Home Equity Line of Credit (HELOC)
Putting your home equity to work
Access your home's equity with a home equity line of credit (HELOC) for home improvements, debt consolidation, education expenses, major purchases, and unexpected expenses. Whether you're planning a renovation project or looking for a flexible way to borrow against your home's value, Bank of Oklahoma home lending specialists can help you find the right solution for your financial goals.
Estimate your home equity and borrowing power
Your available home equity is based on your home's value, mortgage balance, and other qualification factors.
Use our home equity calculator to estimate how much equity may be available and determine whether a home equity line of credit fits your borrowing needs.
How a HELOC works
A HELOC allows eligible homeowners to borrow against available home equity while keeping flexibility for future needs. Similar to a credit card, you can access funds when needed, borrow only what you use, and maintain access to available credit as balances are repaid, subject to your account terms. For homeowners who have built equity, a HELOC may provide greater borrowing capacity and ongoing access to available funds.
HELOC
- Available credit line : $100,000
- Amount used: $20,000
- Available credit remaining: $80,000
- Illustrative monthly payment: $250
Credit Card
- Credit limit : $20,000
- Amount used: $20,000
- Available credit remaining: $0
- Illustrative monthly payment: $600
Illustrative example only. HELOC and credit card limits shown are hypothetical and provided for educational purposes. Actual credit limits, loan amounts, rates, payments, terms, and qualifications will vary. This example is intended to demonstrate how available credit may differ between products and is not intended as a comparison of rates, costs, or repayment terms.
Should you choose a HELOC or cash out refinance?
Both a HELOC and a cash out refinance allow you to access your home s equity. The right option depends on your borrowing needs, financial goals, and whether you want ongoing access to funds or a one time lump sum.
Best for: Homeowners seeking flexibility and access to funds for ongoing projects, planned expenses, or emergencies can benefit from the ability to borrow as needed.
How to access funds: Draw funds when needed from your available credit line.
Flexibility: Borrow only what you need and access additional funds over time, subject to available credit.
Impact on existing mortgage: Works alongside your current mortgage as a separate line of credit.
Rate structure: Variable rate with options to convert eligible balances to fixed-rate.
Ideal borrower:
- Want flexible access to funds over time.
- Expect ongoing home improvement projects.
- Need a financial safety net for future expenses.
- Want to keep your existing first mortgage in place.
Best for: Homeowners seeking larger upfront funds or refinancing to cover major expenses or replace their mortgage to meet financial goals.
How to access funds: Receive funds in a lump sum at closing.
Flexibility: One-time distribution of funds at closing.
Impact on existing mortgage: Replaces your current mortgage with a new loan.
Rate structure: Fixed-rate and adjustable-rate options may be available.
Ideal borrower:
- Need a lump sum at closing.
- Want to replace your current mortgage.
- Are considering changing your loan term.
- Prefer a single mortgage payment.
Not sure which option is right for you?
Our home lending specialists can help you compare a HELOC and cash out refinance, answer your questions, and determine which home equity solution best aligns with your borrowing needs and financial goals.
Why borrowers choose Bank of Oklahoma for home equity lending
The resources of a regional bank. The service of a local team. Bank of Oklahoma has been helping individuals and families achieve their financial goals for generations. Our home equity lending team combines local expertise, relationship-based service, and the backing of one of the region's leading financial institutions to help homeowners confidently access and manage their home equity.
Ready to put your home equity to work?
If you re exploring a HELOC for home improvements, debt consolidation, or planned expenses, our experienced home lending specialists provide personalized guidance and support every step of the way.
Frequently asked questions
Qualification requirements vary, but lenders typically consider available home equity, income, credit profile, property type, and other financial factors during the review process. A home equity specialist can help determine whether you may qualify for a Home Equity Line of Credit (HELOC).
Credit score requirements vary based on several factors, including available home equity, income, and overall financial profile. While stronger credit may help borrowers qualify for more favorable terms, eligibility is determined using multiple factors, not credit score alone.
The amount you may be eligible to borrow depends on your home's value, existing mortgage balance, available home equity, income, credit profile, and other qualification factors. In many cases, eligible homeowners may borrow up to 85% of their home's value, less the amount owed on existing mortgage loans, although individual limits may vary. A home equity specialist can help you estimate your available borrowing power.
A Home Equity Line of Credit can be used for a variety of financial needs, including home improvements, renovations, debt consolidation, education expenses, major purchases, and emergency expenses. Many homeowners choose a HELOC because it provides flexible access to funds as needs arise.
Yes. Many homeowners use a HELOC to finance home improvement projects, renovations, repairs, and upgrades. Because funds can be accessed as needed, a HELOC can be a flexible financing option for projects completed over time.
A HELOC may be used to consolidate higher-interest debt and combine multiple balances into a single borrowing solution. Before consolidating debt, consider how repayment terms and the use of home equity align with your financial goals.
A HELOC is a revolving line of credit that allows you to borrow funds as needed up to an approved credit limit. A home equity loan typically provides funds in a one-time lump sum with a structured repayment schedule. Both use your home's equity as collateral, but they offer different borrowing and repayment options.
A HELOC is generally a separate loan secured by your home's equity and may allow you to keep your existing first mortgage intact. This can be beneficial for homeowners who want to access equity without refinancing their current mortgage.
HELOCs typically have a variable Annual Percentage Rate (APR), which means the rate may increase or decrease over time based on changes to the underlying index and the terms of your agreement. Review your loan documents for details about how your rate is determined.
HELOCs generally include a draw period during which funds can be accessed, followed by a repayment period. The length of these periods varies by loan program and individual account terms. A home equity specialist can help explain the options available and what to expect throughout the life of the account.
Existing HELOC clients: need to access your funds?
Choose the option below that matches your account.
Account numbers beginning with 7 (opened before April 8, 2024): Access Instructions
Account numbers beginning with 6 (opened on or after April 8, 2024: Access Instructions
Iowa, Louisiana, Tennessee, and Utah HELOC customers: Access Instructions
Questions? Call 877-836-0268.
Ready to take the next step?
Whether you're planning a home renovation, consolidating debt, covering education expenses, or preparing for unexpected costs, our home equity specialists are here to help. Connect with a local expert to discuss your goals and find the right financing solution.
1Promotional Offer Details: 3.99% Introductory APR promotional offer is valid for Home Equity Line of Credit (HELOC) applications received between 8/04/2026 and 8/24/2026. The introductory fixed APR is valid for the first six consecutive billing cycles beginning at account opening. The introductory rate is accurate as of 8/04/2026 and is not combinable with other offers.
2Variable APR Information: After the introductory period, the APR is variable and based on the highest Prime Rate published each day in The Wall Street Journal Rates Table (the "Index"), plus a margin during the revolving and repayment periods. As of 8/04/2026, the Index plus margin ranged from 6.75% to 12.25%. In no event will the APR exceed the lesser of 18% or the maximum rate permitted by applicable law.
Additional Terms and Fees: Property insurance is required, including flood insurance where applicable. A processing fee ranging from $180 to $500, depending on the subject property state and line amount, is due at closing. A $50 annual fee applies after the first year of account opening, except in Texas. Maximum loan-to-value (LTV) may vary based on applicant credit qualifications. The minimum advance is $4,000 in Texas and $250 in all other states. All loans are subject to credit approval.