To get a HELOC loan, work out how much equity you have, check your credit and debt, get quotes from at least two lenders, send in your documents, and close. Most of the time goes to the lender, not you. Figure says it can fund in as few as 5 days and Upstart Home Lending says as fast as 7 days3. A credit union like Navy Federal estimates 30 to 40.
A HELOC is a line of credit secured by your home, so it’s worth doing slowly and in the right order. Here are the seven steps, what each one takes and where people get stuck. Want to skip ahead to quotes? Figure and Upstart Home Lending are the two to price first.
Short version: check your equity, line up your documents, and get two quotes the same day.
| The 7 steps | What you do | Have ready |
|---|---|---|
| 1. Check your equity | Home value minus your mortgage, then apply the lender cap | A recent value estimate and your mortgage balance |
| 2. Check your credit | Know your score and fix errors before lenders pull it | Your credit report |
| 3. Check your debt | Add up monthly debt payments against income | Pay stubs and a list of debts |
| 4. Compare quotes | Get at least two quotes and compare APR and fees in dollars | Your rough line amount |
| 5. Apply and send documents | Fill out the application and upload what the lender asks for | ID, income, mortgage and property details |
| 6. Home valuation and approval | The lender confirms your home value and finishes underwriting | Access to the home if an appraisal is needed |
| 7. Close and draw | Sign, wait out the cancellation window, then draw funds | A plan for what the money is for |
Step 1: Work out how much equity you have
Equity is what your home is worth minus what you owe on it. A HELOC lets you borrow against that, but not all of it. Lenders cap the combined total of your mortgage and the new line as a percent of your home’s value.
Lenders typically let you borrow a combined 75% to 90% of your home’s value. Here’s how that works on an example home worth $400,000 with a $260,000 mortgage.
| Combined cap | Home value times the cap | Minus your mortgage | Possible line |
|---|---|---|---|
| 75% | $300,000 | $260,000 | $40,000 |
| 80% | $320,000 | $260,000 | $60,000 |
| 85% | $340,000 | $260,000 | $80,000 |
| 90% | $360,000 | $260,000 | $100,000 |
That’s an example, not a quote. Each lender sets its own cap, and your credit and debt-to-income ratio change the final line. Our home equity calculator runs the same math with your numbers.
Step 2: Check your credit before a lender does
Minimum scores vary a lot, so find out where you stand first. Figure accepts a 600 in most states. Upstart Home Lending HELOCs are available for credit scores starting at 600. Chase wants 680 or higher. Truist and Navy Federal don’t post a minimum, and Truist asks for excellent credit to get its lowest rates.
Pull your reports and fix any errors first. A wrong late payment can cost you a better rate. If your score is under 600, read about a HELOC with bad credit before you apply.
Step 3: Add up your debt
Lenders look at your debt-to-income ratio, which is your monthly debt payments divided by your monthly income. It’s one of the factors Truist weighs. Upstart Home Lending’s lowest APR needs a DTI under 45%1. Write down your mortgage, car, card and student loan payments so the application goes fast.
Also decide what the money is for. A HELOC works best for a one-time cost like a renovation or paying off high-APR cards. The CFPB warns that if you fall behind, you could lose your home. Interest on a HELOC is only deductible in some cases, so ask a tax pro before you count on it.
Step 4: Get at least two quotes
This is where the money is. Two lenders can quote very different APRs and fees on the same house. Compare the cost in dollars, including closing costs and any origination fee, not just the APR.
Checking your rate with Figure or Upstart Home Lending doesn’t cost anything. Navy Federal pays the closing costs on its HELOC. Truist can advance them if you keep the line open three years. See our best HELOC lenders for the full comparison.
| Lender | Credit line | Speed | Min. credit | Check your rate |
|---|---|---|---|---|
 Figure | $15K to $750K | As few as 5 days | 600 in most states | Fastest funding |
 Upstart Home Lending | $26,000 to $250,000 | As fast as 7 days3 | Starting at 600 | Online application |
Step 5: Apply and send your documents
Truist’s application is a good model, and most lenders ask for something similar:
Personal details: your name, home address, phone number and Social Security number, plus a co-applicant’s details if you have one.
Employer: the name and phone number of your employer.
Assets: a description, the financial institution and the value.
Debts: lender names, payment amounts and balances.
Your home: the lender name, balance and value of what’s secured against it.
After you apply, expect a call and a request for supporting documents like tax statements and paystubs. Keep recent tax statements and pay stubs in one folder and you won’t lose days waiting on yourself.
Step 6: The home valuation and approval
The lender has to confirm what your home is worth. Truist always requires a valuation, and it can be an appraisal, an evaluation or an automated valuation. That’s the step that adds the most time at a bank.
Some online lenders skip the in-person visit. Figure has no appraisal on lines under $400,000, and most Upstart Home Lending applicants don’t need an in-person appraisal. See our HELOC without an appraisal page for who qualifies.
Step 7: Close, wait three days, then draw
You sign the closing documents, and for a HELOC on your primary home you get three business days to cancel, according to the CFPB. Funds come after that window.
Then you’re in the draw period, which could last 10 years, for example (CFPB). You borrow what you need, and many HELOCs have minimum monthly payments based on your balance. When the draw period ends, repayment starts, often over 10 or 20 years, and the payments are often significantly higher.
How long does it take to get a HELOC?
It depends on the lender more than on you. Here’s what each one says.
| Lender | What the lender says about timing |
|---|---|
| Figure | Funding in as few as 5 days |
| Upstart Home Lending | As fast as 7 days3 |
| Navy Federal | Estimated 30 to 40 calendar days after your application |
| Truist | Not listed. A representative contacts you after you apply |
So plan on days with a fully online lender and a month or more with a credit union or bank. If you have a deadline, like a contractor deposit, start with the quicker ones.
Mistakes that slow you down or cost you
Applying with one lender. Without a second quote you don’t know what you’re paying extra.
Ignoring the fees. A low APR with a 4.99% origination fee can cost more than a higher APR with no fee. On a $100,000 line, 4.99% is $4,990.
Forgetting the rate moves. HELOCs usually have a variable rate, so your payment can change from month to month. Run your budget at a rate a point or two higher.
Counting on money you haven’t drawn. A lender can freeze your line if your home value falls or your finances change.
Missing the repayment jump. The payment when the draw period ends is the one that surprises people. Know it before you borrow.
Where to apply first
If you want quotes the same day, price these two. Both let you check your rate for free.
Figure: the fastest HELOC to get started
Funds in as few as 5 daysFigure is the one to quote first if speed matters. The application is online, funding can happen in as few as 5 days, and there’s no appraisal for lines under $400,000.
Lines run from $15,000 to $750,000, and you get the full line up front. Most states accept a 600 credit score.
- No appraisal under $400,000
- 600 credit in most states
- Lines up to $750,000
The catch: Figure’s origination fee can run up to 4.99%. On a $100,000 line that’s up to $4,990, so compare the total cost, not just the APR.
Upstart Home Lending: an online HELOC for credit starting at 600
Credit scores starting at 600Upstart Home Lending HELOCs are available for credit scores starting at 600, which makes it worth a look if your credit isn’t strong enough for the best rates elsewhere. The application is 100% online, with no office visits.
APRs run from 6.52% to 18.00%1, lines from $26,000 to $250,000, and terms are 10 and 15 years. You get a fixed rate2 on each draw, and you could have cash sent in as fast as 7 days3.
- Credit scores starting at 600
- 100% online application
- Fixed rate2 on each draw
The catch: the origination fee is between 0% and 4.99% of the approved credit limit1, you have to draw at least 80% of the line when you open it, and the lowest APR needs credit union membership, a 780 FICO, CLTV under 70% and DTI under 45%1.
Keep reading
How to get a HELOC FAQ
How do you get a HELOC loan?
Work out your equity, check your credit and debt, get quotes from at least two lenders, apply and send your documents, then close. After closing you have three business days to cancel on a primary home, then you can draw funds.
How much equity do you need for a HELOC?
Lenders cap your mortgage plus the new line at a percent of your home’s value. Lenders typically allow a combined 75% to 90%, and Chase caps it at 80%. A home worth $400,000 with a $260,000 mortgage could support about $60,000 at an 80% cap.
What credit score do you need to get a HELOC?
It depends on the lender. Figure accepts a 600 in most states, Upstart Home Lending starts at 600, and Chase wants 680 or higher. Navy Federal and Truist don’t post a minimum.
What documents do you need for a HELOC?
Expect to give your personal details, employer information, assets, debts and details on your home and mortgage. A representative then asks for supporting documents like tax statements and pay stubs.
How long does it take to get a HELOC?
Funding can happen in as few as 5 days with Figure and as fast as 7 days3 with Upstart Home Lending. Navy Federal estimates 30 to 40 calendar days. Truist doesn’t post a time.
Can you get a HELOC without an appraisal?
Sometimes. Figure has no appraisal on lines under $400,000. Truist always requires a valuation, but it can be an automated one instead of an appraisal.
Can you lose your home with a HELOC?
Yes. A HELOC is secured by your home, so if you fall behind or can’t repay on schedule, you could lose it. Only borrow what you can repay.
Upstart Mortgage, LLC dba Upstart Home Lending. NMLS #2443873. Equal Housing Opportunity.
1Terms shown here are subject to change without notice. APRs for initial advances range from 6.52% to 18.00% based on rates offered as of June 2026. The lowest rate is only available to consumers willing to become a member of a credit union and to those who meet a minimum FICO score of 780, CLTV under 70%, and DTI under 45%. Your actual rate will depend on many factors such as your credit history, combined loan-to-value ratio (CLTV), line amount, loan term, lien position, and property state. Origination fee to open an account is between 0% and 4.99% of the approved credit limit. The Annual Percentage Rate (“APR”) is variable and based on the Prime Rate as published in the Wall Street Journal “Money Rates” table plus or minus a margin. Your APR will never be less than 3.99% or greater than 18.00%. Property insurance is required.
2A Home Equity Line of Credit has a variable rate. The APR may change, but the APR that will apply to each draw will be fixed on the date the draw is made. Your APR will be the Prime Rate at the time of draw plus a margin fixed for the life of the HELOC.
3In Q2 2026, 15% of funded HELOCs achieved a closing timeline of 2 days or less and a funding timeline of 7 days or less. This timeline assumes consumers close with our remote online notary, provide supporting documentation promptly, and ensure the information provided is accurate and consistent with our verification process. Delays, discrepancies, and other unforeseen factors may impact the closing timeline.
