Finance
A home equity loan in Oklahoma differs from a HELOC in that it:
AIs always variable rate
BProvides a lump sum at a fixed rate for a fixed term, unlike a revolving credit line✓ Correct
CRequires 20% equity before use
DIs only available to commercial properties
Explanation
A home equity loan provides a lump sum at a fixed interest rate for a fixed term, with regular monthly payments. A HELOC is a revolving line of credit with a variable rate that the borrower can draw from as needed.
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