Home Purchase Lines may close in as few as 7 days, faster than traditional mortgages, though timing depends on appraisals, inspections, and requested information.
Primarily speed. Under federal law, open-end home equity lines of credit are allowed to close faster than traditional closed-end mortgage loans. With our Home Purchase Line, we can close in as fast as 7 days. Traditional purchase mortgages often need 30 days or more to close. Please note that closing in 7 days is not guaranteed and depends on several factors, including how fast the appraisal and any inspections get completed and how fast you respond to our information requests.