The 5x5 Home Loan
Put Your Home’s Equity to Work
Get fast and flexible access to cash without touching your current mortgage.
Fund in as Fast as 5 Days
Pre-qualify in minutes, access your cash in as fast as 5 business days.
Borrow up to $750K
Make those dream home renovations a reality.
Choose Your Goal
Spend your cash on what you need, from renovations to debt consolidation to education.
Open a Line Where You Need It
Tap into the equity of your primary residence, your second home or your investment property.
How a Home Equity Line of Credit (HELOC) Works
Borrow
Access up to $750,000.
Rate
Choose the rate option that best fits your financial goals.
Term
Choose from four different repayment terms.
Redraw
Available credit replenishes as you repay your balance during the draw period.
The Breakdown
10-20%
Minimum Home Equity
600+
Credit Score
≤50%
Debt-to-Income Ratio
Run the Numbers
See If a HELOC Fits Your Budget
Compare a Cash-Out Refinance
See How Much You Could Borrow
Answer a few quick questions to see what you could qualify for.
Contact Your Loan Officer
Need help? We’re ready to answer your questions.
Frequently Asked Questions
How does a HELOC work?
A loanDepot Home Equity Line of Credit (HELOC) lets you borrow from the equity you’ve built in your home with a line of credit of up to $750,000. You can use the full line of credit for home improvements, debt consolidation, major expenses, and more, with your choice of a 10, 15, 20, or 30 year repayment term. As you repay your balance, those funds become available to borrow again during the draw period, giving you flexible access to cash.
HELOC vs Cash-Out Refi vs Home Equity Loan: which is right for my situation?
All three options let you use the equity you’ve built in your home, but they work differently. A HELOC gives you access to a line of credit that you can borrow from as needed. A cash-out refinance replaces your current mortgage with a new loan and provides cash at closing. A home equity loan gives you a lump sum with fixed payments over a set term. The best option depends on your financial goals, how you want to access your funds, and whether you want to keep your existing mortgage.
What does a HELOC cost?
A loanDepot HELOC has two main costs: the closing costs paid when your line opens, and the interest you pay on your balance over the life of the loan.
The main closing cost is an origination fee, which varies based on the rate you select and is deducted from your initial draw; the exact fee is disclosed during the rate-check process. loanDepot’s HELOC requires no appraisal for most borrowers, which removes one of the largest closing-cost line items you’d face on a cash-out refinance.
What can I use a HELOC for?
Once your line is open, you can use the funds for almost anything. Common uses include home renovations (such as kitchen and bath remodels, ADUs, and repairs), debt consolidation (particularly for replacing high-rate unsecured debt) education expenses (such as tuition, room and board, and graduate-program costs), and major life expenses like medical bills and weddings.
What are some factors in qualifying for a HELOC?
Qualifying for a loanDepot HELOC can depend on factors such as the amount of equity you have in your home, your credit profile, income, debt obligations, and property type. We offer HELOCs on primary residences, second homes, and certain investment properties, and documentation may be required to verify your financial information. Available loan amounts and eligibility requirements can vary based on your individual circumstances.