heloc - Tap into home equity
Use your home’s equity to pay for home improvements, consolidate debt, cover school tuition, or medical bills. You can use the funds to help your children with a down payment to buy a home or to purchase more real estate. Even better, gain peace of mind by being prepared for unexpected expenses with this revolving line of credit with no down payment or annual fee. Our efficient loan process provides faster access to cash that you can use to fund your next project.
What is a HELOC?
A Home Equity Line of Credit allows you to borrow a portion of the equity in your home. A HELOC is a revolving line of credit that allows you to make multiple withdrawals up to your credit limit. Like a credit card, when balances are repaid, the amount of available credit increases.
- A HELOC usually has a variable rate with a borrowing period that is typically 10 years. During this draw period, you can tap into your HELOC as needed and continue to use and repay the funds. You will need to make monthly interest-only payments.
- After the borrowing period ends, the repayment period begins and you can no longer draw on the HELOC. The remaining balance is repaid monthly with principal and interest like a regular loan. The repayment period is usually 20 years.
- You may be able to convert a portion or all of the balance taken during the draw period from a variable-rate to a fixed-rate loan.
- A HELOC usually features a low introductory interest rate that can last from one to five years. After this promotional rate ends, the interest rate changes to a variable rate that fluctuates as the benchmark prime rate adjusts plus a margin set by a lender.
HELOC Benefits
FLEXIBILITY
Pay interest only on what you borrow.
LOW INTRODUCTORY RATES
Low introductory fixed rates for the first 2 to 5 years.
INTEREST-ONLY DRAW PERIOD
Make lower, interest-only payments for the first 10 years.
LOCK IN A FIXED RATE*
Option to lock in a fixed rate on the draw portion.
LONGER REPAYMENT PERIOD
After the interest-only period, you have up to 20 years to repay the balance.
HIGHER LOAN AMOUNTS
Credit lines from $20,000 to $1,000,000. Maximum 85% loan-to-value minus balance of existing mortgage.
Why Go With Us?
EASY APPLICATION WITH FAST CLOSING
We will guide you from application to loan closing for an exceptional customer experience.
NO APPRAISAL NEEDED*
A full appraisal is typically not required, saving time and fees.
SELECT CLOSING COSTS WAIVED*
We cover certain closing costs for most Hawaii properties.
Competitive Hawaii heloc rates* | ||
| Introductory Fixed Annual Percentage Rate (APR) | Terms | Current Variable Rate APR |
6.35% |
2 Years |
8.00% |
6.45% |
3 Years |
8.00% |
6.55% |
4 Years | 8.00% |
6.65% |
5 Years
|
8.00% |
We also offer FIXED-RATE HELOC options. Contact us for the latest rates.
Ready to Get Started?
Our seasoned mortgage experts can find a Home Equity Line of Credit that fits your situation and meets your financial goals. Reach out to us at 808-566-6611 for a no-cost consultation.
*Requirements and restrictions apply for appraisal and closing costs waivers, and fixed-rate options on the draw portion. An appraisal may be required for properties whose tax-assessed values cannot be verified, leasehold properties, or properties in poor condition. For Hawaii properties, select closing costs will be waived for owner-occupants, investors, and lines secured by a second home.
All mortgage products, rates, terms and conditions are subject to credit and property approval. This is not a commitment to lend or extend credit. Requirements and restrictions apply.
The Home Equity Line of Credit (HELOC) introductory Annual Percentage Rate ("APR") will be effective for the first 24, 36, 48, or 60 months, from the date the new HELOC account is opened, depending on the selection (“Introductory Period”). Offer is valid for qualifying applications received 5/16/2023 - 5/31/2023. After the Introductory Period, the APR may vary at any time and will be equal to the U.S. Prime Rate, published in the Money Rates section of The Wall Street Journal, plus a margin that can range from 0.00% - 1.75%, determined by lien position, occupancy, and Combined Loan to Value ratio. The current non-introductory fully indexed variable APR range, as of 5/10/2023 is 8.25% to 10.00%. In no event will the non-introductory APR be less than 4.50% or more than 19.00%. There is a $75 annual fee. Payments to third parties for certain fees, which generally total between $0 and $6,000 may be required at closing. Any existing junior liens must be paid off and may be paid by an initial draw from the new line of credit. Property that will secure your home equity account must be located in the State of Hawaii. You must also maintain fire, hurricane, and flood (if in a flood hazard zone) insurance on the property that secures the home equity account located in Hawaii. Existing HELOC accounts are not eligible for these introductory APRs, unless (1) the account has been paid off and closed at least 6 months prior to submitting a new application, or (2) the existing HELOC’s Draw Period is scheduled to end within the next 12 months and a new application has been submitted. Certain requirements and restrictions may apply. Subject to change. Loan approval is required.
The variable rate APR is equal to the U.S. Prime Rate, published in the Money Rates section of The Wall Street Journal (“Index”), plus a margin that can range from 0.00% - 1.75%, determined by lien position, occupancy, and Combined Loan to Value ratio. In no event will the variable APR be less than 4.50% or more than 19.00%.
Waived closing costs include $125 mortgage documentation fee, $75 trust review fee, and $75 condominium review fee, as applicable. If escrow is required, we will provide a credit of up to $175 to offset escrow fees related to paying off existing liens. Payments to third parties for certain fees, which generally total between $0 and $6,000 may be required at closing, and are not waived as part of this offer.