Best HELOC Lenders in Oklahoma (November 2024)

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Key Takeaways

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BMO BANK is the best home equity line of credit (HELOC) lender in Oklahoma, with a MoneyGeek score of 94 out of 100. UMB Bank is the runner-up with a score of 94 out of 100.

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The average HELOC limit in Oklahoma is $82,657. How much you can borrow depends on your home equity, outstanding mortgage balance and credit score.

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Comparing rates helps find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in Oklahoma, updated weekly to assist you.

Overall Best HELOC Lender in Oklahoma

Company logo for BMO BANK
BMO BANK
MoneyGeek Score:
94/ of 100

Minimum Credit Score650
Average HELOC APR8.88%
Draw Period10 years
Repayment Period20 years
Time to Receive Funds3 Business Days
PROS
  • Offers a 0.25% rate discount for automatic payments
  • Provides a remote closing option for HELOC applications
  • Option to lock in your balance at a fixed rate
CONS
  • Charges a $75 annual fee
  • Charges a closing cost recoupment fee for accounts closed within 36 months
  • Locking in your rate costs $75 after closing

Runner-Up for Best HELOC Lender in Oklahoma

Company logo for UMB Bank
UMB Bank
MoneyGeek Score:
94/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.99%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • No annual fees
  • Waves origination fee with qualifying UMB checking account
  • Accepts joint applications
CONS
  • Doesn't advertise rate discounts
  • Doesn't offer hardship assistance programs
  • Other pertinent HELOC information not disclosed on website

Calculate Your Monthly Payment

The average HELOC balance in Oklahoma in the third quarter of 2023 was $39,615, according to Experian. Calculating your HELOC payments is key to managing this debt and planning for any changes in your financial obligations.

Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. In addition, the full amortization schedule provided shows how much of your payments go toward interest and principal over time.

Oklahoma HELOC Payoff Calculator

This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.

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Repayment Period Payment

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Credit Payoff Schedule for Home Equity Line

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Best HELOC Lender in Oklahoma for Affordability

Company logo for First United Bank and Trust Company
First United Bank and Trust Company
MoneyGeek Score:
93/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.81%
Draw Period15 years
Repayment Period15 years
Time to Receive FundsUndisclosed
PROS
  • Maximum draw period is 15 years
  • Borrow up to $750,000 for first lien
  • Option to lock in a fixed interest rate
CONS
  • No rate discounts published on website
  • Doesn't disclose minimum credit score requirements
  • No hardship assistance program for HELOC

Best HELOC Lender in Oklahoma for Service Quality

Company logo for Busey Bank
Busey Bank
MoneyGeek Score:
99/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.13%
Draw Period10 years
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Interest-only payments are available
  • Has a HELOC calculator for determining qualification
  • Has a mobile app for easy account management
CONS
  • Charges an annual fee of $65
  • Imposes an early account closing fee of $350
  • Other HELOC information not disclosed on website

What You Can Use a HELOC for in Oklahoma

Home equity lines of credit (HELOCs) are a popular financial tool in Oklahoma, largely because they offer homeowners flexibility in accessing funds tied to their property's value. Here are some common ways you can use a HELOC to meet your financial needs.

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    Home improvements or renovations

    A HELOC is ideal for home improvements, offering flexibility as costs may change. It allows you to finance renovations without finalizing costs upfront, making it a smart choice for dynamic projects.

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    Consolidating high-interest debt

    The average 2023 consumer debt in Oklahoma was $75,022. Using a HELOC for debt consolidation can simplify payments and reduce interest rates, helping manage multiple debts efficiently.

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    Funding education expenses

    Using a HELOC for education expenses offers lower interest rates than other debts. It can cover tuition, books and housing, making it a practical choice for funding education.

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    Investment properties

    A HELOC can finance investment properties, offering flexibility and potential tax benefits. Make sure to shop around to find the best HELOC lenders for investment property and secure the best rates and favorable terms.

How to Apply for a HELOC in Oklahoma

Understanding the steps to apply for a HELOC in California can help you navigate the process with confidence. We've simplified this journey into six steps below.

  1. 1
    Review your financial health

    Start by checking your credit score, which can influence your approval chances. The average credit score in Oklahoma is 696, based on Experian data for the third quarter of 2023. A higher score may improve your chances of approval. Additionally, evaluate your debt-to-income ratio and home equity to gauge your financial health and readiness for a HELOC.

  2. 2
    Compare rates in Oklahoma

    Comparing rates from different lenders in Oklahoma can help you secure the best HELOC deal. Look beyond interest rates and consider other features such as repayment terms, fees and the option to apply for a fixed-rate HELOC to ensure you choose a lender that aligns with your financial needs and goals.

  3. 3
    Prepare required documentation

    Preparing the necessary documents in advance can streamline your HELOC application process. Commonly required documents include proof of income, recent tax returns and mortgage and home value information.

  4. 4
    Submit an application

    When you're ready to apply for a HELOC, most lenders offer the convenience of online applications. If your lender has a physical branch, you can also apply in person. Ensure all information is accurate and complete to avoid errors or omissions that could delay the process.

  5. 5
    Undergo a home appraisal

    Some lenders may require a home appraisal to determine your property's current market value. A home appraisal involves a professional assessment of your home's value, which helps the lender decide on the loan amount you qualify for.

  6. 6
    Wait for approval and closing

    The approval process for a HELOC can take anywhere from two to six weeks. Once approved, you'll proceed to the closing process, which involves signing documents and potentially paying closing costs. Some lenders may offer to cover part of these costs, so it's worth inquiring about any available options.

Know How Much You Can Borrow in Oklahoma

According to Experian, the average HELOC limit in Oklahoma in the third quarter of 2023 was $82,657. The amount you can borrow with a HELOC is generally tied to the equity you have in your home, meaning the more equity you have, the higher your potential credit limit.

Check out the table below to see the range of credit lines offered by California lenders in our database.

First United Bank and Trust Company$10,000 to $750,000
Ask the experts:

What fees should homeowners expect from a HELOC lender, and how can they minimize or avoid them?

Credit & Mortgage Expert

Some lenders charge much higher fees than others when it comes to HELOCS. That’s why it’s recommended to shop around when applying for a HELOC. Some banks or credit unions will not charge you any fees at all, or you may just have to pay the appraisal fee.

FAQ: Best HELOC Lenders in Oklahoma

Who is the best HELOC lender in Oklahoma?

How to find the best HELOC lenders for bad credit in Oklahoma?

What factors should I consider when choosing a HELOC lender in Oklahoma?

What are common fees associated with HELOCs that I should compare in Oklahoma?

What is the typical draw period for HELOCs, and does it vary between lenders in Oklahoma?

How can I find a lender with flexible repayment options in Oklahoma?

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.

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Our analysis was completed in October 2024 and considered different banks and credit unions in Oklahoma from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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