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Homeowners are sitting on a record amount of tappable equity right now — with the average homeowner having that can be borrowed against currently. That has led many to consider as a quick and affordable way to access the funds they need. And, HELOCs don't just offer homeowners a hefty sum to borrow against, either. , these lines of credit also come with some of the lowest borrowing rates available right now, making them an affordable option to consider, especially or personal loans.
But the catch is that the timing often matters when it comes to borrowing money. After all, when the roof leaks or a big medical bill drops, or when you're trying to secure funds for a time-sensitive project or need money to cover another expense, isn't necessarily ideal. And while some lenders boast quick turnaround times, the reality is that HELOCs often come with appraisal requirements, underwriting steps and documentation hurdles that can slow things down.
The good news is, though, that some lenders advertise quick turnaround times, promising that you can than you might think. But can you actually close on a HELOC quickly — let's say in less than two weeks? Here's what to know about the realistic HELOC timelines.
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In most cases, HELOCs take anywhere from two to six weeks to close, depending on the lender and your unique situation. That's because taking out a HELOC isn't as simple as applying for a credit card and waiting for an instant approval.
This type of borrowing is , which means lenders need to check every box to confirm you're a low risk. That involves verifying your income, and often conducting a property appraisal to ensure that you have enough equity in your home to borrow from. Any hiccup in those steps can slow the process.
That said, closing on a HELOC in less than two weeks may be possible. It's not common, though, and it generally depends on:
It's important to note, though, that you might also be competing with state-mandated waiting periods. For example, federal rules require a three-day rescission period on HELOCs, which is a built-in cooling-off window after approval before you can access the funds. So, even if everything else runs smoothly, this period makes a same-week HELOC closing nearly impossible.
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If you need to access your home equity line of credit quickly, your best bet is to focus on minimizing delays on your end and choosing a lender known for quick closings. Here's how to do that:
Closing on a HELOC in less than two weeks isn't the norm, but it may be possible if you pick the right lender and come prepared with all your paperwork. The key is to start early, be responsive and ask your lender what steps you can take to accelerate the timeline. While you may not get funds overnight, a well-organized borrower can often close faster than the average timeline.
