Need a Home Equity Loan Fast? Get Funded in as Little as 5 Days for Qualifying Loans

Start with a soft credit pull that does not hurt your credit score. With Figure, this takes about five minutes and gives you an estimated rate and credit line. The application is fully online, approval comes in minutes, and you can borrow up to 85% of your home's value with a fixed rate on your draw, so payments stay predictable. Use it for debt consolidation, renovations, or any big expense.

Provide basic income and property details. If you move forward, the lender does a hard credit pull at this point, not before. Have a recent mortgage statement and proof of income ready and this step takes minutes, not days. The document checklist below covers everything you will be asked for.

Figure uses automated valuation models for most properties, which removes one of the biggest delays in the traditional process. No scheduling an appraiser, no waiting a week for the report. If the model cannot value your home, a desktop or drive-by appraisal adds a few days, which is the most common reason a five-day close slips.

If your county allows it, you close online via video notary instead of driving to a title office. You typically have 14 days to finish this step, and most people knock it out the same week. Where e-notary is not permitted, a mobile notary comes to you.

Funding can be initiated in as few as five business days after closing for qualifying loans. Figure charges a one-time origination fee that gets factored into your loan, and you draw your funds at closing rather than over time, which is part of what keeps the process fast and predictable. Review your rate and terms when you prequalify so you know exactly what to expect.

• The three-day cancellation window. It applies to every lender on a primary residence and cannot be skipped, so five business days is the real floor. Anyone promising cash from your home in 24 hours is talking about a personal loan.
• An appraisal exception. If the automated model cannot value your home, a desktop or drive-by appraisal adds two to five days. Nothing to do but apply early in the week.
• Incomplete income documents. Self-employed? Have two years of tax returns ready, not just bank statements.
• Title snags. An old lien, a name mismatch, or a recent transfer needs clearing before closing.
• Your county's notary rules. Where video notary is not allowed, a mobile notary appointment adds a day.

Have these ready before you apply: government ID, your most recent mortgage statement, recent pay stubs or last two years of tax returns, your homeowners insurance declarations page, and the bank account you want the funds sent to.

To get approved fast, you generally need to meet these requirements:

• Credit score: a minimum of 640, although higher FICO scores get the best rates and the fastest approvals
• Home equity: Figure lends to a combined loan-to-value under 85%
• Debt-to-income ratio: Figure lends to a DTI under 50%
• Reliable payment history on your mortgage and other accounts

Below 640? Skip to the no-monthly-payment option further down, where credit from 585 could qualify.

Lenders cap your total home debt, first mortgage included, at about 85% of the home's value. The math is simple: value times 0.85, minus what you still owe.

• Example: a $400,000 home times 85% is $340,000
• Minus a $250,000 mortgage balance
• Equals up to about $90,000 you could tap, subject to credit and income

Figure lines run from $15,000 to $750,000. Run your own numbers in two minutes with our free calculator, nothing is submitted anywhere.

• APR: 6.70% to 14.35%, fixed on each draw and set by your credit, loan-to-value, and state. The rate you see at prequalification is the number to judge.
• Origination fee: 0% to 4.99% of the line, deducted from your proceeds. On a $50,000 line, a 3% fee means about $48,500 lands in your account.
• No appraisal fee, no closing costs, no annual fee.
• Example payment: $50,000 at 8.5% over 10 years is about $620 a month. Shorter terms cost more per month and less overall.

The fee is the trade for speed. If you have four to six weeks and a bank relationship, a credit union HELOC can be cheaper; compare the field in our best HELOC lenders guide.

If the amount is small and the deadline is real, a personal loan is the only route that beats five days. There is no lien on your home and no appraisal, and Upstart lends $1,000 to $50,000 and looks at more than your credit score. Rates run higher than home-secured borrowing, which is the price of speed. Compare the field in our best personal loans guide.

A home equity loan is fast, but it adds a monthly payment to your budget. If that does not work for you, there is another way to tap your equity: a home equity investment. With these home equity investment companies, you receive a lump sum today and the company earns a share of your home's future value, with no monthly payments and no interest. Two of the most popular options are Hometap and Unison. Both let you access cash from your equity without taking on debt or a new monthly bill, which can be a smart fit if your income is variable. The trade-off is that you settle later, typically when you sell or buy out the agreement, the settlement costs more if your home appreciates, and funding takes weeks rather than days.