After the housing bubble burst in 2008, real estate prices have gone down considerably. This has caused many borrowers to end up paying more in their mortgage than what their house is really worth. This is why many borrowers are hoping to find easy refinancing schemes while new buyers are searching for lenders who can offer the most affordable rates. Right now Loan Depot is giving competitive rates for both refinance and new mortgages. For a $417,000 30-year fixed loan amount at 20% down payment, Loan Depot offers a rate of 3.893%. This is considerably lower than what other lenders are offering.
Loan Depot Mortgage Advantages
Loan Depot offers the typical 30 year fixed mortgage, but they also have 20 year, 15 year, and 10 year options. For those who are planning to own their home for the length of the term or more, fixed rate loans are one of the best to consider. What makes it even better with Loan Depot is that borrowers can put as little as 5% down payment, plus federally insured FHA fixed rate loan programs are also available for as little as 3% down payment.
Finding out if you qualify for a loan is made easy with their online Quote option. All you have to do is fill in your loan purpose, how much you would like to borrow, the purchase price of the home, and the state in which your home is located. You can also choose to call Loan Depot at their hotline number provided.
About Loan Depot
The company has been in business for over twenty five years. Loan Depot meets the accreditation standards of the BBB (Better Business Bureau), and BBB’s site also showed that Loan Depot was able to close the complaints filed with the BBB.
Tools available in Loan Depot that can help borrowers are their interactive mortgage calculators, as well as a series of videos that attempt to educate anyone in the process of getting a loan.
Consumer reviews offers varying feedback, some praise Loan Depot for fast and efficient service plus low rates, while others have their complaints somewhere along the loan process. The BBB however shows that Loan Depot was adequately able to close consumer complaints, meaning that the institution is a legitimate business that is mindful of their consumers needs.