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A loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower. loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower.
It depends on how long it takes the banks, credit union or a private lending company to make sure that there is no second mortgage already approved for the house. Each situation is different. It could possibly take anywhere from one week to four weeks for the Home Equity Loan to be approved.