Home Equity Loan Rates in Oklahoma

Tappable equity is the portion of your home’s value you can borrow. A home equity loan (HEL) lets you access this equity to fund home improvements or consolidate debt.

Oklahoma's home equity loan rates are slightly above national averages — 7.8% APR for a 10-year term (7.7% nationally) and 8.2% APR for a 15-year term (7.9% nationally). We provide details on current rates in the state, including city-specific averages and top lenders, as well as tips on securing the best deal.

Key Takeaways

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Higher loan-to-value (LTV) ratios often lead to higher rates. However, in Oklahoma, the average APR for a 15-year home equity loan with an 80% LTV is 8.2%, the same as for a 90% LTV.

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HEL rates vary by city in Oklahoma. For example, for 15-year loans, Okmulgee has an average APR of 7%, whereas Sallisaw's is 10%.

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Lenders offer different rates for the same loan types. First Bank & Trust Company's average APR is 4.5%, whereas Firstar Bank's is 10%.

MoneyGeek examined 26 different banks and credit unions in Oklahoma using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity loan rates.

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This data is accurate as of November 2024.

26Lenders Analyzed

Current Home Equity Loan Rates in Oklahoma

The current average APR for a 15-year home equity loan in Oklahoma is 8.2%, but several factors might affect lenders' rates. A higher credit score typically means a lower APR, while larger loan amounts may result in higher rates. Repayment terms also affect the APR. Use the table below to compare average APRs for home equity loans in the state by loan term.

10Year7.8%
15Year8.2%
5Year7.7%

Oklahoma HEL interest rates change daily. Tracking these changes can help you save money by paying less interest over the life of the loan. It can also help you consolidate high-interest debts.

For example, a $50,000 home equity loan with a 15-year term at 8.2% APR has a $484 monthly payment and $37,051 in total interest. A 10-year loan at 7.8% APR has a $601 monthly payment and $22,164 in total interest.

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HOME EQUITY LOANS VS. HELOCS IN OKLAHOMA

Home equity loans (HELs) and home equity lines of credit (HELOCs) let homeowners access their property's equity. Home equity loans have fixed rates, averaging 7.8%, while HELOC rates in Oklahoma are variable, averaging 8.6%.

HELs' fixed rates mean consistent monthly payments, offering predictability in budgeting. Variable rates, like those of HELOCs, can start lower but may increase, leading to higher payments over time.

Home Equity Loan Rates by LTV Ratio

The rate you qualify for depends on your loan-to-value (LTV) ratio, which is how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio poses a greater risk to lenders, often leading to higher rates. However, in Oklahoma, the average APR for a 15-year home equity loan is 8.2% for both 80% and 90% LTV ratios. Use the table below to check rates based on your LTV ratio.

Data filtered by:Results filtered by:
Repayment Terms:
Repayment Terms:15Year
8.2%8.2%

Home Equity Loan Rates by City in Oklahoma

Average APRs for home equity loans vary by city due to lender competition and local costs. Larger, densely populated cities often have more lenders, leading to lower rates. Property taxes and local fees also impact borrowing costs.

In Oklahoma, Stroud's average APR is 4.5%, while Sallisaw's is 10%. The table below shows average home equity loan rates across Oklahoma cities.

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City:
City:Oklahoma City
10Year8.0%
15Year8.3%
5Year7.8%

Home Equity Loan Lenders in Oklahoma

Home equity loan rates in Oklahoma differ significantly between lenders due to varying policies, risk assessments and market strategies. First Bank & Trust Company offers the lowest average APR at 4.5%, while Firstar Bank has the highest at 10%.

Compare rates and terms from different lenders to find the best deal. Use the interactive table below to discover the most competitive lenders in your city.

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City:
City:Oklahoma City
First Bank & Trust Company4.5%
U.S. Employees O.C. Federal Credit Union6.4%
Allegiance Federal Credit Union6.5%
Oklahoma's Credit Union7.5%
The Focus Federal Credit Union8.0%
Weokie Federal Credit Union8.1%
Tinker Federal Credit Union8.3%
INTRUST Bank8.5%
Communication Federal Credit Union8.6%
BMO BANK NATIONAL ASSOCIATION8.6%
Busey Bank8.8%
BOKF9.0%
Farmers Insurance Group Federal Credit Union9.0%
Commerce Bank9.0%
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COMPARING HOME EQUITY LOAN RATES: BANKS VS. CREDIT UNIONS

Credit unions often offer lower home equity loan rates than large banks. Commercial banks in Oklahoma have an average APR of 8.4%, while credit unions offer a lower rate of 7.6%. However, credit unions may have stricter membership requirements.

How to Get the Best Home Equity Loan Rate in Oklahoma

Getting the best home equity interest rates can reduce your monthly payments and overall costs, freeing up funds for other financial goals. To secure the best rates, consider these strategies:

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    Compare lenders

    Lenders may offer different APRs for the same loan amount and credit profile. For instance, U.S. Employees O.C. Federal Credit Union has an average APR of 6.4%, while Frazer Bank offers 9.5%. Compare home equity loan providers to find better rates.

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    Increase your home's equity

    Having more equity in your home can result in more competitive rates from lenders. Oklahoma homeowners can increase their home's equity by adding tornado shelters or home offices.

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    Improve your credit score

    Increasing your credit score can lead to more competitive home equity loan rates. Pay bills on time and reduce credit card debt to improve your credit score. The average credit score in Oklahoma is 696, according to Experian.

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    Decrease your debt-to-income ratio

    A lower debt-to-income (DTI) ratio — the percentage of your monthly income used to pay debts — can lead to better rates as lenders see you as a less risky borrower.

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Debt-to-Income Ratio Calculator

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FAQ About Home Equity Loan Rates in Oklahoma

MoneyGeek answers common questions about home equity loan rates for Oklahoma homeowners, offering precise and reliable information.

What is the interest rate on a home equity loan in Oklahoma?

How do you calculate your home equity in Oklahoma?

Do home equity loan rates vary between cities in Oklahoma?

Does a home equity loan in Oklahoma have tax benefits?

What are possible drawbacks of securing a home equity loan in Oklahoma?

How long does it take to get a home equity loan in Oklahoma?

How do you get a home equity loan in Oklahoma?

What can I use my funds for? Are there any home equity loan use restrictions in Oklahoma?

Can you take out a home equity loan in Oklahoma only on your primary residence?

What other home equity products can you consider if you want to tap into your home's equity in Oklahoma?

What's the difference between a HELOC and a home equity loan?

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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