How to pay your LoanDepot mortgage

LoanDepot offers several ways to make your monthly payment: online through their website or mobile app, by phone, by mail, or through automatic bank transfers. The fastest and most common method is online payment, which processes immediately and lets you see your payment history. You can set up automatic payments so the money leaves your bank account on the same day each month, which removes the risk of forgetting and helps you avoid late fees.

Before you make your first payment, you need your loan number and the bank account or card you want to use. LoanDepot does not charge a fee for online payments made from a checking or savings account, but credit card payments typically carry a processing fee of around 2.5 percent. If you are switching from another lender, your first payment date may differ from your original loan's schedule, so check your loan documents or contact LoanDepot to confirm when your first payment is due.

Key Takeaways

  • Online and automatic payments through LoanDepot's website or app are free and process immediately, while credit card payments charge a processing fee.
  • You can pay by phone, mail, or automatic bank transfer if online payment does not work for your situation.
  • Setting up automatic payments removes the risk of late fees and helps you stay on schedule without remembering each month.
  • Your first payment date depends on your loan closing date and the terms in your promissory note, so confirm it before your payment is due.
  • Late payments trigger fees and can damage your credit score, so contact LoanDepot immediately if you cannot pay on time.

Paying online through the LoanDepot website or app

Log into your LoanDepot account at loandepot.com or open the LoanDepot mobile app, then navigate to the payments section. Enter the amount you want to pay (your regular monthly payment, a lump sum, or extra principal), select your payment method, and confirm. The payment processes immediately if you pay before 5 p.m. Eastern Time on a business day; payments made after hours or on weekends process the next business day.

You can pay from a checking or savings account at no charge. If you use a debit or credit card, LoanDepot charges a processing fee—typically around 2.5 percent of the payment amount. For a $1,500 monthly payment, that fee would be roughly $37.50, so most borrowers avoid card payments for routine monthly bills. The website and app both show your payment history, remaining balance, and next due date, so you can track your loan at any time.

Setting up automatic payments

Automatic payments remove the need to remember your due date each month. Log into your LoanDepot account, go to the payments or settings section, and select "Set up automatic payment" or "Autopay." Choose your payment amount (usually your regular monthly payment), the day of the month you want it to withdraw, and the bank account to draw from. LoanDepot will deduct the payment automatically on that date each month until you cancel.

Automatic payments from a bank account are free and reduce the chance of a late payment, which can trigger a fee and hurt your credit score. If your income varies or you want to pay extra some months, you can keep autopay for your base payment and make additional payments manually when you have the funds. If you need to pause or cancel autopay, you can do so in your account settings at any time, though you will then be responsible for making manual payments on time.

Paying by phone or mail

To pay by phone, call LoanDepot's customer service line at 1-844-LOANDEPOT (1-844-562-6335). Have your loan number and the bank account or card you want to charge ready. A representative will process your payment over the phone, and you will receive a confirmation number. Phone payments are free if you pay from a bank account and carry the same card processing fee as online payments.

To pay by mail, send a check or money order to the address listed on your monthly statement or in your account settings. Write your loan number on the check and mail it to LoanDepot's payment processing center. Mail payments take longer to process—typically 7 to 10 business days—so send your payment early enough that it arrives before your due date. Late payments incur fees even if the check is in the mail, so this method carries more risk than online or automatic payment.

Understanding your payment due date and late fees

Your payment is due on the same day each month, as stated in your loan documents. LoanDepot typically allows a grace period of 10 to 15 days after the due date before charging a late fee, but this varies by state and loan type. A late fee is usually 4 to 5 percent of your monthly payment or a flat amount set by your loan agreement—check your promissory note to see which applies to you.

If you miss a payment, LoanDepot reports it to the credit bureaus after 30 days of non-payment, which damages your credit score. After 120 days of missed payments, your loan may be in default, and LoanDepot can begin foreclosure proceedings. If you know you cannot pay on time, contact LoanDepot before the due date to discuss options like a payment plan, forbearance, or loan modification. Acting early gives you more options than waiting until after you are late.

Making extra payments or paying off your loan early

You can pay extra toward your principal at any time without penalty. Log into your account online, call customer service, or mail a check and specify that the extra amount should go toward principal rather than being held as a credit. Paying extra reduces the total interest you pay over the life of the loan and shortens your payoff timeline.

Some borrowers make bi-weekly payments (half the monthly payment every two weeks) to pay off their loan faster. This method results in 26 half-payments per year instead of 12 full payments, which is equivalent to 13 full payments annually. Over a 30-year mortgage, this can cut years off your loan and save tens of thousands in interest. Confirm with LoanDepot that bi-weekly payments are allowed on your specific loan type before starting.

What to do if you cannot make a payment

Contact LoanDepot as soon as you know you will miss a payment. Do not wait until after the due date. LoanDepot may offer forbearance (temporarily reducing or pausing payments), a loan modification (changing the terms of your loan), or a payment plan to help you catch up. These options are not may provide, but they are more likely if you reach out before you fall behind.

If you are facing hardship due to job loss, illness, or another emergency, explain your situation clearly. LoanDepot has programs for borrowers in temporary hardship, and federal rules require servicers to work with you if you are struggling. Keep records of all conversations and any agreements you make in writing. If LoanDepot denies your request, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) if you believe you were treated unfairly.

Frequently Asked Questions

Can I pay my LoanDepot mortgage with a credit card?

Yes, but LoanDepot charges a processing fee of around 2.5 percent when you pay with a credit card. For most borrowers, this fee makes credit card payments too expensive for routine monthly bills. You can use a card for occasional extra payments if you have rewards that offset the fee, but automatic bank account payments are the cheapest option.

What happens if I pay late?

LoanDepot charges a late fee (usually 4 to 5 percent of your payment) if you pay after the grace period, which is typically 10 to 15 days past the due date. After 30 days late, the missed payment is reported to credit bureaus and damages your credit score. After 120 days, your loan may be in default and foreclosure can begin.

How do I set up automatic payments if I get paid on different dates each month?

You can set autopay for a fixed day each month that works with your typical pay schedule, or you can make manual payments in months when your income is late. Alternatively, some borrowers set autopay for a smaller amount they know they can always cover, then make extra payments manually when they have the funds.

Can I change my payment due date?

Contact LoanDepot customer service to request a due date change. They may allow you to move your due date to align with your pay schedule, though this typically requires a one-time change and cannot be done repeatedly. Changing your due date may also affect when your first payment under the new schedule is due.

What should I do if I think LoanDepot made an error on my account?

Contact LoanDepot in writing (email or certified mail) and describe the error with specific dates and amounts. Keep copies of all correspondence. If LoanDepot does not resolve it within 30 days, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB investigates complaints and can require LoanDepot to correct errors.