HELOC delay.

[Jim J.]

How long should it take for the application to close process take? The facts:

Credit score 800

Home appraised by bank: $300K

Household income: $100K

Home equity: $240ish

No debt

8 weeks so far!

Thanks

[Matt Leonard]

Jake Recz I had the same experience with TD Bank 2 years ago! They took 90 painful days with little to no communication to deny me, no reduced amount, just a straight up deny. I was asking for a 100k HELOC, and have a 775 credit score, over 100k income, 300k in equity based on their appraisal. I was under contact on a property and was 2 weeks away from close, so I was going to lose the deal and my deposit. I went to my local credit union and had an 80k HELOC in a week (told me I could bump it up with next years tax return).

I would talk to your local credit union and if they can turn it around quick, cancel the process with TD. I was so pissed at them that I closed my account and took my business elsewhere. My experience with my local credit union has been fantastic and they are currently funding my next 4-family acquisition.