Mortgages

LoanDepot Mortgage: how to apply

Keep reading and find out how to apply for LoanDepot Mortgage. Plus, learn what are the minimum borrowing requirements and find another lender option! Get the money you need to buy your dream home.

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LoanDepot Mortgage: easy and convenient digital application

LoanDepot Mortgage logo
Keep reading and learn how to apply for the LoanDepot Mortgage. Source: The Insider Advisor

Are you interested in getting a mortgage? Then read on and learn how to apply for the LoanDepot Mortgage. This lender offers multiple loan products and benefits for its clients.

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In this post, we’ll provide an overview of how to apply for LoanDepot Mortgage and what are its minimum borrowing requirements. Then let’s get started.

How to apply on the website

The application process for this lender is easy and quick. You can apply for LoanDepot Mortgage at their website through a very intuitive form.

Select the “Apply Now” button on the first page to get started. Next, you’ll be redirected to an application form.

As a result, you’ll have to inform what type of loan you want, if you’re already working with a loan officer, where the property is located, and the estimated purchase price.

Further, fill out how much of a down payment you intend to make and what is your credit score.

You’ll also have to fill out your personal information, including name, phone number, and email address.

After providing all the requested information, submit your form. Next, a loan officer will contact you to guide you through the rest of your application.

Furthermore, you might need to create an account on the LoanDepot Mortgage website.

Additionally, you can expect to schedule an appraisal and submit additional documents, which can be made online.

Requirements

LoanDepot requires a minimum credit score of 620 for those who want to qualify for a conventional loan.

However, this minimum requirement might vary depending on the home loan you’re applying for.

Also, they’ll need to put down at least 3% of the property price.

Furthermore, homebuyers must provide some documentation, including pay stubs, mortgage statements, and two years of employment history.

Apply on the mobile app

Although borrowers can only apply for the LoanDepot Mortgage through the website, this lender provides an excellent mobile app to its customers.

The LoanDepot Mobile can be downloaded at the Google Play and Apple Store. It allows clients to manage their mortgages, make payments, access loan documents, and more.

Find other loan options: Mr. Cooper Mortgage

young attractive man sitting on sofa at home working on laptop online, using internet, smiling, happy mood, freelancer, free leisure time, relaxed, modern job lifestyle
Compare two lenders before making a decision. Source: FreePik

If you’re looking for another lender option rather than LoanDepot Mortgage. We have just what you need!

Meet Mr. Cooper Mortgage! This lender has multiple loan types and covers all of the U.S., including Puerto Rico and the U.S. Virgin Islands.

Additionally, Mr. Cooper provides rate transparency and a couple of excellent programs, such as Mr. Cooper’s Zero Dollar Move program and the Close on Time Guarantee.

Great, isn’t it? Below, let’s compare both lenders’ main features to help you with your decision!

LoanDepot MortgageMr. Cooper Mortgage
Credit Score620 or higher;580 or higher;
Loans OfferedConventional, jumbo, FHA, VA, fixed, and adjustable rate. Home Equity, Rate-and-term, and cash-out refinancing. Constructions and renovation loans.Conventional loans, FHA, Va, fixed and adjustable-rate, rate-and-term, cash-out, streamline refinancing, and investment property;
Minimum Down PaymentAs little as 3%;0% to 3.5%, depending on the home loan;
APRNot disclosed;See terms;
TermsUp to 40 years.15 up to 30 years.

Are you interested in learning more about Mr. Cooper Mortage? We’ve got you! The next article will explain how this lender’s application works. Keep reading to learn more!

Mr. Cooper Mortgage logo

Mr. Cooper Mortgage: how to apply

Find out how to apply for the Mr. Cooper Mortgage today! Prequalify you with no credit damage and enjoy rate transparency! Read on for more!

About the author  /  Beatriz Vieira

Beatriz Vieira is a producer and copywriter who is part of the finance writer team in this portal. She has a degree in Journalism and aims to improve her bilingual writing skills. Her subjects of most significant interest are culture, finances, and self-development.

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