Loan Depot is a newer name in the loan industry. So how do they stack up against better known names? Quite well, to be honest. Read on…
The first thing I noticed about Loan Depot is their decidedly "old-school meets modern day" approach to lending. What I mean by that is besides the bevy of online mortgage and loan types available, there's always an option to call them (or stop by one of their locations). In an age where many companies would rather never talk to someone, I find this refreshing.
Loan Depot has been in business since 2010. They have a large website, plenty of loan options, and more importantly for many people, they operate about 150 brick and mortar loan stores nationwide. For thousands of borrowers, it's that personal touch that makes the difference.
They satisfy every kind of loan customer – that's their big strength. They have a nice enough website for online customers. They have loan professionals ready to online chat with you, or if you'd rather pick up the phone and talk to a human, they'll happily comply. And if you'd rather sit across the desk from your loan officer in person, they can satisfy that need as well, with about 150 brick and mortar locations nationwide.
The other thing that really struck me was the wealth of loan types. They have all of the mortgages you'd expect – adjustable rate mortgages (10/1, 7/1, 5/1, 3/1), Fixed rate mortgages in 10, 15, 20, and 30 year terms, VA, FHA, HARP, Jumbo loans… everything a home buyer is looking for. But they also offer home equity loans, and even personal loans. In fact, Loan Depot seemed to be tops when it comes to the sheer volume of mortgages and other loan types. So if these "other" kinds of loans are important to you, Loan Depot is a solid choice.
Rates are competitive. Really, I don't like to put definitive rates in these reviews because they are always changing, and all of these companies are competitive. But when looking, I found APR's as low as 2.25% for an adjustable rate (and 3.25% for fixed). These are solid.
One last thing – the company is clearly looking for repeat business from satisfied customers. They have a "lifetime guarantee" on mortgages where they will not charge fees for future refinances (which is good, because the average person refinances every seven years). I find this approach refreshing – they want you to come back.
The biggest negative I found was simply "time in business". Loan Depot is not a household name, and has been in business since 2010. This is not really a negative to a lot of folks, since every company has to start somewhere. But some people, when thinking about a mortgage, value longevity. There's nothing Loan Depot can do about that except wait for more time to pass.
One more thing - while I found their website decent, it's a solid B in my mind. In other words, I have found other company's websites a little easier to navigate when looking for specific information.
They have an A+ rating with the Better Business Bureau, which is always reassuring. They get 4.3 out of 5 stars from consumers at CreditKarma, and you can find reviews on YELP as well for their various loan stores. In general terms, the public seems pretty happy with them overall.
For a more recent entrant into the loan and mortgage industry, Loan Depot is a fine example of a newer company doing it right. They cater to online customers, as expected, but they also have taken steps to ensure that phone and in-person customers feel comfortable as well. And they have a ton of loan types too. Loan Depot should be in the mix when looking for a loan or mortgage, especially if things like personal loans and home equity loans are important as well.