Find the Loan That Fits Your Goals
Browse All Home Loan Options
Fixed-Rate Mortgage
15-Year Fixed-Rate Mortgage
The 5x5 Home Loan
Home Equity Loan
VA Loan
FHA Loan
Jumbo Loan
Personal Loans
Fixed-Rate Mortgage
15-Year Fixed-Rate Mortgage
The 5x5 Home Loan
Home Equity Loan
VA Loan
FHA Loan
Jumbo Loan
Personal Loans
Get Answers from Your Local
Loan Officer
Find a Local Branch
Your Next Move Starts Here
Answer a few questions and we’ll help you pick your path. No commitment necessary.
Frequently Asked Questions
What are the different types of mortgage loans?
There are five main categories of mortgage loans:
- Conventional loans are not insured by the federal government. These can include fixed-rate loans (available in 10-, 15-, 20-, and 30-year options) and adjustable-rate mortgages (ARMs), which lock the rate for an initial period (typically 5, 7, or 10 years) and then adjust.
- FHA loans are insured by the government. They offer a minimum down payment of 3.5%
- VA loans are guaranteed by the U.S. Department of Veterans Affairs and offer 0% down payments, no private monthly mortgage insurance, and competitive interest rates. They’re only available to service members, veterans, and surviving spouses. VA loans require a VA funding fee that may be financed into the loan or paid out of pocket at closing.
- Jumbo loans are built for higher-priced homes. They’re available in fixed and adjustable variants.
- Home equity products let homeowners turn their existing equity into cash. HELOCs (home equity lines of credit) give you a flexible credit line, HEloans (home equity loans) give you a one-time lump sum, and cash-out refinance replaces your current mortgage with a larger one and pays out the difference.
What credit score do you need for a mortgage?
Credit score requirements can vary based on the loan program and your overall financial profile. A loan officer can review your situation and help identify loan options that may be a good fit for your needs
How long does it take to get a mortgage?
- The time it takes to get a mortgage can vary depending on factors such as the loan type, property, and documentation required. A loan officer can help you understand the process and provide guidance based on your specific situation.
- A few things can speed up or slow down the timeline. For example, submitting complete documentation up front, responding quickly to information requests, and using the digital application portal can all help speed up the process. In contrast, appraisal delays, title issues, gaps in income documentation, or last-minute changes to the loan amount may slow it down.
How does mortgage pre-approval work, and does it affect your credit score?
A mortgage pre-approval helps you understand how much you may be able to borrow before you begin your home search. With a fully underwritten pre-approval, an underwriter reviews your application, credit, and financial documentation upfront, providing a more complete picture of your borrowing power. This added level of review can help sellers feel more confident in your financing and may help your offer stand out in a competitive market. Because the process typically includes a credit check, it may affect your credit score.
A pre-approval is preliminarily approved based only upon some information we have received to date from you. All information must be verified prior to the issuance of a final loan approval. This is not an offer or commitment to lend nor does it guarantee a final loan approval. A final loan approval is subject to verification of the information you have provided and full underwriting review by loanDepot.
How much down payment do you need for a mortgage?
This depends on the loan type. Conventional loans require as little as 5% down, FHA loans require a minimum of 3.5% down, and VA loans offer 0% down for eligible service members, veterans, and their surviving spouses. Jumbo loans can require 10% to 20% down due to their larger loan amounts. Depending on the loan type, location, and borrower qualifications, down payment assistance programs may also be available.
The 2nd lien closed end home equity loan (“HELoan“) is a subordinate mortgage and is not available in all states. The HELoan is available for primary and secondary residences and minimum loan amounts apply.
The loanDepot fixed and adjustable Home Equity Lines of Credit are open-end products where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. Amount of line of credit may depend on your property equity and other factors . These HELOCs have a 10, 15, 20 or 30year repayment term and the draw period will depend on the repayment term selected. If you select an adjustable option, the interest rate can adjust monthly. This product contains an additional draw feature. As you repay the balance on the line, you may make additional draws during the draw period. If you elect to make an additional draw, the fixed or adjustable interest rate for that draw will be based on the date of the draw, which will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the rate for additional draws may be higher than the rate for the initial draw. The origination fee will depend on the rate you select during the application process and will be deducted from your initial draw amount. A HELOC requires you to pledge your home as collateral and you could lose your home if you fail to repay. Offers, rates and fees are subject to change without notice. Credit criteria, exclusions, and limitations apply. Available funds are accessible via ACH/Wire.
Funding timelines vary based upon verifications of income, employment, property condition or property value. Funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or other otherwise require an in-person closing, or that requires a waiting period prior to closing.
loanDepot.com, LLC is not acting on behalf of or at the direction of HUD/FHA, the U.S. Dept. of Veterans Affairs, the U.S military or the federal government.