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Wednesday, June 23rd
loanDepot got its start in 2010 and quickly grew to be one of the largest retail mortgage lenders in the industry, with more than $248 billion in loans funded over the last 10 years. They employ a nationwide team of more than 8,000 licensed loan officers to serve 25,000+ customers every month.
Simple Refinance Process
The process for getting your mortgage refinanced through this company is simple:
Click on the purple "Get Started" button to begin the process with loanDepot. You'll be asked all of the typical, basic questions about you, your home, your phone number and email address. From there, you'll be taken to a form that asks essentially the same questions; there's no direct explanation for why you have to do it twice, but the fine print at the bottom says they're necessary to submit an online application. If you'd rather not give them those details online, loanDepot requests that you contact them via their toll-free number instead.
Skip Fields If You're Not Comfortable
Helpfully, on this second series of questions, you can enter only the details you're comfortable sharing - just hit "skip" on anything you'd rather give over the phone (like your Social Security Number). We really like being able to either securely sign into our bank account for asset verification or enter it manually; with many mortgage refinance services, you're required to use one or the other.
Enter All The Information To Get The Quotes
Keep in mind that you won't be connected with quotes until you have entered all of the requested information, especially your SSN. It wasn't spelled out until we clicked on the blue question mark on the "Let's Verify Credit History" page, but loanDepot explains that this inquiry will be a hard pull on your credit score. You can submit your preliminary application without it, though, and you'll still be able to access your client portal.
loanDepot has some great features that set them apart from comparable refi referral services. First, you'll get a "lifetime guarantee". What does that mean when talking about refinancing? Let's say that you're going to live in your home for a long time - long enough that you might see rates drop significantly more than once and you need a second refi to take advantage of the savings, or you want to get some cash out from your home's equity. On any subsequent mortgage refinancing transactions, loanDepot will waive all lender fees and reimburse your appraisal costs. Granted, this probably doesn't apply to very many homeowners, but it's still a nice touch.
No Steering Policy
Another, more behind-the-scenes perk of getting rate quotes from loanDepot is their "no steering" policy. That means that you won't get nudged in the direction of the loan that would make them more money. Compare that with one rival service that explicitly states in their disclosure that they absolutely will prioritize the loans they show you based on what's best for their bottom line, and it's easy to see why you might want to use loanDepot instead!
High Praise From Customers
This service gets plenty of praise from customers, demonstrated by their "A+" rating and accreditation from the Better Business Bureau as well. It's rare to find a company that has more compliments than complaints on the BBB site, but loanDepot does. Clients say that they had a flawless experience from start to finish, the process was explained clearly, rates were extremely competitive and the refi was closed very quickly.
For all of these reasons, loanDepot earns one of our highest recommendations among mortgage refinancing providers. You'll get phenomenal customer service, a no-hassle application process, and some of the best rates on the market. This is definitely a site to consider if you're looking for an easy way to refinance the mortgage on your home!
While it might be tempting to go with a local mortgage broker or even your community bank, you're not likely to get the lowest rates or ideal terms that way. Why? They usually work with their preferred partners instead of negotiating or "comparison shopping" to get you the best deal. You're paying for convenience and familiarity, but that's it. Fortunately, there are many reputable online lenders that make it quick and easy to get low rates and great terms, all from your laptop or even your mobile phone!
With interest rates at historic lows, it's worth your while to consider mortgage refinancing. Whether you want to shave years off your current mortgage and lower your interest rate or get cash out from your established equity, there's no better time than now. Using an online lender lets you compare rates, complete the application, and finish the entire process without ever leaving home: some services send a mobile notary to you for the final steps of signing the paperwork! Otherwise, you can often choose a local title company if you prefer to go the more traditional route.
Not all online mortgage refinancing providers work the same. While some operate more like a regular bank, funding your loan themselves, others act as a referral service so that you can compare rates and offers from multiple lenders at once. Whichever site you choose, don't be afraid to take the quote you receive and ask other lenders to compete for your business! Some of the fees charged in the refi process are negotiable, so why not see who can give you the absolute best loan terms?
As you start the process of refinancing your mortgage, keep in mind the following criteria for each lender or service you're considering:
TopConsumerReviews.com has reviewed and ranked the best services for mortgage refinancing available today. We hope this information saves you money by helping you find the best rates and terms when you refinance your mortgage!
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