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I tried LoanDepot for a home equity loan.They said my credit score was great, said they would have my house appraised, I wanted only $58,000.00 my credit score was 769, the supervisor of the guy that was helping me with loan called and said my house was worth more than I told them (no one came by to appraise my home, I am retired so always home) he wanted to know if I would like to up my $58,000.00 to $61,000.00 and I said ok.

The other guy called me back a day or so later, for new amount rate lock this was on 12/23/2016, I said ok. Got a notice about 6 days later that said I was denied because "Value or type of collateral not sufficient" ...what!!! The guy above the first guy (his boss) told me my house was worth much more than I said or thought, after they charged my card and locked in they sent me the denial, guess what the date of the rate lock was 12/23/2016, the day they sent the denial was 12/23/2016 and no that is not an error, they knew the day they were talking to me to lock in my rate for the higher loan amount that they were not going to give it to me. The appraisal fee says its refundable if my application is declined so my visa gave me my money back but then LoanDepot charged it again and my bank wont let me send them my paper work that shows I am right but took some docs from LoanDepot and said they have the right to charge me.

I canceled both of my visa cards with them and told them I will NOT pay the $185.00 and will take them and LoanDepot to small claims court first.....LoanDepot is a scam.....stay away.

Review about: Home Equity Loan.

I didn't like: Think they are a scam.

Review #1021315 is a subjective opinion of a user.

1.3
Customer service
Website
Diversity of Products or Services
Interest Rate
Value for money
Staff
Product or Service Quality
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PRODUCT OR SERVICE Loan Depot Home Loan
Reason of Review / Monetary Loss Not as described / $185
Preferred solution Not specified

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