Bank of Oklahoma offering HELOC with 2.75% Introductory APR for 12 Months

Bank of Oklahoma logoBeing a homeowner comes with a number of perks, not the least of which is access to the equity accumulated in the home. Through a home equity line of credit, homeowners have the unique ability to borrow at attractive interest rates, making the process of funding life’s big expenses easier. Whether home equity is used to buy a car, family vacation, or finance a remodel or renovation, tapping into this valuable resource is made easier with offers from local banks or credit unions. Compare equity loan offers from multiple mortgage lenders.

Promotional Offer Details

From now through May 31, 2017, current homeowners have the ability to secure a new home equity line of credit with the Bank of Oklahoma with an introductory interest rate as low as 2.75%. The low interest rate is variable for the first 12 billing cycles after account opening, based on the Prime Rate minus a margin of 1.25%. Only homeowners who do not currently have a home equity line of credit currently held with the Bank of Oklahoma are eligible.

Homeowners must qualify for the promotional home equity line of credit made available through the bank based on credit history and score, as well as the appraised value of the home. To receive the lowest interest rate available, the line of credit amount cannot exceed 85% of the home’s value. A minimum advance from the line of credit of $250 is required, although there is no requirement for how large or small the total credit line may be. An annual fee of $50 is applied to each home equity line of credit, regardless of the credit limit.

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The Bank of Oklahoma is offering higher interest rates on home equity lines of credit for homeowners who have less than excellent credit. For all new home equity lines of credit made available by the Bank, both property insurance and flood insurance (where applicable) is required.

About Bank of Oklahoma

The Bank of Oklahoma has a long history of serving banking customers throughout Oklahoma, not only by offering home financing and home equity products, but through deposit accounts, personal and auto lending, business banking, and wealth management services. The Bank currently operates 137 branch locations throughout the region, as well as several fee-free ATMs.

Contact Information

Homeowners interested in the home equity line of credit promotion offered by the Bank of Oklahoma may gather additional information or apply by visiting a branch location, contacting a customer service representative at 800-234-6181, or by visiting the bank online.

Posted on May 16, 2017 by in Home Equity Line of Credit, Mortgages,

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08/16/2017