How long is the HELOC process?

[Andrew B.]

Hello all. I am currently saving up for my first investment property and doing research while I wait. Once I am ready to dive in, I plan on getting a HELOC on my primary residence to fund any rehab and assist with reserves for emergency. However, my question is, if I find a place I want to jump in on sooner than I expect, I will not have the HELOC yet.

What are your experiences getting a HELOC? How long did it take? I don't want to find a gem of a deal, and lose it because I have to wait for a HELOC, but I also don't want to pay fees until I am ready to get it. Any suggestions for banks to use and what % you were able to pull is helpful as well.

Thank you