The loanDepot HELOC is not available in all states.
Please contact loanDepot for more details.
The loanDepot HELOC has a variable interest rate based on an index (WSJ Prime Rate) plus a margin
set by the lender. Your APR will not exceed 18.00% at any time during the term of your account
(could vary based on limits imposed by state law). Line amounts available between $35,000 and
$250,000 or as defined by state law. Line amount product availability depends on your property
equity. There are no third-party fees. The loanDepot HELOC has a 30-year term. A 3-year draw period
(within a 10-yr interest only period) and a 20-year repayment period. The minimum monthly payment
during the first 10 years is interest only and is fully amortized over 240 months during the
repayment phase. Minimum payment is $100. The origination will be up to 5% of the line amount, or
the maximum allowed by state law, whichever is less. A HELOC requires you to pledge your home as
collateral and you could lose your home if you fail to repay. Offers, rates and fees are subject to
change without notice. Credit criteria, exclusions, and limitations apply.
1 Funding timelines vary based upon verifications of income, employment, property
condition or property value are needed. The application process is digital but Remote Online
Notarization (RON) is not available. You will need to connect with an in-person notary to complete
the process.
2 Completing an offer inquiry will not impact your credit score and will allow you to see
offers containing potential terms and rates; however, if you submit an application, we will report a
hard inquiry to one or more of the consumer reporting agencies.
3 Available funds are accessible via ACH /Wire
4 loanDepot.com’s home equity line of credit (HELOC) is an open-end product where a
minimum draw amount of seventy-five percent (75%) or hundred percent (100%) of the requested line
amount (minus the origination fee) will be drawn at the time of origination. Lines less than $50,000
require a 100% draw (minus the origination fee) at loan funding. No additional draws may be taken
for 90 days following the closing date. As you repay the balance on the line, you may make
additional draws during the draw period at the current interest rate. After the draw period ends,
you will no longer be able to obtain credit advances and must pay the outstanding balance over 240
months.
5 The amount you owe does not go down with each interest only payment. Your principal and
interest payment will be higher than the interest only payments. loanDepot.com’s home equity line of
credit (HELOC) is an open-end product where a minimum draw amount of seventy-five percent (75%) or
hundred percent (100%) of the requested line amount (minus the origination fee) will be drawn at the
time of origination. Lines less than $50,000 require a 100% draw (minus the origination fee) at loan
funding. No additional draws may be taken for 90 days following the closing date. As you repay the
balance on the line, you may make additional draws during the draw period at the current interest
rate. After the draw period ends, you will no longer be able to obtain credit advances and must pay
the outstanding balance over 240 months.
Important Notice to Servicemembers and Their Dependents. If you are currently eligible for benefits
provided by Servicemembers Civil Relief Act (SCRA), refinancing current debt may not be beneficial.
Opinions expressed within this content are solely loanDepot’s and do not take into consideration
your individual circumstances. To learn whether a HELOC is right for you, please reach out to one of
our HELOC experts at (866) 790-3940.
All trademarks and related logos, including but not limited to, loanDepot, LD, mellohome, are
property of loanDepot.com, LLC and/or loanDepot.com, LLC affiliates.
