The Best HELOC Rates and Lenders in Oklahoma

A home equity line of credit (HELOC) is a revolving credit line backed by the equity in your home. Your home’s equity is what qualifies you for a HELOC. You can fund large expenses using a HELOC.

Advertising & Editorial DisclosureLast Updated: 12/6/2022
Edited By     |  

A HELOC loan lets you finance your home improvements, consolidate debts, pay tuition fees, cover medical bills and more. Applying for a HELOC is the perfect option for homeowners with substantial home equity who are also creditworthy.

Home equity line of credit rates in Oklahoma range from 0.99% to 18%, and Bank of America is the best overall HELOC lender. A home equity line of credit can be obtained at a lower interest rate if you compare quotes from several lenders.

Home Equity Line of Credit (HELOC) Rates for 2023

The following table has updated information as of May 2022 regarding home equity line of credit interest rates and details about the lenders offering them. This can help you find the right lender for your needs.

MoneyGeek periodically updates the data since rates and other lender data are subject to change.

  • Lender
    APR
    Loan Amount
    Min. Credit Score Requirement
    Repayment Terms
    Annual Fees
    Pre-Approval Time
  • 3.75% to 18%

    $25,000 to $1,000,000

    660

    10-year draw period
    and 20-year repayment period

    None

    N/A

  • Not specified

    Not specified

    Not specified

    Not specified

    Not specified

    Not specified

  • 1.99% special
    introductory variable
    APR for 6 months,
    then as low as
    4.35% variable

    $25,000 to $1,000,000

    Not specified

    10-year draw period,
    20-year repayment period

    Not specified

    Not specified

  • 3.65% to 8.80%

    $15,000 to $750,000

    730

    10-year draw period,
    unspecified repayment period

    $90

    Not specified

  • 4.65% to 9.99%

    $35,000 to $300,000

    620

    10 to 30 years

    None

    1 to 2 weeks

  • Starting at 3.99%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    $75

    Not specified

  • Starting at 4.64%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    None

    24 hours

  • Starting at 3.50%

    $15,000 to $400,000

    620

    5 to 30 years

    3% to 4.99%

    24 hours

  • Starting at Prime - 0.50%

    Starting at $17,500

    Not specified

    10-year draw period,
    15-year repayment period

    $50

    Not specified

  • Starting at 3.34%

    Starting at $25,000

    740

    Not specified

    $50

    Not specified

  • 3.49% for 6 months
    (4.08% thereafter)

    Starting at $5,000

    Not specified

    15-year draw period
    with 15-year repayment period

    None

    24 hours

  • 3.75% to 10.63% variable

    $10,000 to $500,000

    Not specified

    10-year draw period,
    and then 20 years for repayment

    None

    Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Oklahoma

MoneyGeek wants to help people in Oklahoma find the best home equity line of credit lenders. There are not many lenders who offer HELOC loans, and the ones that do are usually national banks that work with people who have good credit.

If your HELOC application is turned down by a national lender, you should check with your local credit unions to evaluate any other options that you may have.

Best Overall HELOC Lender in Oklahoma: Bank of America


  • Bank of America

    Bank of America offers HELOCs for borrowers needing bigger funds at lower rates.


    • 1.99% special introductory variable APR for 6 months, then as low as 4.35% variableAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • Not specifiedPre-Approval Time

    on Bank of America Website

Best HELOC Lender for Good Credit in Oklahoma: U.S. Bank


  • U.S. Bank

    U.S. Bank provides HELOCs with convenient access to funds and flexible repayment terms.


    • 4.20% to 9.35%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 10-year draw period; unspecified repayment periodRepayment Terms
    • $90Annual Fees
    • Not specifiedPre-Approval Time

    on U.S. Bank Website

Best HELOC Lender for Bad Credit in Oklahoma: Figure


  • Figure

    You can get faster HELOCs with longer repayment terms from Figure.


    • From 6.55% to 15.54%APR Range
    • $15,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time

    on Figure Website

Best HELOC Lender for Competitive Rates in Oklahoma: PenFed


  • PenFed Credit Union

    The best lender with the lowest rate and maximum line of credit in Oklahoma is PenFed.


    • 0.99% for 6 months; 4.25% to 18% thereafterAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • N/APre-Approval Time

    on PenFed Credit Union Website

HELOC vs. Home Equity Loans

Home equity loans and home equity lines of credit (HELOCs) are different financial products with different features. However, both loans are contingent on the equity in your home.

With home equity loans, you can expect fixed-rate payments and a fixed repayment term. You get your funds in a lump sum from the lending bank.

A home equity line of credit is more like a credit card. During the draw period, borrowers can withdraw money multiple times from their available credit and pay it back through the payback term. In most cases, borrowers are only responsible for paying interest during the loan draw period.

The differences between the two products are more clearly outlined in the table below.

  • HELOC
    Home Equity Loan
  • Interest Rate

    Adjustable interest rate,
    but fixed-rate options are available

    Fixed interest rate

  • Monthly Payment

    Changes depending on
    the amount of money borrowed

    Fixed monthly payments

  • Repayment Terms

    During the draw period, borrowers pay
    interest on the money they borrowed;
    after the draw period, they repay any
    principal owed in addition to interest

    Repayment starts as soon as
    the money is given to the borrower

  • Fund Disbursements

    Line of credit

    Lump sum delivery

How to Apply for a HELOC

In Oklahoma, it's easy to get a home equity line of credit or HELOC. Most lenders let people apply online and wait for approval by just submitting some basic information about the borrower. Below, MoneyGeek talks you through the steps necessary to successfully apply for a HELOC.

1

Determine how much you need

Not everyone qualifies for a HELOC. It is advisable to know the precise amount of money you need. It's better to utilize it to fund major expenses like debt consolidation, educational and medical expenses and investments. If you simply need a small amount of money for a home renovation job, a HELOC may not be the best choice.

2

Assess your financial standing

You should evaluate your existing financial situation before applying for a HELOC. Do you have a good financial situation right now? Are there any additional lines of credit in your name that are open or active? Most lenders have a minimum credit score criterion in order to evaluate your financial standing. You can work towards enhancing your credit score so that you might be able to secure a HELOC with a lower interest rate.

3

Shop around and compare lenders

It's a good idea to do some research on lenders and see what they have to offer. This is the quickest and easiest way to find the best deal for your unique situation and needs. You can also estimate your monthly payments with the use of a home equity line of credit calculator on some lender websites. By going with the right HELOC lender, you can avoid paying additional costs and enjoy low interest rates.

4

Apply

You can usually apply for a HELOC online. It's easier to submit your application if you've already gathered all the information you need. You may have to submit your bank, mortgage (if applicable) and income statements.

5

Use funds wisely

Once you begin withdrawing funds from your HELOC, you must be aware of the repayment terms and additional fees. When creating a budget for your monthly expenses, you should include the amount you must pay on your HELOC.

Frequently Asked Questions About HELOCs

Borrowers might be confused about the steps necessary to obtain a home equity line of credit in Oklahoma. MoneyGeek answers a few frequently asked questions concerning HELOCs in the state.

sources