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Old 09-03-2020, 02:41 PM   #17
Descant
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Quote:
Originally Posted by MeredithMan View Post
If the HELOC is already in place, then yes, it is quick...you simply access the funds. However, if it is not set up, it can be time consuming. When we did it on our last house in MA through B of A, (who was the mortgage holder), it was almost two mos from when we started the process until "closing" (that was in 2015). It is also more debt that is outstanding as you go through the process....just a couple things to consider...
Agreed. That's why I suggest a consultation before taking any action. I did a HELOC through Navy Federal CU several years ago. Maybe two weeks? Some of these things take longer now because of high volume and delays in getting appraisals. One bank I deal with has gone to exterior only appraisals due to Covid, so things are getting quicker than they were 120 days ago, at least with that local (regional) bank.
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