If you are looking to get the money in the shortest time possible, HELOC processing can often be completed in less than two weeks. Typically, getting cash from a closed-end loan will take 2-4 weeks from loan approval.

If you want to be sure you're done paying off a loan by a set date, then a close-ended Home Equity Loan works best. Either way, you need to be sure you can make the monthly payment. If you choose a longer term loan with the intention of paying it off early, make sure the contract does not contain any prepayment penalties.

A line of credit works a lot like a credit card, bur with a much higher limit. Before you get a HELOC, you should be confident that you have the discipline to not over-charge, so you can avoid putting your home at risk.

Look at your budget and consider this question carefully before you agree to any kind of loan or line of credit. Make sure that you'll have no problem making your monthly payment, so you don't risk foreclosure.