If you are ready to make home improvements, pay down higher interest debt or take your dream vacation, we have great home equity loan options for you. If you know in advance the amount you need to borrow and would prefer to know your rate and payments in advance, this type of loan may be right for you. Benefits for borrowing with a Home Equity loan include great low rates and tax savings on the interest you pay.
Home Equity is the difference between how much your home is worth and how much you owe on it. Depending on which Home Equity loan you choose, you may be able to use the equity in your home to borrow up to 85% of your home’s value, and in some cases, even up to 100%. For example, if you own a home that is worth $200,000, 85% of your home’s value is $170,000. If you already have a loan for $100,000 on the home, then you can borrow up to an additional $70,000.
Click on the Home Equity Loan options below for complete descriptions and to see which one is right for you.
A traditional home equity loan is an excellent way to take advantage of the equity you have already established in your home. It allows you to borrow up to 85% of your home's equity and offers extended repayment terms. Depending on the amount of equity in your home, you may qualify to borrow from $5,000 to $400,000.
If you want to lower your mortgage payment, but don't want to pay closing costs, our No Closing Cost Refinance of Purchase Money loan is an excellent way to take advantage of low interest rates. It allows you to borrow up to 85% of the value of your home to refinance your first mortgage with the option to take additional cash out.
At Bank of Oklahoma, we recognize that establishing equity in your home takes time. That's why we have created a special program that allows you to borrow up to 100% of your home's value so you can put your equity to work sooner. If you've never applied for a home equity loan because you didn't think you had enough equity or you simply wanted to borrow more, then this is the loan for you.
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