Last Updated: 08/13/2025
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Highlights
Credit Score Range
640 - 850
Amount Range
$35,000 - $250,000
Maximum LTV
90%
Loan Term (Years)
10 - 30
loanDepot Home Equity Loans Review
loanDepot Home Equity Loans is offered by loanDepot (NMLS #174457), a direct lender founded in 2010 and based in Irvine, CA. loanDepot are available in 48 states and Washington, DC.
Key Takeaways
- Only primary residences considered. loanDepot Home Equity Loans does not offer financing for vacation homes or investment properties.
- Fast process. In some cases you can close on your home loan within 2 business days.
- Origination fees of 1% to 5%. This is on the high end for lenders on SuperMoney's database.
- High maximum LTV ratio. loanDepot Home Equity Loans has a maximum loan to value ratio of 90%.
- Fair credit accepted. Borrowers with a credit score as low as 640 may qualify for loanDepot Home Equity Loans.
loanDepot Home Equity Loans Pros & Cons
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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.
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 to 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 16 years.
Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.
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