Home Equity Lines of Credit (HELOC)

Energy One offers a home equity line of credit that helps you borrow using the equity that you’ve already established in your biggest investment, your home. The money may be used for anything, not just for your house. Pay for a wedding, restore an old car, consolidate debt, or go on a dream vacation. The possibilities are endless!

  • Variable rate home equity loans with rates that are typically better than credit cards and personal loans
  • Interest only accrues on the amount you’ve advanced
  • Interest may be tax deductible, consult a tax advisor to see if you qualify
  • In most states, HELOCs can be accessed via online banking
  • 5-year draw period, 10-year repayment period

If you would like additional information, please contact us at 918-699-7100 or 1-800-364-3628.

Click here for information on HELOC from the Consumer Financial Protection Bureau.


Home equity loans are variable and will be based on the prime lending rate as of the 15th of the previous month as published in the Wall Street Journal. This is the “INDEX” plus a stated margin based on underwriting guidelines. All rates are adjusted monthly on the 1st of the month. The annual percentage rate will never exceed the maximum permitted by law.


The Energy One mortgage resource staff has put together a list that should help you get a head start on providing items that will aid in the process of your home equity loans. These are the most common items but, in some cases, additional items will be required.

  • Salaried members will need copies of the last 2 pay stubs or W-2s for the previous two years.
  • Self-employed members will need copies of the most recent tax returns. Also, if the business is incorporated, copies of the last two years’ corporate returns and a current profit and loss statement will be needed.
  • Retired members will need copies of a 1098 or 1099 to verify social security and retirement income.
  • Insurance agent’s name and number where they can be reached, or a copy of homeowner’s insurance statement.
  • Copy of recent statement on home loan from mortgage lender (unless Energy One holds the mortgage)

Fair and Accurate Credit Transactions Act: This legislation will provide consumers, companies, consumer reporting agencies and regulators with important new tools that expand access to credit and other financial services for all Americans, enhance the accuracy of consumers’ financial information and help fight identity theft. These reforms make permanent the uniform national standards of our credit markets, and institute new, strong consumer protection and free credit reports. You are entitled to one free credit report each year from each of the three credit bureaus. If you would like your credit score, each bureau charges a fee for that. There are many websites that claim to offer free credit reports, but the one that was set up by the FACT Act is www.annualcreditreport.com. If you would like to call to request your report, the number is 877-322-8228. If you would like help making sense of your credit report, please contact the loan department at your branch and we will be happy to go over it with you.