Average LENGTH of TIME to hear back about HELOC Approval ??

Question

Good Evening ,

Just had a question please, regarding the Average LENGTH of TIME to hear back about HELOC Approval ??

It has Been 2 weeks since I talked to a Lender at a local Bank , and checked in with him yesterday , and he told me that the HELOC has not yet been decided upon

Just curious if this is the average weight time, to hear a yes or no , on whether you're approved for a HELOC ?

Thanks so much

Michael Dunn · Answer

Thank you for your reply Mark

Yeah, before I started the HELOC process, the Loan Officer told me that it usually takes 1 month to get the Actual Funds, so going on 3 weeks seems to be on " Schedule "

I have yet to get the House Appraised ( Getting this done, this coming Thursday ) , so I am wondering if this is why the Loan Officer has Not told me that I am Approved Yet ?

Likely waiting to see what my house Appraises for , before gives me a definite Answer do you think ?

Thanks so much for your help

Mark Fedorov · Answer

It depends on the banks process. some have a lending committee, some have to get a VP approval some look at a chart to see if you get it.

The best measure is that you ask the lender how much time it will take, if it takes longer than he says with out a good reason, you have a bad lender.

Average LENGTH of TIME to hear back about HELOC Approval ??

2 Replies