California-based mortgage lender loanDepot on Wednesday announced the expansion of its equityFREEDOM portfolio to provide nearly 50 million U.S. homeowners with access to their tappable home equity.

The expansion adds 10- and 30-year fixed-term options to the company’s existing 20-year fixed-rate home equity loan, which the company has designed as complements to its first-lien and second-lien home equity lines of credit (HELOCs).

The expansion aims to provide more ways for borrowers to lower their monthly payments without impacting their current mortgage rate, with loanDepot citing Realtor.com data showing that 75% of existing mortgages carry rates below 5%.

“Homeowners details ⇒

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