loanDepot Adds Home Equity Loan to its equityFREEDOM Suite of Home Equity Products
Enables homeowners to tap record levels of equity while maintaining lower primary mortgage rates
“Being a homeowner brings certain advantages, one of which is access to more tools for managing your financial health and wellness,” said LDI President
How consumers save vs. credit card debt 4
With the average credit card interest rate in the country sitting at more than 24%5, homeowners with
|
Credit Card |
Home Equity loan7 |
Balance |
|
|
APR |
24.21% |
9.99% |
Interest paid over 3 years |
|
|
ESTIMATED INTEREST SAVINGS |
|
The equityFREEDOM Home Equity Loan application takes just minutes and lets customers access the equity in their homes in a lump sum through a 20-year, fully amortizing loan with no prepayment penalty. This loan can be used for large expenses such as home renovations, consolidation of high-interest credit card debt and personal loans, medical bills, or college tuition. It allows homeowners to borrow up to
The equityFREEDOM Home Equity Line of Credit (HELOC) can take customers from quote to close in as little as three weeks, with flexible terms providing access to equity with a three-year draw period and, in most states, a 10-year interest-only payment period followed by a 20-year amortizing repayment term8. Homeowners may borrow up to
Said loanDepot Chief Education Officer
loanDepot will continue to expand its equityFREEDOM suite of home equity lending products with a first lien home equity line of credit due to launch later this summer.
About loanDepot
loanDepot (NYSE: LDI) is a leading provider of lending solutions that make the American dream of homeownership more accessible and achievable for all, especially the increasingly diverse communities of first-time homebuyers, through a broad suite of lending and real estate services that simplify one of life's most complex transactions. Since its launch in 2010, the company has been recognized as an innovator, using its industry-leading technology to deliver a superior customer experience. Our digital-first approach makes it easier, faster and less stressful to purchase or refinance a home. Today, as one of the largest non-bank lenders in the country, loanDepot and its mellohome operating unit offer an integrated platform of lending, loan servicing, real estate and home services that support customers along their entire homeownership journey. Headquartered in
1 As of Q1 2024, according to the
2 The Lock-In Effect of Rising Mortgage Rates, FHFA Staff Working Paper 24-03 (
3 As of Q1 2024, according to the
4 Average credit card APR for new card offers = 24.84% per Lending Tree on 7/8/24; HELoan example based on a 20-year fixed rate 2 mortgage with an initial balance of
5 LendingTree data available at https://www.lendingtree.com/credit-cards/study/credit-card-debt-statistics/.
6 loanDepot encourages consumers to consult tax advisors for applicable requirements and details.
7 Unlike a credit card, home equity loans and home equity lines of credit require borrowers to pledge their homes as collateral for the debt.
8 In
9 loanDepot advises consumers that credit criteria, exclusions, and limitations apply; not all property types are eligible collateral; loanDepot’s equityFREEDOM products may not be available in all states; and terms and conditions are subject to change.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240715702489/en/
VP, Public Relations
(781) 248-3963
jfine@loandepot.com
Source: loanDepot, Inc.