loanDepot Home Equity Loans Review


Rating: 9.2 / 10 (Excellent)
4 Customer Reviews - see all reviews
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How is loanDepot rated?
10/10
Loans
9/10
Qualifications
9/10
Reputation
9/10
Consumer Experience

loanDepot is a non-bank lender that provides financial services nationwide. The company offers personal loans, home equity products, home purchase, and refinance loans. loanDepot 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

loanDepot 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 loanDepot’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 loanDepot’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 loanDepot

loanDepot 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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Latest Reviews

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Chung Y
Fullerton, California
7/17/2017
In short, do not waste your time with this shady company. I started my loan application for $80,000 after a rep from this company called me and offered me a deal with good interest rate, 3.75%, I believe. The rep (his initial is BR) said it would cost me $3,000 and another $439, which would be refunded after loan is approved. So the total cost of loan is $3,000, I thought and I asked him from the very first call that I would receive $80,000 when everything is done, and he said yes, I would get $80,000. After I submitted every paperwork required for the loan application and home inspection, this company sent a documents detailing my loan. Despite what BR promised me that I would get... Read More

P
ph
San Diego, California
3/15/2017
This company is a HUGE waste of time. They do not communicate within departments, they are incompetent, and have lousy customer service. We spent over 2 months working with them only to get told that we couldn't get refinanced due to the condo complex having to many renters. 2 months and you wait until the end to check that??!! We were also told the HOA wasn't responding to them, but when I contacted the HOA they forwarded me an email that they had sent two weeks prior! We also had to contact our own HR to ask proper questions that LoanDepot hadn't. The whole process was a joke really. I would run as fast as you could to another lender.

D
D C
Atlanta, Georgia
2/11/2017
I am work in a service industry and the service I received from LoanDepot was truly awful… Do not do business with them. Here are the indisputable facts: 1) I told Loandepot up front that if they did not think that the loan could not be completed for the amount I was looking for that we not proceed because it would be a waste of everyone's time and my money. 2) They wasted 6 weeks of my time in working through a loan process that was never going to be underwritten at the amount discussed because they did a very poor job on their upfront due diligence. I would have been fine with a “no” answer up front – but they assured me they could get this done. 3) They have an inherent flaw in... Read More

C
Colt
Los Angeles, California
1/2/2017
Really liked it and am very interested

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