A purchase loan is typically completed within 4-6 weeks. In this case, the length of time taken to fund a loan can vary because it is driven by negotiation and terms of the contract of sale set forth by the attorneys for the sellers and buyers.
A Home Equity Line of Credit is revolving, so it enables you to take out the amount of money you need, when you need it. You can borrow, repay and borrow again. Payments are required only when money has been drawn, and you pay interest only on the outstanding balance. Home Equity Lines of Credit feature a variable rate.
Both a Home Equity Loan and a Home Equity Line of Credit are considered 2nd mortgages, and require relatively strong credit history to qualify. You can choose a Home Equity Line or a Home Equity Loan, depending on your needs.