Skip to Main Content Skip to Sitemap

HELOC FAQ

Make the most of your home's equity with a Home Equity Line of Credit. Get all of your questions answered before you apply.

Contact Us
Make the most of your home's equity with a Home Equity Line of Credit. Get all of your questions answered before you apply. Contact Us

Here are some common HELOC questions


What are today's rates?

HELOC rates are based on your individual qualifications, including credit score and loan-to-value. 

How do I qualify for a HELOC?

In order to qualify for a HELOC, you will need to have available equity in your home. In other words, the value of your home must be more than what you owe.

How much can I borrow?

You can typically borrow up to 90% of the value of your home minus whatever you owe.

What are the terms of a HELOC?

A Home Equity Line of Credit is a 10 year loan with 2 different periods, a draw period and repayment period. The draw period is 5 years, where you have ongoing access to available funds and can use the funds how you'd like. Once the draw period ends, the account enters the repayment period. The repayment period is 5 years. During the repayment period, you can no longer draw on the HELOC, and must make principal and interest payments.

What does my credit score need to be?

The minimum score to qualify for a home equity line of credit is 650 and requires a clean credit history for the past 12 months. The higher your credit score the more options you have for a HELOC.

What kind of documents will I need to provide?

This list is not comprehensive and can grow quickly depending on your personal situation.

  • Current paystubs to include the last 30 days
  • Last year of W-2s (If retired, last year's Form 1099)
  • Mortgage statement
  • Proof of homeowners insurance


Are there closing costs?

Yes, some items that may add to your closing costs include appraisal and traveling closer, if needed. 

Is the interest tax deductible?

Interest on HELOCs may be tax deductible. We recommend you consult your tax advisor regarding tax deductibility.

Happy To Help Stories

Why do our members love being part of OKCU? Find out below.

  • Samantha M.

    Everyone here is fantastic, the service is amazing. The interest rates are great, and I actually feel that I am getting somewhere with my payments, instead of paying interest.

    – Samantha M.

  • Jennifer F.

    OECU has helped me by allowing me to condense our debts down with low interest rates so that I could free up my budget.

    – Jennifer F.

  • Candice W.

    OECU has been so great and has always worked hard to get us the loans we need, when it seemed impossible you made it possible! Thank you so much for years of satisfaction.

    – Candice W.

  • Lynda M.

    Most finance companies won't even consider giving a loan to a young adult. But with OECU, you have taught my son about building credit and the responsibility of having a loan.

    – Lynda M.

  • Jerry S.

    I have had several instances over the years which OECU has helped get through a financial pinch. The most recent situation was not a need but a want. OECU allowed us to borrow the funds to take a dream vacation!

    – Jerry S.

  • Essie J.

    When I was concerned about my credit score, a loan officer sat down and explained how credit worked and what to do to help raise my score.

    – Essie J.