Home Equity Loans at Oklahoma Central Credit Union

Unlock the potential of your home's value with Oklahoma Central Credit Union's Home Equity Loans and Lines of Credit. Whether you're planning home improvements, consolidating debt, funding education, or covering unexpected expenses, our flexible and competitive loan options can help you achieve your financial goals.

Why Choose a Home Equity Loan?

home eq A Home Equity Loan allows you to borrow against the equity you've built in your home.

This type of loan offers several advantages:

Fixed Interest Rates: Enjoy the stability of fixed monthly payments over the life of the loan.
No Closing Costs: At Oklahoma Central Credit Union, we cover the closing costs for your Home Equity Loan, saving you money upfront.
Flexible Loan Terms: Choose from various loan terms to fit your budget and financial objectives.

Fixed Home Equity Loan (Second Mortgage)

Our Fixed Home Equity Loan provides a lump sum amount with a fixed interest rate and fixed monthly payments. This option is ideal for significant expenses like home renovations, debt consolidation, or tuition fees.

Key Features:

Loan Amounts: Borrow between $10,000 and $150,000.
Loan-to-Value (LTV) Ratio: Finance up to 95% of your home's value, minus your first mortgage balance.
Flexible Terms: Select from 5-, 10-, or 15-year repayment periods.
No Closing Costs: We pay the closing costs for you.

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Home Equity Line of Credit (HELOC)

A HELOC offers the flexibility to borrow funds as needed, making it suitable for ongoing expenses or projects with variable costs.

Key Features:

Credit Line Amounts: Access between $10,000 and $150,000.
Variable Interest Rate: Rates adjust with the market, potentially offering lower initial rates.
Draw Period: Enjoy a 5-year period to draw funds as needed.
Repayment Period: After the draw period, repay the balance over 10 years.
Interest-Only Payments: During the draw period, pay interest only on the amount borrowed.
No Closing Costs: We cover the closing costs for your HELOC.

Note: HELOCs are available for primary residences only.

Is a Home Equity Loan Right for You?

Consider a Home Equity Loan or HELOC if:

You have substantial equity in your home.
You need funds for significant expenses like home improvements, education, or debt consolidation.
You prefer potentially lower interest rates compared to unsecured loans or credit cards.

Eligibility Requirements:

Equity: Sufficient equity in your primary residence, second home, or vacation property (investment properties do not qualify).
Purpose: Funds can be used for home improvements, refinancing, debt consolidation, tuition, and other personal expenses.

How to Apply

Applying for a Home Equity Loan or HELOC with Oklahoma Central Credit Union is straightforward:

1. Contact Us: Reach out to our Member Services at 918-664-6000, ext. 480, or visit one of our branch locations to speak with a Member Financial Representative.
2. Consultation: Our loan experts will guide you through the options, helping you choose the best loan for your needs and budget.
3. Application: Complete the application process with the assistance of our team.

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Member Success Stories

Andrew's Home Upgrade

Andrew made his house a home with a little help from Oklahoma Central Credit Union - you can do the same with a home equity loan! Get an upgrade by using your home's value. Consider leveraging home equity to achieve your financial goals and make the most of your homeownership.

Additional Financing Options

If you don't have sufficient equity in your home, consider these alternatives:

Personal Loans: Ideal for smaller projects or when home equity isn't available. Personal loans typically offer lower, fixed interest rates compared to credit cards.
Vehicle Refinancing: Refinancing your existing auto loan can lower your monthly payments, freeing up funds for other expenses.
Heating and Air: We provide flexible financing options for heating and air systems, making it easier to keep your home comfortable year-round without the upfront cost.
Storm Shelters and/or Generators: We also offer financing options for storm shelters and generators, ensuring you can protect your home and family with affordable monthly payments.