What are the different types of loans loanDepot offers?


Quick Answer

LoanDepot offers personal loans and home loans. The entity also plans to offer home equity loans starting September 2015. The firm’s lifetime guarantee assures customers of only paying appraisal fees once upon refinance and shields them from additional charges in case they opt to refinance their mortgage again, according to loanDepot.

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Full Answer

LoanDepot caps its unsecured loan facility at $35,000. The loan is ideal for a small startup and home improvement, loanDepot explains. Borrowers may also finance a scheduled vacation, offset high-interest debts or foot their relocation expenses using the personal loan. Prospective borrowers get an instant loan quote by using the selection criterion on loanDepot’s personal loans page. The criterion includes the loan’s purpose, preferred loan amount and estimated credit rating.

Borrowers in need of a home refinance package that consists of low mortgage rates can access loanDepot’s loans. The firm also offers various loans for purchasing a home, notes loanDepot. These include fixed-rate mortgage loans, adjustable-rate mortgages and jumbo loans. These enable borrowers whose home loans are in high-valued counties to access more financing at a competitive rate. Federal Housing Administration loans are a flexible alternative available to borrowers whose credit rating is low.

The firm’s state-licensed loan officers guide prospective borrowers through the application process and in finding suitable homes, according to loanDepot. The entity’s home equity loans feature a fixed term not exceeding 30 years and zero prepayment penalties. LoanDepot advises prospective customers to inquire about the latest equity loans and the process of getting funds.

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