How quickly can a HELOC application be approved?

Main Idea: A HELOC can be a relatively low-cost way to borrow against home equity, but approval usually takes about 30 days and depends on appraisal, underwriting, and how quickly the borrower sends documents.

Key Points:

• Homeowners often use HELOCs instead of higher-interest credit cards or personal loans because the rates are usually lower.
• Fairway Independent Mortgage Corporation says many lenders use an automated valuation model first, but they may still switch to a drive-by or full appraisal if needed.
• William Raveis Mortgage says approval can sometimes happen within two weeks, but closing and funding often take longer, depending on the lender and property.
• Borrowers can speed things up by quickly uploading documents, signing disclosures on time, and choosing lenders with faster appraisal and review steps.