How To Find The Right HELOC in Oklahoma

Have you been struggling to find the right home equity line of credit in your state, in your area? Did you come across a HELOC thinking it was one? Turns out it was a home equity loan or did you recently get approved from home equity line of credit came back at a much higher rate than what you thought you were going to get? We are no longer going to be struggling. Moving forward, you are a part of a financial series on how to find the right home equity line of credit in the second position that's structured properly with the right incentives. Today we're going to be looking at the state of Oklahoma on the left hand side of the board. I have here our framework. This is the can't go wrong formula. If you do all of these action items and become aware of the facts and the terms and how this product works, you're going to set yourself up for success on the right hand side of the board. When we do our research together and qualify different banks in each and every state. So far We've covered about 15 or so plus states in the country. Our goal, my goal is to cover all 50 states before the year is over. I really want to have it, I really want to be done by mid to late November. So hopefully we can accomplish that. If not by the end of the year, we'll bring this series to a close and there will literally be nobody left on the planet or really no American left on the planet that will struggle with finding the right home equity line of credit. The next time they go search, the next time they ask and you see someone comment, where can I find the right helocopter? You're just going to point them to Denzel's playlist on how to find the right home equity line of credit. And they can just scroll until they see their state or they can watch multiple videos in that series to get the full context. Each and every video, I'm giving you the framework and within each video in each state that we cover, I am, you know, dropping more ideas and giving you analysis. And we're just, we're going through this process together, full, raw, unedited. So with that being said, we're in the state of Oklahoma. Fortunately, Oklahoma is not as competitive, although there are some unique banks that are offering pretty good home equity liner credit. But there wasn't a whole lot of options at play. According to the research that I've done. I found you five banks, one I can't pronounce. I'm going with wio, fcu, we got Focus Federal Credit Union, we Have a bank called becu. We have Oklahoma Credit Union and another bank called bcu. Okay these are the top five banks that I found. But what I'm going to do is share my screen and show you each and every state that I. I mean each and every bank that I looked up. I did extensive research because I'm like was really trying to find you the best banks. Right. So I was taking extra time to figure it out. Where can I find the best HELOC in the state of Oklahoma. So with that being said take to my research. I type in well this is before because I was looking up other bigger banks to see which banks might cover Oklahoma. So I looked up Broadview because that was a pretty popular bank in our series on the northeast side of the United States. Broadview covers multiple states but I typically type in credit unions first and in the state that I'm looking at and then I'll type that offer a home equity line of credit. So I literally went through all the banks here and then even went to page two. So let me walk you through all these tabs that you see at the top right. First bank I found was TF C U or Tinker Federal Credit Union. Only reason why they did not make it to the whiteboard is they did not reveal enough information. All we know is that they do 90% LTV. The rate is variable. There is closing costs and a $450 processing fee. It says check interest rates and closing fees in TFCU's online home equity center. So I click on that takes me to this weird spot over here. It shows a 10 year fixed home equity product. So that's a fixed home equity loan potentially or home equity line of credit. Either way the rate is unattractive. 7.99% don't love that. If we click over here it says home equity loan process. If I click check rates then I gotta like put my info in. So if you live in the state of Oklahoma might be worth taking a little bit of time just to get the full facts here of this particular bank. But as far as I'm getting seeing, it's just I'm not seeing attractiveness here. The next bank I found was OK Federal Credit Union. Now it's a very mediocre website as you can see. See don't even know if they offer checking accounts or online banking but definitely didn't make the list so I skipped that. Then I found this bank W E O K I E Federal Credit Union. They have a home equity line of credit product as low as 6.125%. That's nearly, that's over prime. That's over 1% below prime. So that's quite attractive. Trying to see if they gave us any additional information here. That little sentence, these little sentences you always want to look at says rate as low as refers to the lowest rate available. Your actual rate may be higher based on factors such as points, credit score, loan amount, loan value. Well, we do our framework on the left hand side of the board. We're going to meet all that in advance. There seems to be some costs to obtain the product, so it looks like there is some closing costs. If we go to click Learn more it says fixed rate as low as 6.125%. This is a tough one because although it's over a point below prime to be fixed for say five to 10 years, it's, it's not bad. It's not the best. I said in my previous in, in our series here that if you're going to offer me a fixed home equity line of credit, I would like to be at least two points below prime of wherever prime is currently in a declining interest rate environment. If you offered me 6.125% in an increasing interest rate environment and prime is currently at 7.25%, I'm going to jump on that because I'm able to secure 6.125% and rates continue to go up from where they're at today. And let's say they go all the way up to 8 and a half, 9% like it did two years ago if I'm not mistaken. Year and a half. I think that. I think it peaked at 8.5 or 8.75. I think that's where prime was then I'm jumping on the 6.125% knowing the current economic impact environment. Like having a general idea. We don't have to become experts to realize and see. Okay, for the last year we've been entering a declining interest rate environment. All you have to do is look up Fed News and see when are the next meetings. What are they projecting, what are they telling us? Doesn't take a whole lot of time to obtain some facts to discover, okay, America is currently in a declining interest rate environment. So is the rest of the world for the most part. If I'm not mistaken, we've gone from 8.5% prime being at the high to now being at 7.25. Rates just got decreased in September. We're now in October. When is the next Fed meeting? Let's Research that together. Let's see, when is the next Fed meeting? October 28th to the 29th. And then the final meeting is December 9th through the 10th. So, and you might read a couple stories here, but you could even research are we currently in a declining interest rate environment? Yes. Boom. Look how quick that is. The interest rate environment is trending downward with the Federal Reserve cutting rates and mortgage rates also declining, though some long term rates are expected to remain relatively high. Cool. The Fed has already cut its benchmark rate and has signaled further cuts may be coming in late 2025 and 2026. So as it pertains to our goals on this YouTube channel, for the most part, for the vast majority of people watching this YouTube channel that come across this YouTube channel are people who are in debt, lots of debt, not the best credit score in the world, not a whole lot of cash flow. And you're trying to reverse that immediately. Leveraging a home equity line of credit by improving our credit in advance, by decreasing our DTI in advance, by getting ourselves set up with the right bank in advance to then get the right product and tool to then implement the right strategy and do it correctly can dramatically improve somebody's cash flow in half the time, let's say, on average, in terms of a timeline that we're looking at and just having that little piece of wisdom, are we in a declining interest rate environment? Yes. How long have we been in that environment? Over a year now. What is the current administration we are under? Are we under a republic administration? Republican, or are we under a Democratic administration? We're under a Republican administration. Okay. Based on that information, we then look at President of the United States, you look up what is the agenda of the current administration? All right, if you were to search that, typically when people run to become the President of the United States, they'll have a website and they'll have the top things, top five, top 10, top 20 things that they're going to be running on. Different people vote on that based on what is being said. And then, you know, there's character and motions and all that. But if you just focus on what is the agenda of the current administration, then you look at, okay, since the current president has come into office, based on what they ran on and based on what's been happening, has there been a story change? Has the story stayed the same or has there been a switch? So then the question is, well, based on what, Denzel? Well, now we narrow, as it pertains to this topic, over interest rates, has the current president been Pushing for interest rates to go down or go up. And all you gotta do is a little bit of research and you're going to see the consistency of the President pushing the Fed to reduce interest rates to a certain degree. That would improve the economy. Okay. And then there's obviously different viewpoints on how all that will work. There are pros and cons when you decrease interest rates, of course, as it pertains to your specific situation. Where this becomes a pro are for folks that have acquired debt in the last few years in a increasing interest rate environment. So there is a vast amount of Americans out there who have car loans at over 10%, who have student loans at 7, 8%, who have personal loans at 10 plus percent, who have credit cards at 30 plus percent, and even mortgages, 30 year mortgages at 7, 8, 8 and a half, 6 and a half plus percent. So if you're part of that crowd that acquired all of that debt at a high interest rate environment, your monthly payments are extremely high across the board for the most part. You're probably dedicating 40, 50, 60% of your income. For the most part. It's literally going towards the debt repayments for a lot of people. If all you did was continue to pay your debts and get really strategic with that remaining cash flow, not just get, not just be blind in making extra payments, although that's a good start, I would say don't end there. I believe that you have the ability to, to comprehend more information than any strategy. Because a strategy doesn't have a brain. You do though. And because you have a brain and because you have the capacity to learn and comprehend things and overcome your situation, you can learn about prime rates, interest rate environments declining and increasing, and knowing the difference, you can learn how to improve your credit score in no time. Then you what? Then you position yourself to become a Tier 1 borrower in the economy. Banks want to do business with tier one borrowers. You get incentives. You're now in a declining interest rate environment. You're able to refinance debt from double digits to low single digits. Then when you tack on velocity banking, you reduce the net amount of interest, percentage or cost that you pay in a year, despite whatever your rate is. So let's say you got a home equity line of credit, 7.25%. That's the rate that you're paying on the amount of money you owe inside of that heloc. But when you look in a year, you tally up all the interest statements, all the statements in the HELOC tally Up your balance, how much interest you paid in a year, times that by the balance that you owed throughout the year at any given point. When doing velocity banking properly and efficiently, you end up paying about half of the percentage rate. So yeah, you paid 7.25, but your percentage cost for the year of the balance that you carried throughout the year was 4% or 5%. So it's as if you're borrowing at 4 to 5% even though you're being charged 7.25. You paid a net cost percentage of say 4, 3, 5% because you were accelerating your debt faster. You restructured debt and you have more of your payment going to principal than interest and you remained liquid in the process. That's huge. All right, so let's, let's continue our research back to the wonderful state of Oklahoma. So back to the point here about getting the fixed rate of 6.125%. I'm not going to be upset if you do it and lock it in. I think you'll be okay, honestly. But I would prefer that fixed rate to be slightly lower than that if I'm going to get a fixed rate heloc. So I would want to call this bank and, and ask them if they have variable rates and if they do, if they have a variable rate option at prime minus 0.5% let's say and the feds meet two more times this year and they decrease interest rates by a half a point, then you're already at 6% at that point or 6.25. So you're already near the fixed rate. And if rates go down even more, I'm now able to benefit that the pro of getting a fixed rate that's relatively low, 6.125% is not horrible. The benefit there is you know exactly what your cost is going to be. So either way, not horrible. It's worthy of the board because it's prime minus. I don't know very much other information. I know it's mobile banking friendly but there's definitely some closing costs probably associated with this. And don't get confused with the, with the equity part. In order to get that low, low rate, remember the loan to value probably needs to be like 80% or lower. So just make sure you're asking all the questions on the left hand side of the board. Very, very important. Here's the next bank called TTCU Federal Credit Union. They offer heloc. Looks like they do two options. A one month ARM and a three month ARM Home equity line of credit with a one month arm. The initial rate is effective for one month after. So it's got like a one month promo. We don't know what that is. Then it's based on a index prime rate plus a margin. So it immediately doesn't make it to the whiteboard because of that plus margin. Despite whatever the intro rate might be, it's only one month. The other one is a ARM fixed rate for three years. After the three years it goes to a plus margin rate. So if we're comparing this bank to this bank, this is more attractive. All right, 6.125 fixed for I think for the whole draw period. This is only for three years. I'm pretty sure this one is for a longer period of time. It's not clear. It doesn't fully tell us. That's the only downside. So TTCU didn't make the whiteboard. Wasn't worthy. But I'm just, you know, showing all my research and that's important. There's another bank called bank first loyal to Oklahoma or Bank First I think is the name. Just Bank First. Again, a bank that did not reveal too much information. So just because of that they don't make the whiteboard. But again, if you live in the state of Oklahoma and you're looking for a HELOC, I'm showing you banks that do offer HELOCs. It would be worth getting the facts from them to see if they're competing. Like hey, do you have an intra rate offer? What's the rate based off? Is it a prime minus? Give us some more info. They're not sharing anything on their site. Here's the next bank called bank of Oklahoma. We can borrow up to 85% LTV competitive rates. We don't know what those rates are. We have closing costs says flexibility. So that's mobile banking friendly. But if you read in a little paragraph that I always tell you guys to read, we got a $50 annual fee rate is based off of prime Wall Street Journal index plus what A margin during the revolving and repayment period. So the margin offered is dependent on individuals excellent and substantial credit characteristics. Individuals with less than excellent and substantial credit may be offered a higher margin. That is almost always the case for most people. Why? Because they apply too soon. They don't listen to Denzel and you know, money is spent, money is lost. So they're not worthy of the whiteboard either. Why it's not prime Plus. I already found you a bank that's prime minus. Let's keep going. Here we have Focus Federal Credit Union. They Were pretty interesting. So 150k max credit line, mobile banking, friendly 6 year draw. Reason why I know it's mobile banking. You get a HELOC MasterCard so you get a credit card to basically run the vast majority your bills directly through the HELOC and access the money pretty easily. So not bad at all. Now if I click on rates it was able to give me more info. And here you have it. Prime minus 0.375% not bad at all. So we got a prime minus. The only downside is it's only a six year draw but not a big deal. We can always bounce to another bank, renew the line so that's not something to worry too much about. But the rate does go as low as 6.875%. I'm not complaining, it's pretty good. Here we have another bank becu tempting us with a 5.99 for the first six months but then it does go to a prime plus 7.49% being the highest. It is a 10 year draw. One of the nice things is you can get up to 500,000 and it looks like no closing costs and no annual fees. So that's pretty attractive. And the prime plus is only prime plus 0.24%. So when we look at all of the incentives involved, they're starting us out the gate with the 5.99 for 6 months 10 year draw you can get up to 500k max. No closing cost, no annual fee and it could be as low as 7.49% on the variable product. So that was worthy of the whiteboard. And they have this promotional 0.5% rate deduction on new fixed rate advances. So it's definitely worth communicating to find out if I could also benefit from that rate reduction if I, you know, follow their rules with the variable rate product. It's worth asking. Okay, but even if I don't get it, everything else made it worthy of the whiteboard. So it made it. Next bank is Oklahoma's credit union. Not a whole lot of information but I was able to get enough. We look at their variable rate product, it's just right at prime. So if a prime plus can get on the board, a prime can get on the board for the context, specifically in the state of Oklahoma. So that was a quick one. There's literally like no other information I could grab. 80% LTV, 740 credit score definitely mobile banking. They got the checking accounts. So next is we street credit union wasn't seeing much. 95% LTV. Do see if they can reveal more information. I think they didn't make it to the board just because I wasn't able to get too much info on the product. Yep, that was the issue. So we do home equity. Learn more and yeah they do not interest only ongoing bonds closing costs might be covered. Yeah so that, that was the issue is like I don't. They're not giving us too much info. So even though it doesn't make the board doesn't mean it's not worth calling if you live in the state of Oklahoma. So just keep that in mind. Just showing you all these banks that I found. Next bank is Truity, Truity. We got home equity loan, home equity line. Let's see do they make it to the whiteboard View rates mortgage. Are they not going to show heloc? Let's do recreational. That's why they didn't make it to the whiteboard because have a line of credit. We know they do a HELOC but they just don't give the information out. So again another bank is an. I don't know. Worth calling to find out. Next bank that did make it to the whiteboard. BCU right here. 6.75% my friend. That's prime minus 0.5. Quite attractive. Now in order to get the prime minus you have to follow their rules having two of the following relationships. Direct deposit of at least 1000 per month, which is not going to be an issue into your credit union checking account and at least 25,000 on deposit that could be an issue or a loan in good standing. So if we have the HELOC and we have 1000 per month coming in, should be able to be fine. And then I think it says automated payment method. You may reduce APR 2.5 with reward rate. So got some closing costs. So far it looks good. In order to get that prime minus 0.5% again for doing velocity banking, we shouldn't have an issue with this. And to get the, to get the 25,000 on deposit, depending on how big our line of credit is, one could take money out of the line plus maybe additional savings you may have in another bank. Move it here to have 25,000 on deposit between checking and savings, let's say and that wouldn't be an issue. So we're able to overcome that. A loan in good standing would just mean like okay, maybe a car loan with them maybe all right, maybe even getting a credit card. I don't know if that would qualify but worth having the conversation. Yeah, so this was the same thing and then that's it. So that's all my research, all the banks and I've looked at in the state of Oklahoma. Let's move on to top picks. Top picks. For me, I'm immediately in alignment with BCU and Focus Federal Credit Union because they both have the prime minus. Prime minus. All right. What's going to make me choose between the two is who has more closing costs. If there's a significant difference in closing costs, I'm probably not going to be too upset with that 0.14%, 13.5% difference in prime minus. So 6.8 versus 6.75. Not a huge, huge difference there. Another deal breaker would be credit limit. I know Focus Federal only goes to 150,000 max but if BCU does 250 or more I may, I may lean more in that direction and get the prime minus. Even if I have to pay a little bit extra for it. I know over the long haul I'll make up for that because I'm always going to be at that prime minus 0.5 that additional 13 half percent. Okay. Number two, I would probably lean on the Wioki. All right. And becu the Oklahoma Credit Union there's it's just prime but I'm willing to pay a little bit extra if it meant bigger max and intro rate. Pretty decent interest rate, no closing cost, no annual fee. Now if Oklahoma Credit Union offers no annual fee, no closing costs, 10 year draw, similar credit limit even if it's 100 $200,000 less, I'm going to stick with prime and not pay that 0.24 and I'm willing to opt out of that initial six month teaser rate. But again I already gave you my top two picks. That means these two banks are like already out of the picture. So if I live in the state of Oklahoma, I'm focusing my eyesights on BCU and Focus Federal. Having a conversation with them, maybe Wioki as well about their variable rate here. Key lock product if they have one. Get, get some more clarity on that. See where it goes from there. Other than that we're pretty much done with the state of Oklahoma. I'm loving these series. Hope you are enjoying it. We got Joey who is located in Oklahoma. So great to see someone live and in the state that I'm covering. I understand that you know I'm, I'm literally going live all throughout the week at different times which is why I'm labeling each video by state. So you can always just go back view the state that has been covered and go from there. If I haven't covered your state yet, be patient. I'm working my way. I've decided to be a little more uniform. At first I was kind of just bouncing around but then I was like I'm a miss Estate, I don't want to miss states. So I am pretty much covering all of east coast right now. It's kind of what I've been doing and I went a little bit west so I'm trying to make sure I cover all of east coast and I'm just kind of work my way west, take care of you all and then maybe even do like a Q and A when it's all done. To see what your progress is. I encourage you to do research on top of my research because I don't live in Oklahoma. For example my IP address or whatever, even if I'm using a private or whatever, it's not going to populate every single bank. If I was literally in in Oklahoma, in the main city I'll probably get more banks pop up. So if again like Joey, you live in Oklahoma, verify the banks, try to compete with my research. See if you can find a prime minus 0.75%. See if you can find a 12 month intro rate for 5.99% or lower. See if you can find a bank that does no closing costs prime minus intro rate. I'm pretty confident we can find that. And if we can't, well you can rely on finance geeks research here. So with that being said, God bless you all. Thank you for tuning in. Enjoy the rest of your day and we're to continue this series going state by state. Talk soon. Bye now.