Getty Images 
Home equity loans are one of the most affordable ways to borrow money right now. The average home equity loan rate is 8.40% currently, which is considerably lower than the 21.91% average rate for credit cards and the 12.36% average rate for personal loans. That, coupled with the fact that the average homeowner has $313,000 in home equity right now, make home equity loans a choice worth considering if you need to borrow money right now.
However, if you need your home equity loan funds by May, things could get tricky, as the average timeline from submitting a home equity loan application to receiving the funds can range from a few weeks to a couple of months on average. To get your home equity loan funding by next month, you’ll need to do everything you can on your end to ensure the borrowing process moves as fast as possible.
Knowing what you need to do to make things move quickly isn’t always obvious, though. So what steps can you take to speed up the process? That’s what we’ll outline below.
Start the home equity borrowing process today.
How to get your home equity loan funds disbursed by this May
If your goal is to get your home equity funding by next month, taking these steps may help:
Understand the borrowing timeline
When you’re counting on your home equity loan funds to hit your account by May, timing is everything — and that starts with understanding the full home equity loan borrowing process. From the day you submit your application to the moment the money is disbursed, there are steps that can stretch out the process if you’re not prepared. Knowing what to expect upfront gives you the power to move quickly and avoid delays.
Typically, the approval and funding process for a home equity loan takes anywhere from a couple of weeks to a few months. That timeline includes underwriting, the appraisal process, document review and the mandatory three-day rescission period after closing. If you’re trying to fast-track the process, being proactive can make a huge difference.
It also pays to ask your lender specific questions about their timeline and what you can do to speed it up. Some lenders may have faster turnarounds or offer tools that streamline the application process. Others may move more slowly, especially if demand is high or appraisals are backed up in your area. By understanding these potential roadblocks, you can plan ahead and shop around for a lender that can meet your timeline.
Ultimately, the more you understand about the process, the more control you have over how quickly you can access your equity. So if May is your target, now is the time to do your research.
Find out what your top home equity loan options are now.
Shop around
If you’re aiming to get your home equity loan funds disbursed by May, shopping around for lenders isn’t just smart — it can be a game-changer. Not all lenders operate on the same timeline, after all, and the speed at which they process applications, schedule appraisals and close loans can vary significantly. Some may take a month or more to finalize funding, while others have streamlined digital processes that can shave weeks off your wait.
When time is tight, working with a lender known for fast turnaround times can be the difference between getting your funds when you need them or missing a critical deadline. By comparing lenders, you can get a clearer sense of who’s equipped to move quickly and who might get bogged down in red tape or underwriting backlogs. Don’t be afraid to ask direct questions like: “What’s your average time to close on a home equity loan?” or “Can you guarantee disbursement by a specific date if I apply today?”
Shopping around also lets you compare interest rates, closing costs and loan terms, all of which impact the overall cost of borrowing. But when speed is a priority, make sure you’re not just comparing numbers; look at the full picture of how quickly and efficiently each lender can get the job done. Choosing a lender with a proven track record of fast, reliable funding could be the key to unlocking your home equity on your schedule.
Consider lenders with digital applications and guaranteed closing times
During your comparison phase, focus your search on lenders with application and funding features that lend to a quicker timeline. For example, lenders that offer online applications, remote notary services and other digital application components that can result in your loan application being processed faster than it otherwise would.
Some lenders also offer guaranteed closing times on home equity loan funds, which could result in getting your loan funds in a handful of days if you qualify. So, opting for a lender with a guaranteed closing time that meets your needs can be helpful if you’re trying to get your loan proceeds by May.
Make sure all your documents are ready to go
To speed up the application process, you’ll want to gather all of your important documents. Having your paperwork lined up before you apply for your home equity loan can speed up the process and help you reach your goal of getting home equity loan funding by May.
While the document requirements can vary by lender, generally speaking, you will likely need to provide the following:
- Your government-issued ID and other identifying documents (Social Security card, etc.)
- Your recent pay stubs
- W-2s for the last two years
- Contact information for your current and previous employer
- Your homeowners insurance declaration page
- Your latest mortgage statement (if your taxes and insurance are paid through escrow)
- Proof of other income sources (if relevant)
Self-employed workers and business owners may need to provide other supporting documents.
Apply sooner than later
If you need your home equity loans soon, don’t wait to apply, even if you think a better deal may come along. Even if you manage to find a lender offering a slightly lower rate or cheaper closing costs, those savings are likely not worth missing out on getting your funds when you need them. Remember, the home equity loan application and funding process can take a while, so it’s important to start your application as soon as possible. That increases your chances of meeting your funding deadline and also allows some extra time to resolve any documentation issues that pop up during the application process.
The bottom line
Getting your home equity loan funds by May is possible — but it won’t happen without a little work on your end. From understanding the full lending timeline to comparing lenders and organizing your paperwork early, each step you take now can help eliminate delays down the line. With the right lender and a proactive approach, you can put yourself in a strong position to get your funds exactly when you need them.
So don’t wait. If tapping into your home’s equity is on your to-do list, take action today. The sooner you apply, the better your chances of hitting your funding deadline and putting that equity to work.
