I am just starting the process with them and I have to echo this experience. Very smooth and straightforward so far. No hidden fees that I have encountered and I have been very up front about wanting to know all the costs. I was pre-approved VERY fast. DTI: 29%, utilization 1% and income/employment verified without needing to produce any documentation.
@Lynnow wrote:Good to know. Thank you.
Did they give you a competitive interest rate?
They did but in my state there is a special program I qualified for called Homes For Heroes because of my military service. I got a rate of 2.37%. I still have my VA loan option also.
@Anonymous wrote:Middle score was 657. we got 6% seller concessions and that bought the rate down to 2.25 plus paying all my closing costs
You shouldn't have to buy the rate down to 2.25% on a government loan today, that's either a no cost rate or if it's VA and depending on loan size it should come with lender credit/rebate.
Think of Loandepot like Quicken (because they are), they have high overhead (Naming rights on buildings, fancy offices not to mentionvery expensive TV commercials) and someone has to pay for these other than ownership so it's handed down to the consumer- it's called margins!
And LD's margins are larger than most companies out there but that's the great thing about shopping for a rate, just because a builder is offering incentives doesn't mean it's financially sound to go with their preferred lender.
I'm having a new build done now and builder was offering $12k if I used their lender, I got them to extend the offer using my lender (I work for them) and they agreed.
