How Long Does It Take to Get a HELOC?

A man at a laptop exploring how long does it take to get a HELOC (Home Equity Line of Credit).A home equity line of credit (HELOC) is a revolving credit line that allows homeowners to tap into their home’s equity up to a certain limit. It’s a great way to access the value of your home for home improvements, medical bills, or other debts.

Generally, it takes about two to six weeks to process HELOCs. The time will also ultimately depend on several things including how quickly you can provide the required documents to your lender and the lender’s processing time.

Clark County Credit Union has broken down the general timeline for obtaining your HELOC loan. Get one step ahead by using CCCU’s HELOC calculator to get an estimate of the amount you can borrow.

Gather Documents

While most of the required documents are readily available, lenders may require a home appraisal. This can take about one to two weeks to get scheduled. While you’re waiting, it’s best to use this time to gather the following documents:

  • Valid driver’s license or state ID
  • Bank statements
  • Pay stubs (W-2s, 1099s and tax returns)
  • Mortgage statements
  • HOA fees
  • Home insurance information

Submit Your Application

After you’ve gathered and submitted all the required documents, the lender will start reviewing your application. Depending on their HELOC process, the lender may contact you and ask you to provide additional documents. It’s best to quickly send those additional documents to avoid any delays. The reviewing process takes about three to seven days.

Underwriting and Loan Approval

Once the lender determines you’ve met the initial qualifications, they’ll start the process of reviewing your creditworthiness to determine your eligibility for a HELOC. Lenders look at your income, credit score and debt-to-income (DTI) ratio. The underwriting and loan approval process could take up to 2-weeks to complete.

Close the HELOC

The most anticipated part of the HELOC process is meeting with your lender to close and sign the necessary loan documents. The loan closing process is typically quick and smooth (three to five days). It’s also worth taking note of the closing costs and fees. If for instance, you change your mind, you have three days to cancel the HELOC loan. Some call this a rescission period.

Apply for a CCCU HELOC Loan!

Tapping into your home’s equity can be a safety cushion for any of your financial needs or unexpected expenses. Here are three smart things you can do with HELOCs. For any additional questions about HELOCs and its process, contact us at 702-228-2228 to get started!