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 Jeff Walsh. "However, even without a mortgage, many feel the pinch of rising expenses, including insurance and property taxes, which put more pressure on monthly budgets. That’s why we’ve added the first-lien option to our equity lending portfolio to support our customers through the entirety of their homeownership journey, not just during the life of their mortgage."
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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Jonathan Fine
VP, Public Relations
(781) 248-3963
jfine@loandepot.com
Source: loanDepot, Inc.