Meet the loanDepot Fairfax, VA team. Served 90 consecutive days of active service during wartime. “Appraisal fee” includes only the fee associated with the first appraisal on the loan transaction and does not include any ancillary appraisal fees that may be charged in connection with the loan transaction (e.g., second appraisal fee, appraisal re-inspection fee, appraisal recertification fee, etc.). Future applicants must contact loanDepot directly via the website: www.loandepot.com/MyGuarantee or via telephone (877-395-7381) to qualify for the Guarantee. loanDepot’s powerful savings tool will assess your options instantly. LoanDepot offers as low as 2.95% and as high as 4.056%. Additionally, spouses of military members who died while on active duty or as the result of a service-connected disability may also apply. Back in January, Ginnie Mae limited loanDepot to Ginnie Mae II custom pools for VA single-family guaranteed loans after the agency found that loanDepot’s prepayment speeds on VA … I obtained Loan Estimates in early October for a "streamlined" refinance of our VA loan (under IRRRL) from multiple lenders, including Loan Depot. (Points include any origination, discount and lender fees.) To view legal disclosures and important notices, please click the following: Subject to the conditions and contact requirements outlined below, the Guarantee applies to the refinancing of an outstanding loan originated by loanDepot that is secured by the same property upon which that borrower previously received from loanDepot a loan and “loanDepot Lifetime Guarantee” certificate. Specially trained VA loan consultants are on staff to provide you with current VA mortgage rates today and help you take advantage of these programs. The borrower’s ability to qualify for a future loan will be subject to the loan program terms and conditions available at that time. Reservists and members of the National Guard must wait six years to apply, but if you are called into active duty before that, you gain eligibility after 181 days of service. The VA limits the closing costs lenders can charge to VA loan applicants. They originate conventional adjustable and fixed-rate mortgages, government-backed FHA and VA loans, and Jumbo loans. loanDepot's business model is simple – the company advertises its services on rate comparison websites such as RateZip.com, where consumers are able to compare offers from multiple mortgage lenders. VA loans offer many benefits, including no down payment loan options, favorable interest rates, and more lenient credit and income requirements than conventional mortgages. Another important piece of information: If you are eligible for a VA loan you can use the VA loan benefit over and over again on subsequent homes or when refinancing a VA loan into another VA loan – as long as each loan is repaid first, such as when a home is sold. After you establish eligibility, you will need to apply for Certificate of Eligibility (COE)external link opens in new tab through the U.S. Department of Veterans Affairs website. loanDepot cannot guarantee that the borrower will be approved for a future loan, the interest rate for a future loan, or the future appraised value of the home. The initial contact with Loan Depot was painless and uneventful and I obtained a Loan Estimate on October 6 from LoanDepot.com, LLC. Federal Housing Administration (FHA) loans and conventional loans with less than 20 percent down require PMI, which can add up substantially over the life of the loan. Served 181 days of active service during peacetime. You can borrow between $25,000 and $250, 000 for a term of up to 15 years. On adjustable-rate loans, interest rates are subject to potential increases over the life of the loan, once the initial fixed-rate period expires. Individuals pictured may not be that of the endorsers and is for display purposes only. VA mortgage rates today can vary depending on a number of factors, and our licensed loan officers can answer your questions about purchase or refinance guidelines and current rates on VA loans. That is just 2% of the total VA loans written last year but loanDepot is consistently one of the fastest growing underwriters. Terms and restrictions apply. But I will NEVER do a mortgage through Loan Depot again. A free inside look at company reviews and salaries posted anonymously by employees. Individuals pictured may not be that of the endorsers and is for display purposes only. This is another way that a VA loan can be more affordable than other types of loans. loanDepot’s refinance mortgage options include FHA, VA and Conventional mortgage loans with a wide range of terms (fixed rate, adjustable rate, 30-years, 15-years, etc.). LoanDepot has a variety of loan options and a time-saving online application process, but rate shoppers won't be rewarded in a site search. Testimonial disclosure — Compensation was not paid in exchange for any testimonial on this site. LoanDepot is a direct lender and claims to have access to low-rate home loans, but you’ll have to go through the preapproval process to see what kinds of rates … LoanDepot doesn’t offer home equity lines of credit (HELOCs) or home equity loans (HEloans). However, we did get a sense of how loanDepot mortgage rates stack up by looking at average 30-year rates … The VA no longer caps the size of a loan a veteran can get with no money down, however, loan approval is still determined by the lender issuing the mortgage. Purchase rates. {{ productKicker }}: {{ formStep }} of {{ totalSteps }}. The action comes as … The Guarantee may only be used by submitting an application directly to loanDepot. Rate Assumptions — Rates displayed are subject to change and assumes that you are buying or refinancing an owner-occupied single family home, debt-to-income ratios of 35% or lower, asset and reserve requirements are met, and your property has a loan-to-value of 80% or less. Terms and conditions are subject to change without notice. The Guarantee is non-transferable and does not apply to loans obtained to purchase a new property, new loans that result in the creation of a separate lien on the current property (i.e., a “home equity loan”), renovation loans, bond loan programs and down payment assistance programs. Adjustable rate mortgage Jumbo mortgage FHA mortgage VA mortgage 203k loan. The borrower’s ability to qualify for a future loan will be subject to the loan program terms and conditions available at that time. loanDepot’s powerful savings tool will assess your options instantly. Best Features LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees. America’s lender providing FHA, VA, Fixed Rate, ARM and Jumbo loan programs throughout Virginia. VA mortgage rates today can vary depending on a number of factors, and our licensed loan officers can answer your questions about purchase or refinance guidelines and current rates on VA loans. Unlike the no down payment feature of the VA loan, these enterprises require the conventional borrower to put down at least 3 percent down toward the purchase of the new home. 0 0 0. Conventional loans feature no government guarantees and adhere to the standards and requirements of government-sponsored enterprises Fannie Mae and Freddie Mac. LoanDepot is a pioneer in digital mortgages, and a great choice for anyone looking for a short time-to-close. Many years ago it was the sole responsibility of the Department of Veterans Affairs to set the interest rates on their mortgage loan programs. Interest Rate Reduction Refinance Loan (IRRRL) – The Interest Rate Reduction Refinance loan enables existing VA loan holders the opportunity to get a lower interest rate. You can search for options, including 30-, 20-, 15- and 10-year fixed. Homeowners can also refinance up to 100 percent of their home's value, or in some cases even higher. 199 loanDepot reviews. loanDepot has an ample selection of fixed and adjustable rate VA loans for home purchase and refinance purposes. You get low VA loan rates and fast approvals, You get a mortgage that's right for you... not us, We are federally and state licensed in accordance with the federal government's S.A.F.E. Compare Moprtgage Rates. Refinance disclosure - By refinancing the existing loan, the total finance charges may be higher over the life of the loan. Time to refinance? NMLS#174457 - NMLS Consumer Access Site opens in new window |, ©2009-2021 loanDepot.com, LLC   all rights reserved. On adjustable-rate loans, interest rates are subject to potential increases over the life of the loan, once the initial fixed-rate period expires. NMLS#174457 - NMLS Consumer Access Site opens in new window |, ©2009-2021 loanDepot.com, LLC   all rights reserved. VA loans have no down payment requirement, so homebuyers can finance up to 100 percent of the purchase price of their home. The Department of Veterans Affairs (VA) does not lend money for VA loans, but does guarantee a portion of the loan made by private lenders such as banks and mortgage companies in case the borrower defaults on the mortgage. Average home details. The Guarantee is non-transferable and does not apply to loans obtained to purchase a new property, new loans that result in the creation of a separate lien on the current property (i.e., a “home equity loan”), renovation loans, bond loan programs and down payment assistance programs. Starting Feb. 1, loanDepot cannot include any VA loans in Ginnie Mae I or Ginnie Mae II multi-issuer securities, an agency press release said. Adjustable-rate mortgages: loanDepot offers a wide selection of Interest rate caps are in place to limit how high the rate can go and down payments can be as small as 5%. The Annual Percentage Rate (APR) is based on the loan amount and may include up to 3 points. Use tab key to navigate between radio buttons. There is a range of APR offers available. For future loans meeting the above requirements and which are successfully closed, the appraisal fee will be reimbursed at the closing of the loan transaction and no lender fees will be charged. No advertised mortgage rates. Credit score: 720–739 • Purchase • Primary residence • ZIP: … loanDepot cannot guarantee that the borrower will be approved for a future loan, the interest rate for a future loan, or the future appraised value of the home. VA loans, which the U.S. Department of Veterans Affairs (VA) guarantees, are available only to U.S. military service people, veterans, some surviving military spouses and others who have served their country in specific ways. In addition, conventional loans with a down payment of less than 20 percent require mortgage insurance that the borrower must purchase, which the VA loan requirements do not impose. Act. For borrowers who … The Guarantee may only be used by submitting an application directly to loanDepot. Among them are VA loans. Visit Lee Snyder's profile on Zillow to read customer ratings and reviews. loanDepot Lifetime Guarantee ("Guarantee")  —  Subject to the conditions and contact requirements outlined below, the Guarantee applies to the refinancing of an outstanding loan originated by loanDepot that is secured by the same property upon which that borrower previously received from loanDepot a loan and “loanDepot Lifetime Guarantee” certificate. loanDepot cannot guarantee that the borrower will be approved for a future loan, the interest rate for a future loan, or the future appraised value of the home. Since its founding, loanDepot has funded over $200+ billion loans. The borrower’s ability to qualify for a future loan will be subject to the loan program terms and conditions available at that time. Available loan options include adjustable and fixed rate mortgages, FHA loans, HARP loans, jumbo loans, VA loans, and 203k loans. Use tab key to navigate between radio buttons. Money saved can be used for furniture, moving costs, home improvements or anything else. Interest rates are consistently lower than APRs, sometime… As with other government-insured home loans, the VA has specific property requirements. “Lender fees” do not include discount points associated with the loan transaction. Your results will vary depending on your information, but you can find 10- and 20-year terms. The company does not publish a minimum VA loan credit score but does share a minimum 600 credit score for general loans. Applying for a loanDepot loan indirectly through a third party (e.g., LendingTree) makes the borrower ineligible for this Guarantee. Just like conventional loans, VA loans are issued by private lenders, but they’re insured by the government. We are a direct mortgage lender; You get low VA loan rates and fast approvals You can get mortgage quotes online or by phone today. Although the VA mortgage is not offered directly through the Veterans Administration, the loans are partially guaranteed by the federal government. For VA homeowners, loanDepot also offers 100% VA cash-out loans, meaning they … As previously mentioned, these government-backed loans come with significant benefits that help veterans purchase with zero or low minimum down payment and competitive VA mortgage rates. Please contact one of our Licensed Lending Officers at (888) 983-3240 for a customized rate and payment quote. As a VA mortgage lender approved by the Department of Veterans Administration, loanDepot is authorized to offer special home loan programs for active military and veterans. Borrowers can also use VA loans in the following ways: VA cash-out refinance – A cash-out refinance is an excellent option if you are looking to pay off credit cards, consolidate debt, finance home improvements or pay off personal expenses. (Points include any origination, discount and lender fees.) The borrower’s ability to qualify for a future loan will be subject to the loan program terms and conditions available at that time. LoanDepot is becoming a powerful force in the industry, offering competitive personal and home loans to rival even the biggest banks.. The lower APRs were mostly limited to the 5/1 ARM offers. The Guarantee also does not apply to loans applied for through third parties (e.g., Lending Tree) or originated through loanDepot’s Wholesale division. LoanDepot offers conventional, Federal Housing Administration, U.S. Department of Veterans Affairs and jumbo loans, as well as home equity and refinancing loans. They also offer jumbo loans, streamline refinance, and cash out refinance options for the construction or renovation of single-family homes, multi … Unfortunately, adjustable rate mortgages aren’t ideal for every home buyer. What customers get in convenience, they loss in fees as loanDepot mortgages tend to charge higher rates. Applicants must also meet other lender requirements. Applying for a loanDepot loan indirectly through a third party (e.g., LendingTree) makes the borrower ineligible for this Guarantee. This allows lenders to offer loans at very competitive terms and interest rates in comparison to other types of mortgages. While a VA mortgage's qualifying requirements are less strict than those for a conventional loan, an applicant still needs to have sufficient income to buy a home. The great news is that most members of the regular military, veterans, reservists and National Guard may be eligible to apply for a VA loan. Please contact one of our Licensed Lending Officers at (888) 983-3240 for a customized rate and payment quote. LoanDepot overview. loanDepot offers the following U.S. Department of Veterans Affairs loan programs: VA Purchase Loan: The VA’s Purchase Loan is similar to a traditional home loan, although it carries a much more competitive rate and minimal down payment options. Purchasing a home is just one way to utilize the VA loan benefit. For Guarantees issued on or after January 1, 2019, the Guarantee may not be redeemed within 12 calendar months of the Date Issued. Shopping today's VA loan rates? Average rates from other lenders. “Appraisal fee” includes only the fee associated with the first appraisal on the loan transaction and does not include any ancillary appraisal fees that may be charged in connection with the loan transaction (e.g., second appraisal fee, appraisal re-inspection fee, appraisal recertification fee, etc.). There are time constraints for application: Note that time of service is not the only requirement that qualifies you for a VA loan. For Guarantees issued on or after January 1, 2019, the Guarantee may not be redeemed within 12 calendar months of the Date Issued. The company does claim that, as a direct lender, it has access to lower interest rates. This means that a qualifying veteran who is approved for a mortgage will not be asked to pay any money as a down payment. Courtesy of loanDepot. These types of rates are unheard of with conventional loans. Have been an active member of the National Guard or Reserves for six years or more. Find great Murrieta, CA mortgage lending professionals on Zillow like Lee Snyder of United Loan Center. Fixed-rate mortgages: Fixed rate mortgages are available for 10, 15, 20, and 30 years with as little as 5% down. Eligibility Process . The VA essentially agrees to repay a portion of the loan to the bank if the borrower defaults or forecloses. loanDepot Lifetime Guarantee ("Guarantee") — Subject to the conditions and contact requirements outlined below, the Guarantee applies to the refinancing of an outstanding loan originated by loanDepot that is secured by the same property upon which that borrower previously received from loanDepot a loan and “loanDepot Lifetime Guarantee” certificate. After obtaining the loan estimate, everything slowed way down. And certain veterans are exempt from paying the funding fee, including veterans who are receiving or are entitled to receive VA compensation for service-connected disabilities and surviving spouses of veterans who died in service. Many times, loanDepot discloses the rate that it can offer a borrower up front. The VA does however charge a funding fee based on the borrower's type of U.S. service, loan amount, type of loan and down payment, among other factors. Are married to a service member who died in the line of duty or as the result of a service-related disability. Closing is normally done in a couple of days, and you don’t have to refinance your first mortgage. Whether you're just comparing VA mortgage loan rates or ready to get started on a loan, we can help make the process of refinancing or buying a home fast and easy. 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