Published July 28, 2024

How Long Does It Take to Get a HELOC? Get Funded in Under 10 Days With HomeEQ

Executive Vice President/Head of Marketing

What's in the Article

Understanding the HELOC process
Factors affecting the timeline
How HomeEQ streamlines the HELOC process
How long does it take to get a HELOC? The bottom line

We understand that when borrowers need funds, they typically need them quickly. So, how long does it take to get a HELOC? 

HELOCs are one of the most flexible, user-friendly ways to access significant funds; timing is a big factor.

Most borrowers have a specific financial schedule they need to meet, so flexibility and versatility aren’t much good unless you know how long HELOC approval might take.

The basic answer

A HELOC approval timeline is going to vary based on several factors, including the following:

The good news is that we’ll show you the steps involved in getting a HELOC and tell you how HomeEQ can speed up the process in under 10 days.

Understanding the HELOC process

Before diving into the timeline, it’s essential to understand the process of obtaining a HELOC. The process typically involves the following steps.

Step 1: Research and preparation

The first step in getting a HELOC involves researching potential lenders and preparing your financial documents.

Here’s what you need to do:

Step 2: Application submission

Once you have chosen a lender and gathered your documents, you can submit your HELOC application.

Many lenders offer digital application platforms, making this step convenient and quick.

Access cash within days

Tap into your home’s potential in minutes. Start our streamlined digital application to discover if a HELOC is right for you.

Step 3: Credit check and pre-approval

After submitting your application, a lender will conduct a credit check to assess your creditworthiness. This step helps the lender determine if you qualify for a HELOC and what terms they can offer you.

Step 4: Property appraisal

A property appraisal is a critical part of the HELOC process, as it determines your home’s current market value and the amount of equity you have.

The lender typically orders the appraisal after the initial credit check and pre-approval.

Here are the steps to this process:

  1. Appraisal scheduling: The lender will schedule an appraisal with a professional appraiser.
  2. Appraisal inspection: The appraiser will visit your home, inspect its condition, and check similar properties in the area to compare values.
  3. Appraisal report: The appraiser will provide a report detailing the estimated market value of your home.

Step 5: Underwriting and approval

Underwriting is when the lender thoroughly reviews your application, documentation, and appraisal report to make a final decision.

This step might vary in length depending on the lender’s processes and workload.

Step 6: Closing and access to funds

Once your HELOC is approved, the final step is closing the loan. This involves signing the necessary documents and securing access to your line of credit.

Factors affecting the timeline

While the estimated times provided above give a general idea of how long each step might take, several factors can affect the overall timeline for obtaining a HELOC:

Lender’s efficiency

Different lenders may have different processes and workloads—each might impact processing times.

Completeness of application

Submitting a complete and accurate application with all required documentation can help speed up the process—missing or incomplete information can lead to delays.

Appraisal complexity

The complexity of your property and the local real estate market can affect how long the appraisal takes.

Your financial situation

Complex financial situations, such as being self-employed or having multiple sources of income, can delay the underwriting process as the lender verifies your information.

How HomeEQ streamlines the HELOC process

At HomeEQ, we understand that time is of the essence when you need access to funds.

That’s why we offer one of the fastest approval paths available: a user-friendly HELOC application process that’s one of the quickest and most efficient ways to access your home’s equity.

Our goal is to provide borrowers with their HELOC funding in under 10 days.

Here’s how we do it:

How long does it take to get a HELOC? The bottom line

While the timeline for obtaining a HELOC will vary based on several factors, the average for other lenders could be four to six weeks from the initial application to accessing your funds.

However, by understanding the steps involved and choosing a lender like HomeEQ that offers a streamlined and efficient process, you can minimize delays and access your home equity in under 10 days.

HomeEQ creates a clear pathway to your home equity

Start your HELOC journey today with HomeEQ and take the first step toward achieving your financial objectives.


Further Reading

Unlock your home’s potential

Access cash from your home within days. Try our streamlined digital application to discover if a HELOC is the key to your financial success. Get started to see your personalized offer.
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