Fast Home Equity Loans: Get Funding Quickly

Home equity loans often have longer processing times than other forms of financing. Because your home serves as collateral—and because you’re borrowing a large amount of money—these loans require an appraisal and a thorough financial review before closing.

Those extra steps help the lender decide how much you can borrow, but they can also mean waiting longer for your loan. This isn’t always the case, though. We’ve found home equity loans with some of the shortest funding times, thanks to online appraisals and other application efficiencies.

Reviews of the best fast home equity loan lenders

Here are our reviews of the best home equity loans with fast funding.

Figure – LendEDU rating: 4.9 out of 5

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Best overall HELOC

• Funds in as little as 5 days
• Borrow up to $400,000, redraw up to 100%
• No out-of-pocket costs

Online, tech-based Figure claims to offer a five-minute preapproval process and funding in as little as five days. For comparison’s sake, it usually takes other HELOC lenders at least a few weeks for funding.

Also unlike most lenders, Figure requires a 100% draw at the time of origination. This can accelerate how much interest you pay over time.

To combat this, Figure offers fixed interest rates, which could help stabilize your payments over the life of the loan. You can also get a discounted rate by setting up autopay.

Lender info

• Credit line amounts: $15,000 – $400,000
• Term lengths: Draw for 2 – 5 years. Repayment for 5, 10, 15, or 30 years.
• APR: 8.10% – 16.30%
• Max LTV: 85%
• Availability: Not available in New York

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Hitch – LendEDU rating: 4.4 out of 5

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Best for accessing up to 95% of your home’s equity

• 5-minute application, 20-day funding
• Only available in Colorado, Florida, Maryland, Oregon, Utah, and the District of Columbia
• Check your rate with no impact on your credit

Hitch is a new HELOC lender that funds its loans within 20 days. Hitch is available in Colorado, Florida, Oregon, Utah, and Washington DC, with plans to expand to other states in the future.

Much like Figure, Hitch requires a 100% initial draw. Subsequent draws can be as much as your available credit limit but must be at least $500.

Hitch provides both variable- and fixed-rate HELOCs, as well as autopay and credit union discounts. Currently, only Quorum Federal Credit Union members are eligible for the credit union discount.

Lender info

• Credit line amounts: $25,000 – $500,000
• Term lengths: Draw for 2 – 5 years. Repayment for 30 years.
• APR: 7.75% – 13.00%
• Max LTV: 95%

Where to get quick home equity loans

If you’re set on getting a home equity loan and need faster-than-average funding, Spring EQ might be a good fit. See our review below to learn more.

Spring EQ – LendEDU rating: 4.6 out of 5

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Best multi-product application

• Funds available in 21 days, on average
• Borrow up to 95% of your home’s value
• HELOC and home equity loans available

Spring EQ is a dedicated home equity lender offering home equity loans and lines of credit. The lender also offers fixed rates, long-term loan options, and loans up to $500,000. Its HELOC requires an initial draw of $50,000.

Spring EQ takes an average of 21 days to fund its loans, but you might get your funds in as little as 14 days.

We’re fans of Spring EQ’s transparent eligibility criteria. To qualify for its home equity loans, you’ll need a maximum debt-to-income ratio (DTI) of 50%. For a Spring EQ HELOC, your DTI should be no more than 45%. Both loans require a 640 minimum credit score.

Lender info

• Loan amounts: $25,000 – $500,000
• Loan term: 5 – 30 years
• APR: Starting at 9.50%
• Max LTV: 95%

How soon can you get a home equity loan?

With most lenders, it will take you anywhere from two to five weeks to see your home equity loan funding come through. The exact timing depends on the lender you choose and how prepared you are for the process.

To get approved, the lender will need to verify the value of your home with an appraisal, evaluate your credit report and loan-to-value ratio, and process all your financial documentation.

Having all your paperwork ready can help speed up the process, so be sure to have your tax returns, bank statements, pay stubs, W-2s, and more gathered up and organized before submitting your application.

You can also speed up the process by getting prequalified quotes from several home equity lenders at once. This allows you to narrow down your options, find the best deal for your budget and credit score, and submit a full application with just one quick click or call.

If you need money now, a personal loan may be better

If your tub flooded the entire upstairs or your roof caved in, even the fastest home equity lender might not make the cut. Some lenders offer financing faster than the industry average, but if you need cash in a pinch, a personal loan may be your best bet.

Some personal loan lenders can issue funds within just a day or two. You can often apply for a personal loan online, and your lender will review your application quickly before making a decision. 

Personal loans also require less documentation because they’re unsecured, and nobody needs to appraise your home’s value. This helps speed up the process, and with less work for the lender upfront, it might not charge an origination fee. Closing costs won’t detract from your loan balance either.

If you need fast funding and aren’t sure which personal loan lender is the best fit, check out our guides to quick loans, home improvement loans, and the best personal loans for help.

FAQ

Can you access funds from a HELOC or home equity loan faster?

HELOC offers a faster way to access funds than a traditional home equity loan. Home equity loans can take two to six weeks to process, but certain lenders advertise they can finalize HELOCs in less than 10 days. But it depends on the amount you borrow, your property values, and your creditworthiness.

Once approved for a HELOC, you can access funds during the draw period (often five to 10 years) without delays. You only pay interest on the amount you withdraw, which can reduce interest charges if you use a portion of the available funds versus the lump sum you get approved for on a home equity loan.

Are there ways to speed up the application process for a HELOC?

As the borrower, you can influence the speed it takes your HELOC to close. The most effective way to expedite the process is to opt for an automated valuation model (AVM) instead of a full appraisal. Unlike an appraisal, which could take two weeks, an AVM can provide an estimated property value within seconds. However, not all lenders allow AVMs. Some only use them in certain situations, and others only rely on full in-person appraisals. 

You could also consider exploring local credit unions for your HELOC needs instead of national bank branches. 

Are there better options than a HELOC for an emergency?

Certain options could be better than a HELOC for an emergency. Using a HELOC for emergencies means putting your home at risk if you can’t repay. This risk might not be worth taking if your income is unstable or you don’t have solid job security. 

Instead, consider creating a cash savings fund for three to six months’ worth of expenses. You can start with $500 or $1,000, and add to it every time you get paid. You could also use credit cards—but beware of high interest rates. 

Exploring 401(k) loans, if available to you, is another option. But be sure to assess their impact on your retirement savings and repayment terms, especially if you might change jobs. You’ll need to repay the loan in full if you leave your employer, and if you can’t do so, the IRS will treat it as a full distribution which means it could be subject to income tax (depending on Roth or Traditional composition of the account) and a 10% penalty if you are below age 59 ½.

Recap of the best fast home equity loans