Business Wire·Oct 29, 2026, 12:44 PM ET

loanDepot Expands Access to Fast, Fully Digital Home Equity Line of Credit (HELOC) with Broader Eligibility

loanDepot expanded eligibility for its 5x5 HomeLoan HELOC to homeowners in 47 states with plans to reach all 50 states.
Credit eligibility now includes borrowers with credit scores of 600 or higher.
Qualified borrowers can access credit lines ranging from $25,000 to $750,000.
Approval can be received in as little as five minutes, with funding available in as few as five days.
The product allows borrowing up to a combined 90% of the home's value, including the existing mortgage balance.
A fully digital process utilizes automated valuation models & electronic appraisals to reduce costs & eliminate in-person appraisals for qualified borrowers.
Repayment terms include 10, 15, 20, or 30 years with fixed or adjustable-rate options & interest-only payments during the draw period.
Funds can be used for debt consolidation, home renovations, unexpected expenses, tax obligations, solar panel installation, accessory dwelling units, education, or medical costs.
loanDepot is a national retail lender with $592 billion funded directly to consumers since its 2010 launch.
The HELOC requires pledging the home as collateral, & failure to repay could result in foreclosure.