I had a terrible experience with LoanDepot because they lead me to believe they had my best interest at heart but in fact they did not.
They NEVER consulted with me regarding my comfortability when it came to a monthly mortgage payment. They TOLD me I could afford my home when in reality, I could not. They forced me to believe I should make the move at the time because they had claimed the market wasn't going to get better and the time to buy was then and there. My property was grossly over- priced but my loan specialist told me it wasn't. ( afterward other specialists told me it was!!) She told me it was worth it but it wasn't in a good area unbeknownst to me. The comps were rigged as well as everything else. They ALL work together to ensure the sale- the broker, realtor( given to me) , attorney ( which I was given) and the inspector. It's a joke.
Go to a real bank, a credit union or simply another, more trusting broker. She ( Lisa) even suggested I use my 403.B to help with my down payment which I later realized was the absolute worst thing to do. I was severely taxed on it. She never told me that would happen and said people do it all of the time. Again, I should have researched and done my homework but I trusted her!
I am a teacher, and this was my first house, and I felt totally taken advantage of. She could have suggested a teacher credit union or Teachers Next door which strictly help public service workers.
The bottom line is, LoanDepot doesn't care about you. They care about making that product sale. Lisa cared only about the loan origination fees, closing costs, and sale of the loan. My understanding is that she is a consumer lending manager. She already makes the big bucks but yet she took advantage of my situation- not knowing much about real estate at the time and didn't hold my hand through any of it. I trusted her and thought she understood that I was doing this alone and I had lots of anxiety about it but really wanted to be a homeowner.
The charges were not explained to me, nor was the process. Also, Look up Loan Depots civil suite. They have a civil rights violation against them and it can be found on www.Inman.com. Just another negative about this company.
So whatever you do, do not go to one of these BIG non- bank lenders! Go to one who spells everything out for you and walks you through the process in a caring way. Owning your first home is a huge and emotional deal. It should be a satisfying experience and outcome.
I bought my house in Jan of this year, and I've since sold it three months later! Thank God the market was in my favor but I still lost thousands! Never let anyone tell you that it's the right time for you to buy. Feel it, stalk the home at night, and do your due diligence every step of the way. Do not trust anyone in the real estate business except Banks's and Credit Unions and Compass Reality- Michael Ferraro specifically. They work strictly for their clients! Just an added tip!! Thanks for reading!
Anthony Hsieh, I hope you read this! read more