Steps: 1) application & equity estimate; 2) income/credit review; 3) valuation; 4) underwriting & approval; 5) closing; 6) draw period begins — borrow as needed.
Application to approval
We take your application, confirm income and credit, and order a valuation. Underwriting sets your credit limit and rate. Primary-residence HELOCs include a three-day right to cancel after closing.
Draw and repayment periods
After closing you enter the draw period (often up to 10 years) when you can borrow and repay repeatedly — many are interest-only here. Then the repayment period begins and the balance amortizes. We’ll map the timeline so there are no surprises.
Frequently asked questions
How fast can I access funds?
After closing and the rescission period, your line is available to draw — often within days.
What is the draw period?
The window (commonly up to 10 years) when you can borrow, repay, and re-borrow. After it, you repay the remaining balance.
Can I pay it off early?
Yes. HELOCs are typically open to prepayment; check for any early-closure fee, which we’ll disclose up front.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766). Figures are illustrative for 2026 and not an offer of credit.