in Home Equity Loans from loanDepot




in Home Equity Loans from loanDepot

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Loan Amount $35,000 - $250,000
APR  (Fixed APR) 4.684% - 18%
Loan Term 10 - 30 years

loanDepot Review

Where does loanDepot do business?

loanDepot is a direct lender based in Foothill Ranch, CA. The company was founded in 2010 and offers home equity loans to borrowers in 50 states (and Washington, DC).

How much can you borrow with a loanDepot home equity loan?

A home equity loan allows homeowners to borrow money using their home as collateral (similar to a mortgage). Loan amounts vary depending on the value of the home minus the balance of any mortgages or liens on the property.

loanDepot allows borrowers to apply for home equity loans of up to $250,000. The actual maximum loan amount will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

What are the home equity loan requirements of loanDepot

This lender's maximum loan to value rate is 90%. That means the total debt secured by the property cannot exceed 90% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $70k.

What home equity loan rates does loanDepot offer?

loanDepot offers home equity loans with a fixed APR that ranges from 4.684% up to 18%.

Remember the APRs of home equity loans do not include points and financing charges, just the interest rate.

What is the estimated funding time for a home loan via loanDepot?

loanDepot will typically fund home equity loans within 2 and 3 days of approval.

What fees does loanDepot charge for a home equity loan?

loanDepot may charge a loan origination fee of 1% to 5% of the loan amount.

What types of property can you use as security for a home equity loan with loanDepot?

Lenders often have restrictions on the type of properties they will accept as security for a home equity loan. loanDepot will consider loans secured by the following property types:

  • Primary home.
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  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee  
Origination Fee 1% - 5%
Minimum Age 18
Credit Score Range 640 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Intended Use
  • Primary Home
Maximum LTV 90%
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Tax Returns
Joint Loan Applications Accepted
  • Co-borrower
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Proof of Residence
  • Recent Bank Statements
  • Recent Pay Stubs
  • Social Security Number
  • Driver License (or other photo ID)
Funding Time Range (in days) 2 - 3
Pre-Approved Soft Credit Inquiry  
Joint Loans Available  
Loan Amount $35K - $250K
Loan Term 10 - 30 years
APR (Fixed APR) 4.684% - 18%

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