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  • Pros
  • Customer service via phone or chat
  • Expert staff guidance
  • Variety of loan options available
  • Cons
  • Site not specific to mortgage refinance

LoanDepot Review

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The online lender LoanDepot can easily be reached via phone or online chat. You can call a licensed loan officer and get help with your questions about home refinancing, current mortgage rates and loan options.

The loan officer brings you up to speed on a range of refinancing options and looks at your situation to get you the best interest rate possible. They walk you through the loan application process and offer fast approval to qualified borrowers. The application process is fairly easy and secure.

LoanDepot is a fierce competitor in the mortgage finance industry when it comes to interest rates. They strive to deliver better rates than their competitors in the online mortgage lending space. The lender offers a full range of refinance loans products including 15 and 30-year fixed rate mortgages, adjustable rate mortgages (ARMs), and FHA and VA loans. They are licensed to make mortgage refinance loans in all 50 states.

Business Model

LoanDepot works from a streamlined business model. They promote their services on rate comparison websites, for example at You can compare offers from multiple mortgage lenders at these sites.

LoanDepot is up-front in disclosing the rate they can deliver to you, to entice you to choose them for your refinance loan. If you see a rate you like, you can contact them and apply for the loan.

Getting a Rate Quote

From LoanDepot's home loans dropdown menu, choose "refinance a home". The landing page is packed with info on mortgage refinancing, giving you the opportunity to expand your knowledge of the whole mortgage refinance process.

From the same page, you can use the instant rate quote tool. Trying the tool, within seconds, you are presented with rates on 30-year and 20-year fixed rate mortgages, as well as 5/1 and 7/1 Adjustable rate mortgages. Using their default credit score of 720, the tool quotes an interest rate of 3.75% on the 30-year mortgage, with an APR of 3.986% and 1.5 points.

Certainly, your rate is affected by your credit score, debt-to-income ratio, overall financial picture and the amount you borrow, but it's clear that LoanDepot has come to the party ready to deliver competitive rates on a mortgage refinance.

You can use the instant rate quote online tool to get a personalized quote on a variety of fixed rate mortgages. The online refinance calculator takes the details of your current mortgage, your current appraised value, new loan term desired, interest rate and closing costs and shows potential savings from refinancing. This tool also calculates how long it takes to break even on closing costs with a reduced payment after your refinance.

From Application to Closing

First, LoanDepot recommends that you determine your goals with mortgage refinancing. You may want to reduce your interest rate, monthly payment or loan term, or you may want to take out extra money for a secondary purpose. Use the LoanDepot mortgage refinance calculator to explore what your loan options are.

When you are ready to apply, you can call a LoanDepot mortgage refinance specialist or fill out an application online. The LoanDepot staff can help with your questions on loan options and details.

When you are ready to commit to a specific loan program, a LoanDepot mortgage banker confirms your loan program, interest rate, and monthly payment. At that point, a deposit fee is due to finalize your rate lock. The fee is credited against closing costs on the loan.

The banker then gives you a list of documents to provide to confirm your income and finances. You'll be provided with a good faith estimate detailing the terms of your loan. An appraisal of your property will also be scheduled.

LoanDepot then opens escrow, gets a preliminary title report and shores up all details of underwriting the loan. Upon final approval, the closing is scheduled, and three days after closing your mortgage refinance loan is funded.


The Loan Depot site has additional mortgage refinancing resources and information like the "Eight Great Reasons to Refinance" section. The comprehensive FAQ section is particularly helpful for those with less than perfect credit. Loan Depot strives to help customers understand the ins and outs of refinancing, and whether it will benefit you.

Customer Service

It's refreshingly easy to get ahold of a LoanDepot mortgage banker via phone or online chat. Independent reviewers of LoanDepot at Credit Karma give the lender 2.9 out of 5 stars over 450 reviews. They get an A+ rating from the Better Business Bureau. It's easy to contact the lender to discuss interest rates, loan details and the application process.

LoanDepot's website is a breath of fresh air in the online mortgage refinance industry. Their technology is fast and loaded with features delivering a smooth and satisfying user experience. Some online mortgage lenders include trendy marketing language online, touting their service without providing details of their loans. LoanDepot packs their site with in-depth of useful information.

The Knowledge Cafe section of the site is a great learning resource section with helpful articles and info such as "Advantages of refinancing your home loan", "Refinance 411: Say goodbye to PMI" and "5 ways to benefit financially from a mortgage refinance".


It's hard to beat LoanDepot's combination of expert service and resources. Those with excellent credit will qualify for the best rates, but even those with average to good credit are able to qualify for decent interest rates with LoanDepot.

While it's great to have expert help with the mortgage refinance process, don't forget to check every detail and cost associated with the loan you are offered. And don't neglect to get competitive quotes.

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LoanDepot Reviews

Average Customer Rating

3 User Reviews

User Rating Distribution

5 Stars 0
4 Stars 2
3 Stars 1
2 Stars 0
1 Star 0
Recommended Rates Loan not completed for over 6 weeks

I wouldn't apply for a loan with loan depot even if it was my last resort! They are completely useless. The rates are some of the best available, but it took over 6 weeks for the whole process and for me to get my loan and as soon as I got my loan, their service went down hill.

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Recommended Amazing low rates Customer service

I was worried when I first called Loan Depot as I had heard some bad reviews, but once I started talking to the rep I felt better as she seemed to know everything we asked and the rates available to us were the lowest I had come across. The customer service definitely needs to be worked on, but I can deal with that at the rate we are on!

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Recommended Lowest rates on the market None

I could not believe the rates offered to me when I spoke to the agent at Loan Depot. They have helped me refinance my home and save me money.

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