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 | None | N/A | |
Not specified | Not specified | Not specified | Not specified | Not specified | Not specified | |
1.99% special | $25,000 to $1,000,000 | Not specified | 10-year draw period, | Not specified | Not specified | |
3.65% to 8.80% | $15,000 to $750,000 | 730 | 10-year draw period, | $90 | Not specified | |
Starting at 3.99% | $10,000 to $500,000 | Not specified | 10-year draw period | $75 | Not specified | |
Starting at 4.64% | $10,000 to $500,000 | Not specified | 10-year draw 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, | $50 | Not specified | |
Starting at 3.34% | Starting at $25,000 | 740 | Not specified | $50 | Not specified | |
3.49% for 6 months | Starting at $5,000 | Not specified | 15-year draw period | None | 24 hours | |
3.75% to 10.63% variable | $10,000 to $500,000 | Not specified | 10-year draw period, | 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.
- 6.740% for 6 months, then 9.550%APR Range
- Not specifiedMinimum Credit Score
- $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
- 730Minimum Credit Score
- $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
- 620Minimum Credit Score
- $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
- 660Minimum Credit Score
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- $99Annual Fees
- Not SpecifiedPre-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, | Fixed interest rate |
Monthly Payment | Changes depending on | Fixed monthly payments |
Repayment Terms | During the draw period, borrowers pay | Repayment starts as soon as |
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.
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.
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.
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.
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.
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
- Bank of America. "Home Equity." Accessed June 7, 2022.
- Bank of America. "Home Equity Assumptions." Accessed June 7, 2022.
- Bank of America. "Home Equity Line of Credit Application." Accessed June 7, 2022.
- Bank of America. "Learn About Home Equity." Accessed June 20, 2022.
- U.S. Bank. "Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.
- U.S. Bank. "Home Equity FAQs." Accessed June 7, 2022.
- Figure. "Homeowners, We're Here for You." Accessed June 13, 2022.
- Figure. "Figure Home Equity Line FAQs." Accessed June 13, 2022.
- PenFed. "PenFed Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.
- Internal Revenue Service. "Publication 936 (2021), Home Mortgage Interest Deduction." Accessed June 7, 2022.