LoanDepot: 2023 Home Equity Review
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance

NMLS: 174457
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loan amount
$35,000-$250,000
Min. credit score required
Undisclosed
Repayment terms
20 years
Funds available in
Funding in as little as two weeks
LoanDepot features
Here's a breakdown of some of the benefits and drawbacks of LoanDepot home equity loans.
PROS
-
LoanDepot offers online quotes, and can fund your HELOC in as few as two weeks.
You might not need to pay for an appraisal, as the lender typically uses an automated valuation model (AVM) to determine your home’s worth.
CONS
-
LoanDepot currently doesn’t offer lines of credit in every state, including New York and Texas.
-
The lender charges a HELOC origination fee of up to 5 percent.
LoanDepot overview
LoanDepot is the third-largest mortgage lender in the U.S. It offers home equity lines of credit (HELOCs) to borrowers in most, but not all, locations (37 states). The lender was founded in 2010 and is headquartered in Irvine, California.
LoanDepot snapshot
Home equity loan types | Home equity line of credit (HELOC) |
---|---|
Loan amounts | $35,000-$250,000 |
Credit score minimum | Undisclosed |
Repayment terms | 20 years |
Average time to approval | Funding in as little as two weeks |
How Bankrate rates LoanDepot
Bankrate Score | 3.8 |
---|---|
Affordability | 3.9/5 |
Availability | 3.3/5 |
Borrower experience | 4.3/5 |
Methodology
To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.
Benefits
- LoanDepot offers online quotes, and can fund your HELOC in as few as two weeks.
- You might not need to pay for an appraisal, as the lender typically uses an automated valuation model (AVM) to determine your home’s worth.
Drawbacks
- LoanDepot currently doesn’t offer lines of credit in every state, including New York and Texas.
- The lender charges a HELOC origination fee of up to 5 percent.
Types of fees charged
LoanDepot charges an origination fee for its HELOC. This fee costs up to 5 percent (or the maximum allowed in your state) of what you borrow.
Home equity loan products offered
LoanDepot offers variable-rate home equity lines of credit (HELOCs) in amounts ranging from $35,000 to $250,000. You’ll be required to draw a minimum of 75 percent of the line of credit at funding, or 100 percent if the credit line is less than $50,000.
The HELOC has a 30-year term, structured as a three-year draw period within an initial 10-year, interest-only payment period, followed by a 20-year repayment term. The lender requires at least a $100 payment during the interest-only phase.
Unlike some other home equity lenders, LoanDepot’s HELOC doesn’t have a fixed-rate option. Your variable rate won’t ever exceed 18 percent, however.
How to qualify for a HELOC with LoanDepot
To be eligible for a LoanDepot HELOC, the lender looks for sufficient credit and income. It’ll also evaluate your home’s value.For most home equity lenders, the typical requirements for a HELOC include a good credit score (740 and above will put you in the running for lender’s most competitive rates), a debt-to-income (DTI) ratio under 43 percent, a minimum amount of equity in your home (typically 15 percent to 20 percent) and consistent income.
How to get started
You can request a no-credit check quote from LoanDepot online. You’ll need to enter some basic information, including your personal information, the property’s address and when you purchased the home. You can complete the entire application online, too, but you’ll need to meet with a notary in-person to close. If you’d prefer to speak with a loan officer by phone, you can call 888-983-3240 Monday through Friday, 8 a.m. to 10 p.m. ET or Saturdays, 11 a.m. to 6 p.m. ET.
loanDepot customer ratings and reviews

NMLS: 174457
This lender has 0 reviews.
Be the first to write a review of your experience with loanDepot.