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  loanDepot Home Equity Loans

loanDepot Home Equity Loans

in Home Equity Loans from loanDepot · NMLS ID #174457

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loanDepot Home Equity Loans

Claimed

in Home Equity Loans from loanDepot · NMLS ID #174457

Net Recommendation Score +100%

SUPERMONEY NET RECOMMENDATION SCORE

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Highlights
Highlights
Community Rating

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

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 is 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%.

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 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.

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Other Services by loanDepot

Availability

  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%
Credit Score Range 640 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
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)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
  • Tax Returns
Verification Documents Required
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Proof of Residence
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
Funding Time Range 2 - 3 days
Joint Loans Available  
Pre-Approved Soft Credit Inquiry  
APR (Fixed APR) 4.684% - 18%
Loan Amount $35,000 - $250,000
Loan Term 10 - 30 years
Terms 10, 15, 20 and 30 years

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SUPERMONEY NET RECOMMENDATION SCORE

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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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