loanDepot supports first-time buyers with dedicated portal that propels them on the path to homeownership

Tools include credit monitoring, home search, access to real estate professionals, and educational resources

First-time homebuyers can get pre-approved and receive up to $4,500 in cash and incentives

IRVINE, Calif., Nov. 16, 2022 /PRNewswire/ -- Sustained housing shortages, elevated home prices, soaring interest rates and inflation continue to erode home affordability, and disproportionately impact first-time homebuyers. Recognizing the challenges facing first-time homebuyers, loanDepot has introduced a holistic suite of digital tools designed to support them through every stage of the homebuying journey, from preparing for homeownership to navigating the process to closing on their first home.  

Many potential first-time homebuyers are frozen out of the market today. Home prices rose 20.6% from March 2021 to March 2022 – and as of April 2022, the typical 7% down payment made by first-time homebuyers amounted to $27,400, which could prevent 92% of renters, whose median savings are just $1,500¹, from purchasing a home.

"Housing affordability and sustainable home ownership are amongst the most pressing issues today, particularly for first-time homebuyers who have unique needs when navigating what can be a complex journey as they enter the market," said loanDepot, Inc. President of Digital Products and Services Zeenat Sidi. "We're talking about a diverse group, who are more digitally savvy today, with many first-time homebuyers starting the process by researching online to become educated on all of their options. By offering relevant and holistic digital content, tools and resources in a convenient and easy-to-navigate site, our goal is to make the dream of homeownership a reality for as many homebuyers as possible."

Simplifying one of life's most significant financial transactions, loanDepot's new digital portal provides multiple resources, all in one place. Users have access to:

• A dedicated site for first-time home buyers taking users to fantastic new educational content, as well as helping them get pre-approved for a mortgage and connected to a real estate agent through loanDepot's affiliated real estate referral and broker business, mellohome.
• A financial wellness section featuring a complimentary credit monitoring tool to help potential homebuyers understand their credit bureau score and report, and how it affects their home buying prospects.
• Home search functionality allowing customers who are ready to start looking for (or even dreaming about) their perfect home to do so in the portal.
• Up to $4,500 in cash and incentives for first time homebuyers as part of the loanDepot Grand Slam program. In partnership with sister company mellohome, the Grand Slam gives customers seamless access to an entire suite of home transaction products in a single package, with unique benefits for first-time homebuyers who purchase with a mellohome-approved agent and finance through loanDepot.

"Providing increased support for first-time homebuyers is a critical part of our Vision 2025 strategy focused on expanding loanDepot's purpose driven purchase market origination footprint," said loanDepot, Inc. President and CEO Frank Martell. "We are entering a phase of profound generational change and consequently the make-up of the typical new homebuyer in this country. Our team at loanDepot is squarely focused on making sure the first-time homebuyers of today and the future have the best possible information, tools and support as they start their homeownership journey."

To view the full suite of first-time homebuying tools and resources, visit www.loanDepot.com/first-time-homebuyer.

loanDepot (NYSE: LDI) is a digital commerce company committed to serving its customers throughout the home ownership journey. Since its launch in 2010, loanDepot has revolutionized the mortgage industry with a digital-first approach that makes it easier, faster and less stressful to purchase or refinance a home. Today, as one of the nation's largest non-bank retail mortgage lenders, loanDepot enables customers to achieve the American dream of homeownership through a broad suite of lending and real estate services that simplify one of life's most complex transactions. With headquarters in Southern California and offices nationwide, loanDepot is committed to serving the communities in which its team lives and works through a variety of local, regional and national philanthropic efforts.

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¹ According to reports from the Joint Center for Housing Studies of Harvard University

SOURCE loanDepot, Inc.