We believe everyone should be able to make financial decisions with confidence. says it provides second mortgages in the form of a fixed-rate home equity loan, NerdWallet cannot confirm such a product's availability. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Some lenders just charge higher upfront fees. A refinance replaces your existing loan; a second mortgage does not. One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. You can also use these loans to refinance your existing mortgage and do some remodeling, too. Since its founding, loanDepot has funded over $200+ billion loans. Home equity loans and HELOCs are also available. Some customers found the rates, service and processing to be much better than similar companies. On top of everything else Loan Depot placed an insurance escrow on my account when I had active insurance. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. To shop for better interest rates, it really wants to offer something bigger. You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate. And you have to hold on to a certificate to redeem when you decide to refi again. ... For 5/1 ARMs and 15- and 30-year fixed terms, loanDepot compares its rate with those of two rivals. NerdWallet’s star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. This loanDepot review will walk you through the types of home loan products the company offers and the rates and fees you can expect to pay. loanDepot offers an interest cap to its ARM borrowers to prevent rates from increasing too much. Document uploads and e-signature are available through mello, but NerdWallet could not verify whether applicants are automatically updated on their loan status via the system. Hal Bundrick is a personal finance writer and a NerdWallet authority in money matters. The portal can verify financial and employment details for many users and can also perform credit checks and guide the appraisal process. 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. The guarantee is strictly for a loan secured by the same property originally financed by loanDepot, and there are certain other restrictions. Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. Here's a breakdown of loanDepot's overall score: » MORE: Compare loanDepot to other mortgage lenders. The content Also, some lenders have increased their fees or temporarily suspended certain loan products. fixer-upper loans and Fannie Mae HomeStyle home improvement loans. 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