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Quick Home Equity Loan

A quick home equity loan is an accelerated home equity loan. Where a standard home equity loan or credit line will take a few weeks to be approved, a quick loan can be processed and approved in a few days.

This method is used in case of extreme emergencies and is not recommended for everyone. When you apply for a quick home equity loan, you are applying for two loans. A personal loan (with a high interest rate) is immediately given the borrower while the home equity loan is processed for approval.

Because of additional risk the lender is taking, interest rates on these types of loans are significantly higher. In the event that the equity loan is not granted, the borrower will be responsible for repaying the personal loan.

It is highly recommended to wait out the time necessary to be approved for the standard home equity loan or credit line. The increased interest rates can add up to thousands over time.

If you are already in a quick home equity loan with a high interest rate, you might want to consider a cash out refinance as an option. You will have to refinance your existing mortgage and the home equity loan to consolidate and lower your interest rate.

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