SmartLock
SmartLock
With this feature, you get the flexibility of a home equity line of credit and the fixed-interest rates of a home equity loan when you utilize SmartLock.
A flexible loan, now with fixed interest rates
Using the SmartLock* feature on your loan, you can convert a portion of your line of credit balance into fixed rate loans. This allows you to take advantage of lower interest rates when you know exactly how much you'll need to take out, while still giving you all the flexibility of a home equity line of credit.
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With SmartLock, you never lose the flexibility in your HELOC. Once you've locked a portion of your loan, you can still use the rest of your available credit at any time and on anything you need.
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With SmartLock, a portion of your line of credit will have the stability of a loan. That means you'll lock in a low interest rate, know your monthly payments in advance, and have the ability to set up an automatic payment through your BOK Financial checking account.
Using SmartLock can help you consolidate debt and lower your monthly payments. See below for an example of how this could work for you.
| Type of Credit | Balance | Average APR** | Approximate Monthly Payment |
| Credit Card Debt | $20,000 | 12% | $400 |
| Auto Loan | $25,000 | 4.18% | $462 |
| Swimming Pool | $25,000 | 4.88% | $196 |
| Total | $70,000 | -- | $1058 |
| With SmartLock | $70,000 | 4.28% | $528 |
| Payments Reduced By $530/mo | |||
Use your home equity line of credit to buy a new car, the pool you’ve always dreamed of, pay college tuition, or almost anything else you need. After you've made an advance from your line of credit, use SmartLock to lock those balances into separate fixed rate loans. Or, for even more savings, you can bundle several advances together at one low rate. Then, you can continue to borrow from the remaining portion whenever you need.