Oklahoma Home Equity Loans
Whether it’s a home equity loan needed to finance a debt consolidation in Oklahoma City (73170) or a home equity line of credit (HELOC) to cover ongoing medical expenses in Broken Arrow (74011); homeowners in Oklahoma are using the equity in their home for important endeavors. Second mortgage products in Oklahoma include both home equity loans and home equity lines of credit. The main difference between the two products is that that the home equity loan provides one lump sum of money, whereas the home equity line of credit (HELOC) is a revolving line of credit which allows for an ongoing draw.
Some 2nd mortgage products are better suited for specific projects. Borrowers in Oklahoma who need to finance a one time project may find more stability in a fixed rate home equity loan. In addition to home improvements and repair, home equity loans are ideal for debt consolidation. Debt consolidation is when the borrower uses a home equity loan to pay off several creditors; resulting in one monthly payment. A home equity line of credit (HELOC) works better for the borrower who needs to finance an ongoing project or endeavor such as college tuition, an extensive home remodel or perpetual medical expenses. A home equity line of credit (HELOC) is a variable rate revolving line of credit where the borrower can continuously draw from the line. The borrower only makes payments on money drawn against the line.