5x5 HomeLoan*
Access up to $750,000 from your home’s equity
No obligation quote
Get a no-hassle online rate quote in minutes — with no impact to your credit score.1
Digital application
Go from “apply” to “approved” from the convenience of your couch—no meetings or trips to the bank required.
Consolidate Debt
Pay off credit cards, auto loans, and more directly at closing with our built-in debt payoff feature.
What is a home equity line of credit (HELOC)?
A home equity line of credit, aka HELOC, can let you borrow what you need when you need it based on the value of your home. A HELOC is a flexible borrowing option, like a credit card, as your monthly payments are based on the amount you borrow, not the total amount of the line of credit. You can use your home's equity to:
Remodel Your
Home
Major
Purchase
Unexpected
Expenses
Life moves pretty fast,
and so does the loanDepot HELOC
Why wait months for the cash you need to start a home improvement project, consolidate high-interest debt, or send your child to college when you can do it all with a loanDepot HELOC.
Apply in minutes
Receive your cash in as little as 5 days^
Enjoy competitive rates
Choose from flexible 10, 15, 20, or 30-year terms
Redraw funds as you pay down your balance
Available for primary, secondary2, and investment2 properties
without impacting your credit score1
Access the funds you need in three easy steps:
Click
Get a no-hassle, no-obligation customized rate quote in minutes—with no impact on your credit score.¹
Complete
Complete your application from the convenience of your couch…no meetings or trips to the bank required.
Close
You don’t need to wait months to start your next project or consolidate your debt. Receive your funds in as little as 5 days^
without impacting your credit score1
HELOC FAQs
Is HELOC interest tax deductible3?
How long does it take to get a HELOC?
Can I refinance a HELOC?
Do I need to get an appraisal for a HELOC?
Are there closing costs on a HELOC?
How does a HELOC work?
What are the qualifications and terms?
How can you use a HELOC?
What property types are eligible for a HELOC?
Can I use my HELOC to pay off existing debt?
Can I access additional funds after my initial draw?
* The loanDepot fixed Home Equity Line of Credit is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. Amount of line of credit may depend on your property equity and other factors. This HELOC has a 10, 15, 20 or 30-year repayment term and the draw period will depend on the repayment term selected. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As you repay the balance on the line, you may make additional draws during the draw period. If you elect to make an additional draw, the fixed rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for additional draws may be higher than the fixed rate for the initial draw. The origination fee varies depending on the rate you select during the application process and will be deducted from your initial draw amount. 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. Available funds are accessible via ACH/Wire. The loanDepot adjustable Home Equity Line of Credit is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. This HELOC has a monthly adjustable interest rate you select based on an index (WSJ Prime Rate) plus a margin set by the lender. Your APR will not exceed XX.00% at any time during the term of your account (could vary based on limits imposed by state law). Amount of line of credit may depend on your property equity and other factors. This HELOC has a 10, 15, 20 or 30-year repayment term and the draw period will depend on the repayment term selected. This product contains an additional draw feature. As you repay the balance on the line, you may make additional draws during the draw period. If you elect to make an additional draw, the adjustable rate for that draw will be based on the date of the draw which will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. The index can change at any time and the unpaid balance of all draws are subject to the monthly adjustable rate. Accordingly, adjustable rates are based on the market and may change after account opening. The origination fee varies depending on the rate you select during the application process and will be deducted from your initial draw amount. 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. Available funds are accessible via ACH/Wire.
^ Funding timelines vary based upon verifications of income, employment, property condition or property value. Funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or other otherwise require an in-person closing, or that requires a waiting period prior to closing.
1 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.
2 Not available for Texas or New York.
3 loanDepot.com, LLC does not provide legal, investment, accounting, or tax advice, please consult a licensed attorney, financial planner, CPA or tax professional on any information or opinions contained herein.
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Loans are subject to credit and property approval. Not all products available in all areas. Other limitations apply. Rates, terms, and availability of programs are subject to change without notice.
State Availability Notice
The loanDepot HELOC is not available in all states. Please contact loanDepot for more details.
Servicemember Notice
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.
General Disclaimer
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 professionals at (866) 790-3940.
Trademark Notice
All trademarks and related logos, including but not limited to, loanDepot, LD, mello, are property of loanDepot.com, LLC and/or loanDepot.com, LLC affiliates.