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NMLS: 174457

Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

3.8

Bankrate Score

Customer Rating

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.

3.6

30 ratings

Loan amount

$35,000-$250,000

Min. credit score required

Undisclosed

Repayment terms

3-year draw period within 10-year interest-only period, 20-year repayment term (3-year draw/interest-only period and 27-year repayment term in Texas)

Funds available in

As little as 3 weeks

Recent customer reviews

The customer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

Loan Depot Refinance

Excellent people and staff. Walked us through everything. Great Company Would highly recommend. Thanks op

Bobby B.
2490 Mark Ln Lewisburg Tn (Nov 2, 2024)

Awful

Wasted my time going through the prequalification process before finally revealing they charge an absurd 2.5% fee on the total line in order to open a HELOC.

Adam
Atlanta, GA (Aug 8, 2024)

Read 30 customer reviews for LoanDepot

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.

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.

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.

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 could qualify you for the 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 apply with loanDepot

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.

How Bankrate scored LoanDepot

Affordability	6.4/10
Availability	7.8/10
Borrower experience	8.7/10

To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:
- Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
- Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10%
- Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%
Learn more about our methodology.

To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10%
Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

Learn more about our methodology.

loanDepot customer ratings and reviews

3.6

30 ratings

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 below are limited to only those that this advertiser has received during the past 12 months.

This lender has 30 recent reviews.

Knowledge

Level of service

Professionalism

Responsiveness

5 stars

4 stars

3 stars

2 stars

1 star

33%

30%

17%

80% of customers would recommend this lender.

of 30 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 450 users nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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LoanDepot: 2024 Home Equity Review

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