loanDepot HELOC
loanDepot
NMLS #174457
3.7
Copiafy Score
APR
8.88%
Variable Rate
Loan Range
$35,000
to
$250,000
Term
30
years
Min Credit
—
score
Expert Take
LoanDepot can be a good choice for homeowners in almost any state who want to access up to 90% of their home value. You can choose between variable-rate HELOCs and fixed-rate home equity loans. However, its high minimum withdrawal requirement is a problem.
Pros & Cons
Pros
- LoanDepot offers both HELOCs and home equity loans.
- You might not need to pay for an appraisal because the lender usually uses a computer system to figure out your home value.
- LoanDepot HELOCs and home equity loans let you access up to 90% of the equity in your home.
Cons
- Homeowners may find the $35,000 minimum loan amount too high.
- You must withdraw most, if not all, of your HELOC credit line early on.
- Both home equity loans and HELOCs may not be available in all states.
Product Details
Customer Reviews
1.8
10 reviews
Quick Facts
Lender Type
Online Lender
Funding Time
As little as 3 weeks
Appraisal Method
automated
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