loanDepot Launches equityFREEDOM First-Lien HELOC Further Expanding Home Equity Product Suite
"Homeowners are sitting on unprecedented levels of equity right now, particularly those who no longer carry a mortgage," said LDI President
The ability to tap into equity is a major advantage of homeownership as it can lower the cost of borrowing for large expenses - and, in many cases, the interest may be tax deductible2. Many HELOCs on the market today are second-lien loans, requiring homeowners to have an existing mortgage on their property. A first-lien HELOC is for borrowers who don’t have an existing mortgage on their house3.
The equityFREEDOM First-Lien HELOC allows such borrowers to access the equity in their homes with flexible terms which include a three-year draw period, and, in most states, a 10-year interest-only payment period followed by a 20-year amortizing repayment term4.
As part of its phased national roll out, loanDepot’s equityFREEDOM First-Lien HELOC is available now in
To learn more about loanDepot’s equityFREEDOM suite of home equity lending products visit https://getstarted.loandepot.com/equity-freedom.
About loanDepot
At loanDepot (NYSE: LDI), we know home means everything. That’s why we are on a mission to support homeowners with a suite of products and services that fuel the American Dream. Our portfolio of digital-first home purchase, home refinance and home equity lending products make homeownership more accessible, achievable, and rewarding, especially for the increasingly diverse communities of first-time homebuyers we serve. Headquartered in
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1 ResiClub Data: https://www.resiclubanalytics.com/p/record-number-mortgagefree-homeowners-provide-economic-cushion-amid-feds-fastest-ratehiking-cycle-fo
2 loanDepot encourages consumers to consult tax advisors for applicable requirements and details.
3 If a borrower defaults, the lender holding the first lien HELOC would generally have a primary claim on the property over other creditors.
4 In
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(781) 248-3963
jfine@loandepot.com
Source: loanDepot, Inc.