Loan Depot Home Equity Loans Review

#2 in Home Equity Loans

Loan Depot is a non-bank lender that provides financial services nationwide. The company offers personal loans, home equity products, home purchase, and refinance loans.  Loan Depot maintains 150 loan stores across US and is a proud Equal Housing Lender. Their home equity loan allows consumers to get up to $250,000 with fast closing and flexible terms of up to 15 years.

Services and Features

Loan Depot offers a fixed-rate second mortgage which let consumers loan from $25,000 up to $250,000 with fast closing in just days. The company gives homeowners access to up to 90% loan to value of the equity they’ve built in their home. There is no restriction on what purpose a customer may use the funds that have been given by the company. Borrowers can also acquire just the right amount they needed without affecting or refinancing their current low-interest first mortgage.

It only takes a few minutes to find out whether a customer is eligible for Loan Depot’s home equity loan. Clients are provided with online quote and application where they just need to complete a few short questions. Through these questions, the company will know their client’s eligibility and can find the right loan term that fits their needs.

With Loan Depot’s home equity loan, a borrower can consolidate high-interest credit card debt at a lower interest rate and buy a second home with as little as 5% down. Consumers can also receive the cash they needed for large purchase or make improvements in their property to increase the value of their home.

Services and Features

Home Equity Mortgage Calculator

Refinancing

Online Quotation

Online Application

Financial Guide

HELOC Draw Period

Types of Home Equity Loans

Fixed Rate Loans

Home Equity Lines of Credits (HELOC)

Qualifications

Age

18 years of age and older

Credit Score (Minimum)

Not Stated

Primary Home Owner

Not Stated

Accreditations

Member of US Department of Housing and Urban Development

Member of FDIC

Insured by FHA

Approved by Equal Housing Lender

Plan Details

Origination Fee

Closing Cost

Maintenance Cost

Not Stated

Application Fee

Free

Variable Rate APR

Not Stated

Fixed Rate APR

Not Stated

Help and Support

Mobile App

Telephone Support

Live Chat

Email

FAQs

Home Equity Loans at Loan Depot

Loan Depot is a great option for homeowners wishing to take advantage of built-up equity in their homes. With loans of up to 90% of their home’s equity, homeowners could use these for any purpose they deem necessary. Flexible loan terms of up to 15 years and fast closing makes for easier payments and faster access to cash.

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