Top perks
All digital application process
The mello smartloan™ is loanDepot's proprietary end-to-end digital home loan platform. The software digitally verifies income, assets, and employment. Then it identifies the loan options that save the most money, time, or both.
The platform doesn't just consider interest rates and closing costs. You'll get other opportunities to save money, too, including some that are immediate.
For example, loanDepot will waive the appraisal on properties where there are enough recent comparable sales to automate the valuation. loanDepot says that for some properties, title clearance and home value approval can be ready in minutes. Borrowers can close on their loans up to 17 days faster than with a comparable loan made without the benefit of the mello smartloan™ technology.
"No steering" policy
loanDepot's loan officers are not mortgage brokers earning commissions. The lender has a strict "no steering" policy to ensure that borrowers are put in the right loan, not the loan that will earn the broker the most money. Employees are not incentivized to push one loan program over another. This offers some comfort to consumers who don't trust financial institutions to look out for their best interests.
Robust online calculators
A nice selection of mortgage calculators can be found on the loanDepot website. Without revealing any information about yourself, you can play around with the numbers.
The financial calculators are well-built and responsive. One helps you determine whether it's more cost-effective to rent or buy in your area. Another helps you evaluate the potential savings you could gain from refinancing. A special VA loan calculator has the funding fee built into the calculated payment. Links to the online calculators can be found in the footer on loanDepot's website.
Relationship perk
loanDepot makes a standing offer to permanently waive future lender fees after your first loanDepot refinance. This lifetime guarantee is limited to subsequent refinances on the same property. Typical lender fees can easily be in the $1,250-$1,500 range and higher, so this offer can lead to significant potential savings.
HELOC
If you want to borrow against your home equity but you don't want to trade in your existing mortgage, you could consider a home equity line of credit from loanDepot. A HELOC is sometimes preferable to a cash out refinance loan, which replaces your current mortgage.