDepot compare to other lenders?
|  |  |
|
| LendingTree’s rating |
Expert review from LendingTree.
Back to our loanDepot summary |
Expert review from LendingTree.
Read our loanDepot vs. Mr. Cooper comparison |
Expert review from LendingTree.
Read our loanDepot vs. SoFi Bank comparison |
| Minimum credit score | 580 to 620 | 580 to 620 | 600 |
| Minimum down payment | 0% to 20% | 0% to 10% | 0% to 10% |
| Rate spread
Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2024. The higher the number, the more expensive the loan.
| 0.47% | 1.88% | 0.74% |
| Loan products and programs |
|
|
|
| Better for: | Borrowers looking for competitive rates and a streamlined, digital application process. | Borrowers looking for flexible options, including those who want lower down payments and convenient online options. | Homebuyers looking to close on a home without delays. |
loanDepot vs. Mr. Cooper
When comparing loanDepot to Mr. Cooper, one of the most visible differences is rate transparency. Mr. Cooper publishes sample mortgage rates directly on its website, which helps set expectations early and allows for quick, high-level comparisons. On the other hand, loanDepot doesn’t display rates publicly and instead requires you to begin the application or prequalification process to see personalized pricing. This approach gives you more tailored quotes, but makes side-by-side comparisons less convenient.
Another difference is that Mr. Cooper offers fixed-rate home equity loans, while loanDepot limits borrowers who want to tap their home equity to HELOCs and cash-out refinances. If payment stability and long-term rate certainty are priorities, Mr. Cooper’s fixed rate option may be more appealing.
Read more in our full Mr. Cooper mortgage review.
loanDepot vs. SoFi Bank
When comparing loanDepot to SoFi, one of the big differences is credit requirements. SoFi generally only works with borrowers with stronger credit profiles and sets a higher minimum credit score than loanDepot. This can make loanDepot more accessible for borrowers who meet FHA loan requirements but fall short of SoFi’s stricter thresholds.
SoFi is a good pick if you want to be sure to close on time. The company offers a “close on time guarantee.” Subject to the guarantee’s conditions, if your loan doesn’t close on or before the closing date shown on your accepted purchase contract due to delays on SoFi’s end, the company will give you up to $10,000 in credits toward your closing costs.
Read more in our full SoFi mortgage review.
How to apply for a loanDepot mortgage
1. Choose your loan type
Review the mortgage products available on loanDepot’s website. While the lender doesn’t offer a lot of details online about qualification requirements for different types of loans, consider whether your priority is a low down payment, flexible credit score requirements or avoiding PMI. Also consider whether you might qualify for specialized programs, such as a VA loan or down payment assistance.
2. Get prequalified
Prequalification is an initial review of your financial profile based on self-reported information like your income, assets and estimated credit score. This step doesn’t guarantee approval, but it gives you a rough idea of how much you may be able to borrow.
3. Submit a loan application
Once you’re ready to move forward, complete a full mortgage application through loanDepot’s secure online portal. This step requires verified documentation and a credit check. At this stage, you may also discuss locking in your rate, which allows you to secure an interest rate for a set period while the lender processes your loan.
Learn more about how to apply for a home loan.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Is it safe to get prequalified with loanDepot?
Getting prequalified with loanDepot is generally safe and low risk for most borrowers. Prequalification gives you an early, high-level view of your potential borrowing power without committing you to a loan or lender.
Prequalification typically relies on self-reported financial information and a soft credit inquiry, which doesn’t affect your credit score.
Prequalification isn’t required, but it can be a useful first step if you’re early in the planning process and want to explore your options and get an idea of how much home you can afford without impacting your credit.
If you’re comfortable with the initial numbers from prequalification, the next step is to get preapproved. This typically involves a hard credit inquiry, verified documentation and a more detailed underwriting review. A preapproval allows you to make stronger, more competitive offers when you find a home you want to buy.
loanDepot’s customer service experience
loanDepot positions its customer service model around a digital-first experience supported by licensed loan officers and servicing teams. Most borrower interactions, including getting preapproved, filling out an application and submitting loan documents, are handled through the company’s online portal. However, phone support is available if you have questions or run into issues.
- Phone (new and pending loans): 888-983-3240
- Phone (existing loan servicing): 866-258-6572
- Email: [email protected]
Once you’re ready to close, you typically sign the loan documents at an escrow office or an attorney’s office. Your real estate agent and the loan processor can guide you through the process.
loanDepot’s customer service experience is pretty comparable to what other large, digital mortgage lenders offer. If you value speed, online access and centralized document management, you’ll likely find the experience convenient. However, if you prefer in-person support or a highly relationship-driven approach, their business model is less hands-on than smaller banks or local credit unions.
How LendingTree experts rated loanDepot
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
loanDepot’s scorecard:
❌ Publishes rates online
âś… Offers standard mortgage products
â• Includes detailed product info online
âś… Shares resources about mortgage lending
âś… Provides an online application
Frequently asked questions
loanDepot offers an almost entirely digital mortgage experience, right up to the point of signing your loan documents. You can manage most steps through a centralized dashboard and communicate with loan officers remotely, which is consistent with other large, technology-forward lenders.
Yes. loanDepot is a legitimate, nationally recognized mortgage lender. It is licensed to operate in all 50 states and is registered with the Nationwide Multistate Licensing System and Registry (NMLS).
You can view more info about loanDepot’s state licenses and registrations through the NMLS website.
Getting prequalified typically involves a soft credit inquiry, which does not affect your credit score. However, if you want to get preapproved or submit a full mortgage application, loanDepot will require a hard credit inquiry, which can cause a slight, temporary dip in your score. This is standard across mortgage lenders.
loanDepot home loans can be a good fit if you want digital convenience, access to multiple loan products and clear communication. But the experience isn’t universally positive for every borrower.
loanDepot earned 4 out of 5 stars from customer reviews on Trustpilot, with many reviewers noting the high level of support, good communication and knowledgeable loan officers. However, some customers complained of receiving frequent phone calls, sometimes multiple times per day, after shopping around, even after they’ve chosen another lender.