Loan Depot was one of the original pioneers of the ‘direct lenders’ phenomena that exploded when the internet began allowing consumers to apply for loans online.
Loan Depot has had so much success with the online mortgage game in fact that over the last 25 years they have built and launched two similar start-ups that later merged with Lending Tree and E-Trade.
Today there are hundreds of brokers and lenders offering below average rates through their online lending platforms rendering Loan Depot a far less unique entity than it once was in the 90′s.
According to Loan Depot, they attempt to separate themselves from the other various online lenders by providing a more vast array of online resources for mortgages.
To be honest though, these resources are similar to what other online mortgage lenders provide such as calculators, loan comparisons and graphic illustrations. Their most original online tool being their “videoDepot.” They’ve compiled an entire library of videos dedicated to educating consumers on loan programs and the loan process. So if you’re in the market for your first mortgage, this can be very helpful.
They offer a wide range of mortgage products. Among these are: fixed rate mortgages, adjustable rate mortgages, FHA loans, interest-only loans, jumbo loans and home equity loans. Their most popular product is their 30 year fixed rate mortgage.
Mortgage Rates Provided by Loan Depot:
(Rates accurate as of December 2012)
|30 year fixed||3.311%|
|25 year fixed||3.476%|
|20 year fixed||3.362%|
|15 year fixed||2.729%|
|10 year fixed||3.101%|
Loan Depot Consumer Complaints
Loan Depot has received somewhat low ratings from users with an average rating of between 1 and 3 stars out of 5. The reviews and complaints users have left on various consumer review websites as well as the BBB haven’t been particularly flattering. However, one must take into account that when everything goes smoothly with a mortgage application and home loan process there is a less likely chance of that individual writing a review than one who had a negative experience. Studies have shown the individual with the negative experience is more likely to voice his/her opinion than one who had a positive experience.