LoanDepot Mortgage Review 2023

Good for: borrowers who want an easy online application and a variety of loan types to explore.
By Phil Metzger and  Taylor Getler 

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.

Our Take


NerdWallet rating 

The bottom line:

LoanDepot ranks highly for customer satisfaction and offers a variety of loan types, including an option for borrowers to tap their equity, but rates aren't posted online.

loanDepot: NMLS#174457
Min. credit score
Min. down payment
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Pros & Cons


  • Has branches across the country for customers who prefer face-to-face service.
  • Offers multiple renovation loan options.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
  • Mortgage interest rates tend to be on the lower end, according to the latest federal data.


  • Mortgage rates aren't available online; you'll need to contact a loan officer.
  • Doesn't offer home equity loans.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
Min. credit score


Min. credit score


Min. down payment


Min. down payment


Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity

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Full Review

What borrowers say about LoanDepot mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

  • LoanDepot receives a 722 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 716. (Mortgage origination covers the initial application through closing day.)

  • LoanDepot receives 626 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 607. (A mortgage servicer handles loan payments.)

  • LoanDepot receives a customer rating of 4.9 out of 5 on Zillow, as of the date of publication. The score reflects more than 5,795 customer reviews.

LoanDepot mortgage variety of loan types

  • 5 of 5 stars

LoanDepot has a variety of mortgage products: fixed- and adjustable-rate loans for purchase or refinance, jumbo loans, and FHA and VA loans backed by the government.

Renovation loans are another focus for LoanDepot, which offers FHA 203(k) fixer-upper loans, VA renovation loans and Fannie Mae HomeStyle home improvement loans. You can also use these loans to refinance your existing mortgage and do some remodeling, too. The lender does not offer home equity loans.

LoanDepot HELOC 

The lender also offers a home equity line of credit, or HELOC. These second mortgages are one way for homeowners to access home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation. 

LoanDepot's digital HELOC offers homeowners the option to borrow money and pay it back on a variable rate with a 10-year draw period and a 20-year repayment period.

LoanDepot mortgage ease of application

  • 5 of 5 stars

LoanDepot's online application process is routed through the lender's "mello smartloan" system. The portal can verify financial and employment details for many users, deliver title clearance and guide the appraisal process.

LoanDepot mortgage rates and fees

  • 3 of 5 stars

  • LoanDepot earns 2 of 5 stars for average origination fee.

  • LoanDepot earns 4 of 5 stars for average mortgage interest rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

LoanDepot mortgage rate transparency

  • 1 of 5 stars

Rates aren’t posted online. You have to contact a loan officer or start a loan application to get customized mortgage rates from LoanDepot.

Alternatives to LoanDepot mortgage

Here are some comparable lenders we review that borrowers can consider.

New American Funding can be a strong choice for borrowers looking to renovate their home with an FHA 203(k) loan, and Better is a great choice for refinancing.

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

Enter your ZIP code to get started on a personalized lender match.


More from NerdWallet


NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).