loanDepot HELOC Review 2027: Rates, Requirements and Limits

loanDepot HELOC pros and cons

loanDepot HELOC rates

loanDepot does not publish HELOC rates. On October 30, 2026, the adjustable-rate disclosure on its HELOC page still showed a placeholder (“Your APR will not exceed XX.00%”) where a number would go. You see a rate after you request an offer, which uses a soft credit check; a hard check comes when you apply.

On the fixed-rate version, each new draw is fixed at the prime rate published by The Wall Street Journal plus a margin, set on the day you draw. Prime was 7.00% as of October 29, 2026 (prime rate history). For what borrowers actually paid on HELOCs, see HELOC rates.

How loanDepot's HELOC works

The full line, minus the origination fee, is paid out at closing. Payments are fully amortizing from the start, so every payment includes principal. As you pay the balance down, you can draw again, with a $500 minimum per draw.

How long you can redraw depends on the term: 3 years on a 10-year term, 4 years on a 15 or 20-year term and 5 years on a 30-year term. The line can be a first or a second lien.

This works more like a loan you can borrow from again than a line you tap as you go. One older calculator box on the same page describes interest-only payments; the current FAQ says payments are fully amortizing, and we use the FAQ.

loanDepot HELOC requirements

loanDepot does not publish a minimum credit score, a maximum combined loan-to-value (CLTV) or a debt-to-income limit for its HELOC.

• Occupancy: primary homes, second homes and investment properties. Second homes and investment properties are not eligible in Texas or in one other state its page names.
• Eligible homes: single-family homes, townhomes, condos, PUDs, duplexes and 3 to 4 unit homes.
• Not eligible: co-ops, manufactured homes, mixed-use properties and properties over 20 acres.
• Appraisal: required on lines over $400,000, paid for by the origination fee.

loanDepot HELOC fees and closing costs

The origination fee is 1.50% to 4.99% of the line (or your state's maximum) and is included in the loan, so you do not pay it out of pocket. loanDepot says there are no third-party fees and no other closing costs. An annual fee is not published.

Worked example (our arithmetic): on a $100,000 line, a 1.50% to 4.99% fee comes to $1,500 to $4,990, added to what you owe. Compare that with lenders that charge no origination fee but may charge an annual fee; our guide to home equity closing costs covers the trade-off.

Where loanDepot's HELOC is available

loanDepot says its HELOC is “not available in all states” and does not publish a list, so check your state when you request an offer.

Its page says you can receive your cash in as little as 5 days. Most primary-residence lines fund within 5 business days, including the 3-day right to cancel, plus 2 to 3 business days for the bank transfer.

How loanDepot compares

The same published facts for loanDepot and three lenders worth comparing it with, all checked October 30, 2026.

loanDepot compared with similar lenders, October 30, 2026

Lender	Key figure	Min. credit	Line amounts	Review
	Lines up to$750,000	Not published	$25,000 to $750,000	This review
	Lowest APR shown7.30%	640	$15,000 to $400,000	Read review of Figure
	Lines up to$500,000	640	$50,000 to $500,000	Read review of Spring EQ
	Lines up to$1,000,000	660	$25,000 to $1,000,000	Read review of Bank of America

• Figure: Also pays out the full line at closing, with fixed and variable versions and a published lowest rate.
• Spring EQ: A fixed-rate HELOC with a published 640 minimum score and up to 90% CLTV.
• Bank of America: Lines generally up to $1,000,000 with no closing costs, as a traditional draw-as-you-go line.

• All HELOC lenders compared

loanDepot HELOC FAQ