Homeowners are sitting on a record amount of tappable equity right now — with the average homeowner having more than $300,000 in equity that can be borrowed against currently. That has led many to consider home equity lines of credit (HELOCs) 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 compared to credit cards 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, waiting weeks for a HELOC to close 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 get access to your home equity faster 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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Can you close on a HELOC in less than two weeks?

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 tied to your home, which means lenders need to check every box to confirm you're a low risk. That involves verifying your income, pulling your credit 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:

• Your lender's processes: Some online lenders and credit unions are faster because they streamline underwriting and appraisals by implementing digital tools.
• Your preparedness: Having documents — like your pay stubs, tax returns and bank statements — ready to go when applying can save days of back-and-forth.
• Appraisal waivers: If your lender can use an automated valuation model (AVM) instead of a full appraisal, you can cut out one of the biggest delays.

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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How to expedite the HELOC borrowing process

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:

• Get prequalified online. Many lenders now offer instant or same-day prequalification tools when tapping into your home equity. This won't guarantee approval, but it can give you a ballpark idea of how much you can access with your HELOC and allow you to start the paperwork process immediately.
• Gather your documents in advance. Don't wait for your lender to ask for your documents to gather or submit them. You'll likely need at least two years of tax returns, recent pay stubs, bank statements and your homeowner's insurance policy, and having everything on hand speeds things up.
• Ask about digital or drive-by appraisals. Full appraisals can take over a week to schedule and complete, and in busy markets, they can take even longer to get through. If your home value is easy to verify through public data or market comps, some lenders will waive the traditional appraisal altogether.
• Work with a local or online lender with a track record for speed. Big banks generally have more rigid borrowing timelines, but smaller credit unions or online lenders tend to offer faster service. Some even advertise 10-day HELOC closings, so find one that can work within your timeline if you need to close faster than normal.
• Be ready to respond quickly. When your lender requests additional documents or signatures, every hour counts. Turning around requests the same day can shave a lot of time off the overall HELOC borrowing process.

The bottom line

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.