The loanDepot Lifetime Guarantee is a unique offering designed to provide value to repeat customers. This guarantee ensures that eligible borrowers who refinance an existing loan, initially obtained from loanDepot and secured by the same property, will not be charged lender fees. This article delves into the specifics of the loanDepot Lifetime Guarantee, clarifying its terms and how customer service supports borrowers in utilizing this benefit.
What is the LoanDepot Lifetime Guarantee?
The loanDepot Lifetime Guarantee is a certificate provided to borrowers upon originating a qualifying loan. This certificate promises a waiver of lender fees on a future refinance of the original property. It’s important to understand that this guarantee is non-transferable and applies specifically to refinancing the initial loan. It is not applicable for purchasing new properties, home equity loans, renovation loans, bond loan programs, or down payment assistance programs. Furthermore, loans applied for through third-party platforms or loanDepot’s Wholesale division are also ineligible. To benefit from the Guarantee, applications must be submitted directly to loanDepot.
Key Conditions and Exclusions of the Guarantee
Several conditions govern the applicability of the loanDepot Lifetime Guarantee. For guarantees issued on or after January 1, 2019, redemption is not permitted within the first 12 calendar months from the issue date. Additionally, the ability to redeem the guarantee, either partially or fully, is contingent on potential future changes in federal or state laws, or any restrictions imposed by investors or guarantors concerning refinancing the existing loan.
It is crucial to note that while loanDepot offers this Guarantee, they cannot assure loan approval for future applications, guarantee specific interest rates for future loans, or predict the future appraised value of the home. Qualification for a future loan will depend on the loan program terms and conditions prevailing at that time. However, for those future loans that meet the stipulated requirements and successfully close, the significant advantage is the elimination of lender fees, although this exclusion does not extend to discount points associated with the loan transaction. Terms and conditions are subject to modifications without prior notification.
Redeeming Your Lifetime Guarantee: Customer Service Steps
To take advantage of the Lifetime Guarantee, future applicants need to engage with loanDepot directly. This direct interaction is a key aspect of their customer service for this program. Borrowers can initiate the process through the official loanDepot website dedicated to the Lifetime Guarantee or by contacting Loandepot Customer Service via telephone. Applying for a loanDepot loan through indirect channels, such as third-party services like LendingTree, will disqualify the borrower from utilizing this Guarantee.
For direct applications, customers can visit: www.loandepot.com/lifetime-guarantee.
Alternatively, loanDepot customer service can be reached by phone at: (877) 395-7381 or (888) 983-3240.
Future Loan Qualifications and Customer Support
While the Lifetime Guarantee offers a financial advantage, it’s important to remember that standard loan qualification processes still apply for any future refinance. LoanDepot customer service is available to guide customers through the application process, clarify eligibility criteria, and answer any questions related to redeeming the Guarantee. Factors such as credit score, debt-to-income ratio, and property value will all be assessed at the time of refinance. The Guarantee specifically addresses lender fees, providing a tangible benefit, but does not bypass the standard requirements for loan approval.
Conclusion
The loanDepot Lifetime Guarantee is a valuable benefit for eligible repeat customers, offering potential savings on lender fees during a refinance. Understanding the terms and conditions, and utilizing loanDepot customer service through direct application channels, are essential steps to successfully leveraging this guarantee. For those who qualify, it represents a significant advantage, enhancing the value proposition of choosing loanDepot for their mortgage needs.
