Looking for a Home Equity Line of Credit in Ontario?

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We help homeowners get the lowest rates for home equity loans, home equity lines of credit, refinancing, and other mortgage products.

👉 Click here to talk to us about getting a HELOC.

Getting a home equity line of credit (HELOC) can be a smart move if you want access to extra funds for debt consolidation, home renovations, or even a rainy-day emergency fund. But one of the most common questions homeowners ask is: How long does it actually take to get a HELOC?

The answer? It depends — but in general, expect 2 to 3 weeks from your first conversation to the day you get the money.

Let’s break it down in plain, simple terms so you know what to expect and how to speed things up.

What Is a HELOC?

A HELOC is a revolving loan that’s secured by your home. It’s similar to a credit card, but with much lower interest rates because your home acts as collateral. You can borrow money when you need it, repay it, and borrow again — usually until you refinance, close, and discharge the HELOC.

But before you can access any money, there’s a process — and that’s what we’re here to walk you through.

Timeline Overview: How Long It Takes to Get a HELOC

Here’s a quick look at the general timeline:

Initial conversation and credit review – 1 to 2 days

Collect documents and order appraisal – 2 to 4 days

Shop for lenders and rates – 2 to 4 days

Review and sign paperwork – 1 day

Close with lawyers and receive funds – 2 to 5 days

Total time: Roughly 2 to 3 weeks.

Now let’s go into more detail on each step.

Initial Conversation and Credit Review (1–2 days)

This part moves fast. Once you reach out to a mortgage broker or lender, they’ll usually do a quick review of your credit, ask about your income, your home’s value, and what you want to use the HELOC for.

A good mortgage broker will also help assess whether a HELOC is even the right product for you. Sometimes a home equity loan or even a refinance might be better depending on your needs and financial picture.

If everything looks promising, you’ll move on to the next step right away.

Get Documents and Order the Appraisal (2–4 days)

This is where you can make or break the timeline.

To speed things up, have your documents ready:

Mortgage statement

Property tax bill

Government-issued ID

Proof of income (pay stubs, T4s, or full tax returns if self-employed)

Bank statements and debts

Home insurance

The broker will also arrange for an appraisal, which is how the lender confirms the current market value of your home. Appraisers typically visit the property within a couple of days, and the report comes back in another day or two.

Submitting to Lenders for Approval (2–4 days)

Here’s where working with an experienced mortgage broker really matters.

Instead of calling up banks yourself, your broker can instantly match your profile with lenders who are more likely to approve you and offer better rates. They’ll also negotiate terms on your behalf and guide you through the fine print.

The time this takes depends on:

How many lenders are available for your situation

Whether your income is easy to verify (more on that below)

How quickly you respond to questions or requests for clarification

If you're employed with a T4, this can move along quickly. But if you're self-employed, the lender may want to see full tax returns, Notice of Assessments, and business bank statements. That adds complexity, which might take longer for the lender to review.

If your documents are complete and the appraisal gets ordered right away, this step can move quickly. But if anything is missing, or the appraiser is backlogged, things can slow down.

Review and Sign Documents (1 day)

Once the lender issues a HELOC approval, your broker will review the documents with you. You’ll go over the rate, credit limit, repayment terms, and any lender fees.

This part usually takes just one day — especially if your broker has already walked you through the details. Then it’s on to the lawyer.

Finalize and Close with Lawyers (2–5 days)

In Canada, all secured mortgage transactions must go through a lawyer or title company. Your HELOC isn’t official until the legal documents are signed, registered, and funded.

Your lawyer will:

Receive instructions from the lender

Prepare the legal documents

Register the HELOC on your home’s title

Transfer the funds to you

This final step usually takes 2 to 5 business days, depending on how busy your lawyer is and whether there are any title issues to clean up (like outstanding property taxes or liens).

What Can Slow It Down?

Even though 2 to 3 weeks is the average, here are a few things that could cause delays:

Missing or incomplete documents

Slow appraisal turnaround

Income verification issues, especially if self-employed

Title issues, like unpaid taxes, liens, or shared ownership

Lender backlog, especially during busy seasons

That’s why it’s so important to work with a broker who keeps things moving and gives you a checklist up front.

What Helps Speed It Up?

Here are some ways to keep things on track:

Work with an experienced, reputable broker. They know which lenders will approve your file quickly, and which ones to avoid if you’re on a deadline.

Have your documents ready early. Don’t wait to be asked. Ask your broker for a list on day one.

Be responsive. Check your phone and email for questions or paperwork. The faster you respond, the faster your file moves.

Be clear about your schedule. If you’re going on vacation or unavailable certain days, tell your broker so they can plan accordingly.

Take Your Time Where It Matters

Even though speed is nice, you don’t want to rush through every step.

Take a moment to think through:

Why you want the HELOC

How much you truly need

What kind of repayment plan makes sense

Whether this product fits your financial goals

A HELOC is a powerful tool, but it’s still debt. A good broker will help make sure the lender and product are suitable for your situation — not just fast to fund.

Real-Life Example: Fast vs. Slow Process

Let’s look at two examples to see how timing can play out in the real world.

Example 1: Sarah — Quick and Smooth (2 weeks)

Sarah works a full-time job, has a great credit score, and is looking to set up a $100,000 HELOC to renovate her kitchen. She contacts a mortgage broker who asks for a full list of documents. Sarah emails everything that same day, and the broker orders the appraisal right away.

The property is appraised and approved in 3 days. The broker shops for the best rate and gets a lender offer back within 2 more days. Sarah signs the documents, meets with her lawyer, and the funds are available in her account 14 days after her first phone call.

Example 2: Jason — Delayed by Complexity (4 weeks)

Jason is self-employed and wants to consolidate credit card debt with a $75,000 HELOC. He doesn’t have all his income documents ready — his tax return is missing, and he hasn’t filed this year’s return yet. The broker helps him gather everything, but it takes a full week before the application is complete.

The appraiser also takes 4 days to get to his home, and the lender takes longer to review the file due to income complexity. It’s not until week 3 that Jason gets approved, and closing happens by week 4.

Takeaway: The more straightforward your situation is — and the more organized you are — the faster the process.

How a Broker Helps You Save Time (and Stress)

Some people try going straight to their bank for a HELOC. But banks can be slow to respond, don’t always offer the best rates, and usually have stricter income or credit requirements.

By contrast, working with a mortgage broker has some real advantages:

One-stop shop for multiple lenders

Faster pre-approvals and turnaround times

Access to alternative lenders if your bank says no

More personalized advice based on your situation

Help negotiating rates and fees

Step-by-step support from start to finish

Brokers usually move at your pace — fast if you need to close quickly, or more slowly if you need time to prepare.

How Long Does It Take to Get a HELOC?

Getting a HELOC usually takes 2 to 3 weeks, but being prepared and working with the right broker can make all the difference.

Here’s a quick recap:

Start with a clear goal — why you want the HELOC

Choose an experienced mortgage broker

Gather all your paperwork early

Be responsive and flexible during the process

Take time to understand your repayment plan

A HELOC can give you a lot of financial flexibility — but like any loan, it’s a decision that deserves thought and guidance. With the right help, you can get the funds you need with confidence and peace of mind.