LoanDepot: 2026 Home Equity Review

How Bankrate scored Loan Depot

Affordability: 3 stars

LoanDepot scores 3 out of 5 stars for affordability because its rates are higher than average and it charges a hefty origination fee. 

• APR: LoanDepot doesn’t advertise rates online, but when the lender responded to our survey, its rates were higher than the national average.
• Fees: For its HELOCs, LoanDepot charges an origination fee of up to 5% of the line amount, or the maximum allowed by state law, whichever is less. This is somewhat higher than the fees charged by many home equity lenders.  

Availability: 4.6 stars

LoanDepot scores 4.6 out of 5 for availability, thanks to its wide availability and relatively low minimum credit score requirement — but its initial draw requirements will be a drawback for some users.

• Licensing: LoanDepot is licensed to provide HELOCs in 41 states and home equity loans in 44 states. 
• Credit score: Borrowers must have a credit score of at least 640 to qualify for a LoanDepot home equity loan or HELOC, which is lower than most lenders. 
• Loan minimum: Loan Depot’s loan minimum is $35,000. Many lenders offer lower minimum amounts.   
• Draw requirement: When your HELOC closes, you must withdraw at least 75% of the funds — or 100% if you’re borrowing less than $50,000 — a drawback if you don’t need access to the entire line. Some lenders don’t require an initial draw. Once you’ve made this withdrawal, LoanDepot doesn’t allow any additional draws for 90 days following your closing date.

Borrower experience: 3.2 stars

LoanDepot scores a 3.2 out of 5 stars due to its limited rate transparency and lack of home equity resources online.

• Rate transparency: Unlike many lenders, LoanDepot doesn’t advertise rates online. However, if you submit your personal information, it claims you can receive rate quotes in minutes without impacting your credit score. 
• Customer service: If you have general questions, you can email LoanDepot at customercare@loandepot.com or call them at 1-888-337-6888 x 6789 on weekdays from 
• 10:00 am to 9:00 pm ET. Note that other lenders often offer weekend hours. LoanDepot also lets you schedule an appointment for a team member to call you. 
• Convenience: LoanDepot offers a learning center on its website with calculators and articles for first-time homebuyers. However, there’s no content focused on home equity borrowing.

LoanDepot’s reputation 

As of this writing, Loan Depot gets an A+ rating from the Better Business Bureau and has been accredited since 2014. Out of more than 1,000 reviews, the lender gets more than four stars, with most reviewers saying the loan process was simple. Trustpilot gives LoanDepot 3.9 stars out of more than 4,300 reviews. Most reviewers praised the company’s clear communication and professionalism, though a few reported issues with delays and customer service.