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  loanDepot Home Equity Loans

Best Of Product

loanDepot Home Equity Loans
in Home Equity Loans from loanDepot · NMLS ID #174457
Claimed

loanDepot Home Equity Loans

Claimed
in Home Equity Loans from loanDepot · NMLS ID #174457
Net Recommendation Score +100  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Rating not yet determined  

1 user recommends
0 users are unsure
0 users don't recommend
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Highlights
Community Rating

Rating not yet determined  
APR  (Fixed APR) 4.684% - 18%
(Verified 08/04/2023)
Loan Term (Years) 10 - 30 years
Loan Amount $35,000 - $250,000
Maximum LTV 90%

loanDepot Home Equity Loans Review

loanDepot Home Equity Loans is offered by loanDepot (NMLS #174457), a direct lender founded in 2010 and based in Foothill Ranch, CA. loanDepot Home Equity Loans are available in 50 states (and Washington, DC).

loanDepot Home Equity Loans FAQ

How much can you borrow with a loanDepot Home Equity Loans 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 Home Equity Loans 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 Home Equity Loans

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 Home Equity Loans offer?

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

Generally, 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 Home Equity Loans?

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

What fees does loanDepot Home Equity Loans charge for a home equity loan?

loanDepot Home Equity Loans 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 Home Equity Loans?

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

  • Primary home.

Is loanDepot a legit company?

loanDepot was founded in 2010, it is a well-established company that has been in business for 13 years.

Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From loanDepot Home Equity Loans

At loanDepot, we never stop looking for opportunities to provide our borrowers with the products they need to make their financial dreams a reality. loanDepot offers fixed-rate home equity loans with repayment terms up to 15 years. For more information, speak with a licensed loan officer today. 

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Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • 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
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee
Origination Fee (%) 1% - 5%
Credit Score Range 640 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Other
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use Primary Home
Joint Loan Applications Accepted
  • Co-borrower
Maximum LTV 90%
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Cash
  • 1099 Misc. Income
  • Tax Returns
Verification Documents Required
  • Driver License (or other photo ID)
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Proof of Residence
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
Funding Time Range 2 - 3 days
Pre-Qualified Soft Credit Inquiry
APR (Fixed APR) 4.684% - 18%
(Verified 08/04/2023)
APR Type Fixed APR
Loan Amount $35,000 - $250,000
Loan Term 10 - 30 years

loanDepot Home Equity Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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