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30Y FIXED6.85%↑ 0.02·15Y FIXED6.12%↓ 0.01·REFI 30Y6.78%↑ 0.01·HELOC9.20%0.00·JUMBO 30Y7.05%↑ 0.03·HYSA TOP4.85%↓ 0.05·12M CD5.10%0.00·24M CD4.85%↓ 0.02·5Y CD4.40%↑ 0.01·MMA TOP4.65%0.00·AUTO 60M NEW7.10%↓ 0.02·AUTO 60M USED8.45%↑ 0.04·PERSONAL EXC.8.20%0.00·10Y TREASURY4.32%↑ 0.01·30Y FIXED6.85%↑ 0.02·15Y FIXED6.12%↓ 0.01·REFI 30Y6.78%↑ 0.01·HELOC9.20%0.00·JUMBO 30Y7.05%↑ 0.03·HYSA TOP4.85%↓ 0.05·12M CD5.10%0.00·24M CD4.85%↓ 0.02·5Y CD4.40%↑ 0.01·MMA TOP4.65%0.00·AUTO 60M NEW7.10%↓ 0.02·AUTO 60M USED8.45%↑ 0.04·PERSONAL EXC.8.20%0.00·10Y TREASURY4.32%↑ 0.01·
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Mortgage Review

loanDepot Mortgage Review

Updated April 2026 · By the Fintiex Rate Desk
30Y APR
6.92%
Min credit score
620
Min down
3%
Fintiex score
7.7/10

What works

  • +Hybrid model: digital tools plus retail branches for in-person support
  • +Strong cash-out refinance program with competitive rates
  • +Mello Smartloan platform streamlines document collection and verification
  • +Full suite of loan products: conventional, FHA, VA, USDA, jumbo
  • +Lifetime guarantee: no origination fees on future refis with loanDepot
  • +Licensed in all 50 states with 200+ branch locations

What to watch

  • -30Y APR of 6.92% is above Marcus and Better; total cost can be higher
  • -Customer reviews are mixed; some complaints about processing delays
  • -Company experienced financial restructuring in 2023 to 2024, which affected service
  • -Mello app is functional but not as polished as Rocket or Better
Overview

What is loanDepot?

loanDepot is one of the largest non-bank mortgage lenders in the US, founded in 2010 and headquartered in Irvine, California. It went public in 2021 and serves borrowers through both its digital Mello platform and a retail branch network spanning more than 200 locations nationwide. The combination gives it a footprint that pure digital lenders lack.

The company’s strongest product is its cash-out refinance program. For homeowners with significant equity looking to access cash for renovations, debt consolidation, or other purposes, loanDepot offers competitive rates and an experienced processing team. The Lifetime Guarantee program is a notable feature: once you close a loanDepot loan, they waive lender origination fees on any future refinances through loanDepot, which creates a long-term cost advantage if rates drop and you refi again.

The 2023 to 2024 period included a data security incident and financial pressures that led to cost-cutting measures. Customer service quality took some hits during that window. By 2025 and 2026, the company has worked to stabilize, and current processing timelines appear more consistent. Still, borrowers should read recent reviews specific to their state, since branch-level quality can vary significantly.

Rates and Products

Current rates and loan types

Product
APR
Notes
30-Year Fixed
6.92%
Conventional conforming
15-Year Fixed
6.38%
Lower total interest
FHA 30Y Fixed
6.65%
3.5% down minimum
VA 30Y Fixed
6.52%
0% down for eligible
Cash-Out Refi 30Y
7.05%
Up to 80% LTV
Jumbo 30Y Fixed
7.10%
Above conforming limits

Rates as of April 2026. Actual rate varies by credit profile, LTV, loan type, and market.

Fees

What you will pay

  • Origination fee0.5 to 1% of loan
  • Application fee$0
  • Appraisal fee$400 to $750
  • Title and settlement$1,200 to $2,500
  • Future refi origination fee$0 (Lifetime Guarantee)
  • Prepayment penaltyNone

Total closing costs typically run 2 to 3.5% of the loan amount. The Lifetime Guarantee waives origination fees on future loanDepot refinances, which can be valuable if you plan to refi when rates drop.

Eligibility

Who can qualify

  • 01Minimum FICO score of 620 for conventional loans; 580 for FHA in some cases
  • 02Minimum 3% down on conventional; 3.5% on FHA; 0% on VA
  • 03Debt-to-income ratio at or below 45% for most programs
  • 042 years of employment history; self-employed borrowers accepted with documentation
  • 05Primary residences, second homes, and investment properties eligible
  • 06Cash-out refinance available up to 80% LTV on primary residence
Application and UX

How the process works

loanDepot’s Mello Smartloan platform handles the digital side of the application. You can start online, upload documents, and track your loan status through the portal. The automated income and asset verification tool connects to most major banks and payroll processors, which shortens the document-collection phase for straightforward borrowers.

Where loanDepot differs from pure digital lenders is the branch option. If you prefer to meet with someone in person, the 200-plus retail branches allow you to work with a loan officer face to face. This is particularly useful for complex situations: cash-out refis with unusual equity positions, investment properties, or borrowers with non-standard income documentation. Average time to close runs 30 to 45 days, though branch locations with heavier loan volumes can run longer.

Best for

  • Homeowners doing a cash-out refinance who want competitive rates
  • Borrowers who want a hybrid of digital tools and in-person branch access
  • VA-eligible buyers looking for a non-bank lender with VA expertise
  • Existing customers using the Lifetime Guarantee for a future refinance

May not be the right fit if

  • You want the absolute lowest 30-year rate: Marcus and Better are ahead
  • You are rate-sensitive and the 6.92% APR exceeds your budget target
  • You want the most polished all-digital experience without branch complexity
How it compares

loanDepot vs. Rocket vs. Chase

Feature
loanDepot
Rocket
Chase
30Y APR
6.92%
6.89%
6.95%
Cash-out refi
Strong
Good
Good
Min FICO
620
580 (FHA)
620
Branches
200+
None
5,000+
VA loans
Yes
Yes
Yes
Lifetime refi fee waiver
Yes
No
No
FAQ

Common questions

What is the loanDepot Lifetime Guarantee?
The Lifetime Guarantee is loanDepot’s commitment to waive lender origination fees and lender fees on future refinances through loanDepot. It applies once you close your first loanDepot mortgage. The waiver covers lender fees, not third-party costs like appraisals or title insurance.
How good is loanDepot for cash-out refinancing?
loanDepot is one of the stronger non-bank lenders for cash-out refis. They allow cash-out up to 80% LTV on primary residences, offer competitive rates for that product, and have underwriting experience with the more complex equity calculations that cash-out refis require.
Does loanDepot have physical branches?
Yes. loanDepot operates more than 200 retail branches across the US, primarily in high-population states. This is a meaningful differentiator vs. digital-only lenders if you prefer working with a loan officer in person.
What happened with loanDepot’s data breach in 2024?
In January 2024, loanDepot disclosed a cyberattack that affected its IT systems and resulted in some customer data being accessed. The company notified affected customers and restored operations. If data security is a primary concern, it is worth reviewing loanDepot’s published response and remediation steps before applying.
Can self-employed borrowers get a loanDepot mortgage?
Yes. loanDepot accepts self-employed borrowers who can document two years of business income via tax returns. Some bank statement loan programs are also available for borrowers who prefer not to use tax returns as the primary income documentation.

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