loanDepot Expands equityFREEDOM Portfolio With 10- and 30-Year Home Equity Loan Terms
Continued growth of product suite allows millions of homeowners to tap into their most important source of funding: home equity
With 75 percent of existing mortgages carrying rates below five percent,2 homeowners are reluctant to sacrifice their current mortgage to move or refinance. These home equity loan term options provide additional ways for homeowners to leverage this powerful financial tool to lower borrowing costs without affecting their current mortgage rate.
"Homeowners today enjoy unprecedented levels of equity, and by continuing to expand our home equity lending options, we’re giving them the flexibility they need to find the best solution for their circumstances," said LDI President Jeff Walsh. "We are a fully integrated one-stop-shop for all things home equity that helps support our customers’ entire homeownership journey and provides more options to help achieve their financial goals."
American homeowners, who are carrying a record
The equityFREEDOM application takes just minutes. loanDepot’s home equity loan lets customers access the equity in their homes in a lump sum in one of three, fully amortizing loan terms while the HELOC offers flexible terms including a three-year draw period, and, in most states, a 10-year interest-only payment period followed by a 20-year amortizing repayment term.5 Each product allows homeowners to borrow up to
To learn more about loanDepot’s equityFREEDOM suite of home equity lending products CLICK HERE.
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 https://ir.theice.com/press/news-details/2024/ICE-Mortgage-Monitor-Historically-Strong-Home-Price-Growth-Pushes-
2 https://www.realtor.com/news/trends/majority-americans-still-feel-locked-in-by-mortgage-rates/#:~:text=%E2%
3 https://fred.stlouisfed.org/series/OEHRENWBSHNO
4 loanDepot encourages consumers to consult tax advisors for applicable requirements and details.
5 In
View source version on businesswire.com: https://www.businesswire.com/news/home/20250212427358/en/
Media Contact
Jonathan Fine
VP, Public Relations
(781) 248-3963
jfine@loandepot.com
Source: loanDepot, Inc.