loanDepot Home Equity Loans Review
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loanDepot is a California-based, non-bank financial lender that was founded in 2010. Along with loan products that feature minimal origination and closing fees, the company also offers home equity loans. The company offers fast and easy application and quotation services, handy loan calculators, and other online services meant to assist borrowers through the potentially confusing process.
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Customer Comments & Reviews
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I want to say right from the start, buyer beware! They appear to be a reputable company, but they are not. I went through a refi process that lasted 5 months!! They made me jump through tons of "hoops" and I was required to get not one, not two, but three differest pest reports (there were no noteworthy conditions, LoanDepot just did not like the "way it was written"). I spent hundreds of dollars only not to get the loan after 5 months of effort. Please try Quicken, or Lendinging Tree, I have had good luck with them in the past, and will return. Large companies have the resources and the structure to provide excellent customer service at a good price.
In short, do not waste your time with this shady company. I started my loan application for $80,000 after a rep from this company called me and offered me a deal with good interest rate, 3.75%, I believe. The rep (his initial is BR) said it would cost me $3,000 and another $439, which would be refunded after loan is approved. So the total cost of loan is $3,000, I thought and I asked him from the very first call that I would receive $80,000 when everything is done, and he said yes, I would get $80,000. After I submitted every paperwork required for the loan application and home inspection, this company sent a documents detailing my loan. Despite what BR promised me that I would get... Read More
This company is a HUGE waste of time. They do not communicate within departments, they are incompetent, and have lousy customer service. We spent over 2 months working with them only to get told that we couldn't get refinanced due to the condo complex having to many renters. 2 months and you wait until the end to check that??!! We were also told the HOA wasn't responding to them, but when I contacted the HOA they forwarded me an email that they had sent two weeks prior! We also had to contact our own HR to ask proper questions that LoanDepot hadn't. The whole process was a joke really. I would run as fast as you could to another lender.
I am work in a service industry and the service I received from LoanDepot was truly awful… Do not do business with them. Here are the indisputable facts: 1) I told Loandepot up front that if they did not think that the loan could not be completed for the amount I was looking for that we not proceed because it would be a waste of everyone's time and my money. 2) They wasted 6 weeks of my time in working through a loan process that was never going to be underwritten at the amount discussed because they did a very poor job on their upfront due diligence. I would have been fine with a “no” answer up front – but they assured me they could get this done. 3) They have an inherent flaw in... Read More
Really liked it and am very interested
- Loan from $25,000 up to $250,000
- Flexible terms of up to 15 years
- Does not affect your low 1st mortgage rate
- Fast closing in just days
- Cash out up to 90% loan to value
- A+ BBB Accredited
- Equal Housing Lender