loanDepot, Inc. introduced a new home equity loan to its equityFREEDOM product suite. Americans hold a record $32.7 trillion1 in home equity and of those who are still paying a mortgage, 63% carry an interest rate below 4%. The equityFREEDOM Home Equity Loan, along with the equityFREEDOM Home equity Line of Credit (HELOC), gives those homeowners powerful financial tools to lower their cost of borrowing without sacrificing their current mortgage rate.

It allows homeowners to borrow up to $350,000, based on their credit profile and their home's combined loan-to-value ratio (CLTV), with a maximum of 90%, meaning a borrower may utilize up to 90% of the total available equity in their property between their first and second mortgage. 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 term. Homeowners may borrow up to $250,000, with a maximum of 90% CLTV.