Home Equity Line of Credit – HELOC
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Complete your HELOC application today to secure up to $400,000 without an appraisal for most properties.*
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Put your equity to work with our HELOC special introductory rates and fixed rate loan options.
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Did you know you can refinance with a HELOC?
If you owe up to $400,000 on your existing mortgage, a HELOC could be the smarter way to refinance.
Our new, larger HELOC helps you do more
Now offering nearly double our previous line limit, our new HELOC allows you to access up to $400,000 of your home’s equity without an appraisal for most properties.* Plus, with our new 60-month introductory rate period, you’ll spend less time worrying about rising rates and more time living your happy. Remodel, refinance, reinvent yourself—if you can dream it, we want to help you achieve it.
See all available rates below.
*Available for a qualifying Bankoh Home EquityLine secured by property located in the State of Hawaii only. Line limits are based on occupancy and property location. Based on these and other factors, you may be eligible for a line less than $400,000 without an appraisal. In some cases, we may determine a full appraisal is required, resulting in estimated costs to you ranging from $500 – $1,500. You may incur other closing costs.
- Introductory and fully indexed rates
- Long-term fixed rate loan options1
||Current Fully Indexed Variable APR|
Understanding HELOC rates and options >
1 The Bankoh Home EquityLine introductory Annual Percentage Rate ("APR") will be effective for the first 24, 36, 48 or 60 months from the date your new Bankoh Home EquityLine account is opened (the "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 of 0.50% for a qualifying second lien behind a Bank of Hawaii first mortgage on an owner occupied fee simple property if the Combined Loan to Value ratio is ≤ 70%. For introductory APRs provided above, the current non-introductory fully indexed variable APR, as of 5/10/2023, is 8.75%, for lines with a 0.50% margin. Other fully indexed APRs are available for qualifying applications ranging from 8.25% - 10.00%, for margins ranging from 0.00% to 1.75%, respectively. In no event will the APR be less than 4.50% or more than 19.00% for properties located in the State of Hawaii and 18.00% for properties located in the territory of Guam. There is a $50 annual fee. Payments to third parties of certain fees, which generally total between $0 and $6,000 for Hawaii ($1,300 - $2,700 for Guam) may be required at closing. Any existing junior liens you may have must be paid off and may be paid by an initial draw from the new line of credit. The initial advance must be $12,000 or more (applicable for Guam only). Property that will secure your home equity account must be located in the State of Hawaii or territory of Guam. 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 or fire, typhoon, and flood (if in a flood hazard zone) insurance on the property that secures the home equity account located in Guam. If you have an existing Bank of Hawaii home equity line account, it will not be eligible for these introductory APRs, unless (1) your account has been paid off and closed at least 6 months prior to submitting a new application, or (2) your existing Bank of Hawaii home equity line’s draw period is scheduled to end within the next 12 months and a new application is submitted. Certain requirements and restrictions may apply. Subject to change. Loan approval is required. See the Bankoh Home EquityLine Application Disclosures and all current addenda for terms and conditions.
2 With automatic payments from your Bank of Hawaii personal checking or savings account.
||1st Lien/Refinance HELOC3|
Understanding HELOC rates and options >
1 Applicable for applications received 5/16/2023-5/31/2023. Available for new accounts and line increases, with a minimum amount of $10,000 at loan closing only. Monthly payments for Fixed Rate Loan Options (“FRLO”) are in addition to your minimum monthly payment on the variable rate portion of your home equity line. Other Fixed Rate Loan Options with varying rates and terms are available upon request. Other requirements and restrictions may apply.
2 The monthly payment per $10,000 borrowed for a 30-year FRLO at a 7.05% APR is approximately $66.87 (360 monthly payments of principal and interest).
3 Available for new lines or line increases up to $400,000 secured by properties without an existing first mortgage or whose first mortgage will be paid off by an initial draw from the new line of credit or line increase. The monthly payment per $10,000 borrowed for a 30-year FRLO at a 6.90% APR is approximately $65.86 (360 monthly payments of principal and interest).
Local, digital, personal
Convenient online tools and trusted local experts to help guide you through the HELOC application process.
Applying with SimpliFi
With SimpliFiSM by Bank of Hawaii:
- Start your application from the comfort of home
- Speak with our local lending experts anytime throughout the process
- Use your mobile, tablet or desktop device to apply
When you first click to apply, you'll be asked for some basic information to get started. If you are an existing customer with a Bank of Hawaii checking or savings account, we can automatically fill in some of your information to make the process easier and faster. All you need is your ATM or debit card along with your account PIN or e-Bankoh User ID and password to get started.
Once you've started your application, you can save your information and come back at any time to resume your application.
What you'll need initially:
- Social Security Number or Tax Identification Number
- Valid email address for all applicants
- Property information that will secure your loan (including estimated property value)
- Income information
What is a HELOC?
A HELOC is a type of loan that allows a homeowner (like you) to borrow against the equity in your home. HELOCs function much like a credit card: You can withdraw as many times as you like, within your credit limit. (Some lenders also have a minimum draw amount) As any outstanding balances are paid, the amount of credit available is also replenished.
This feature exists for a limited amount of time, called the draw period, which varies in length depending on the term set by the lender. During the draw period, you may only be required to make interest payments, but can make additional payments toward the principal if you wish. After the draw period, you enter into the repayment period, during which you can no longer draw on your line and your required monthly payments increase to include interest and principal.
What makes HELOCs attractive to most homeowners is that typically they come with a low introductory promotional interest rate, which generally lasts for one to four years. After the promotional rate ends, the interest rate typically increases to a variable rate (aka the market rate) and fluctuates as the prime index rate adjusts, because the interest rate is tied to that index. Typically your variable rate will include both the floating index rate portion and an additional "spread" or "margin" above the index rate.
Read our articles The essential steps to follow when getting and using a HELOC and 3 Good uses for a HELOC
Understanding HELOC rates and options
HELOCs typically come with a low introductory promotional interest rate, which generally lasts for one to five years. After the promotional rate ends, the interest rate usually increases to a variable rate (aka the market rate) and fluctuates as the prime index rate adjusts, because the variable rate is tied to the index.
Typically your variable rate will include both the floating index portion and an additional "spread" or "margin" above the index. Over the years, the interest rate on your HELOC may change many times.
Read our article The essential steps to follow when getting and using a HELOC
Some HELOCs come with a fixed-rate loan option, or FRLO, allowing you to convert all or part of the balance of your line of credit into a loan with a fixed interest rate. This can help you lock in a low rate, so you won’t have to worry about a variable rate going up in the future. There may be a limit on the number of fixed-rate loan options you can have at one time—usually three to five—and you'll want to inquire about whether conversion involves any fees.
Read our article 3 reasons you might want to convert your HELOC balance to a fixed rate loan option
Planning for your HELOC
When applying for a HELOC, it's smart to plan, and then plan some more.
How much do you need to borrow? In many cases, a smaller line of credit can give you more of a buffer if your financial situation changes, but it all depends.
How will you pay off a HELOC? The required monthly payments at the beginning of your HELOC's term will likely be relatively small, because you generally are only required to repay the interest on the loan, but that monthly payment will grow larger once you reach the repayment period of the loan and are paying off the principal as well.
If you're planning on selling the home at some point, will the cost of the sale cover the HELOC, as well as closing costs? Also think about the life stages you may be entering during the term of the HELOC, and the financial impact that might have.
Read our article The essential steps to follow when getting and using a HELOC
How to use a HELOC to refinance
Traditionally, homeowners use home equity lines of credits, or HELOCs, for home improvement projects, debt consolidation and to cover educational costs such as school tuition. But another smart use of a HELOC can be to pay off the remaining balance of your existing mortgage.
Even though you're taking out a line of credit rather than another closed-end mortgage, you can benefit from many of the same features as a conventional refinance would offer, including:
- Interest rates that are competitive with current mortgage rates.
- Lower closing costs than a typical mortgage refinance.
- Repayment terms that are more convenient for your goals and budget—anywhere from 3, 5 or 7 years up to 15, 20 or 30 years.
- The ability to access cash by applying and qualifying for a HELOC larger than the remaining balance on your mortgage.
Read our article How to save money on your mortgage refinance
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*#1 Residential Lender ranking is for total number of residential loans and total dollars made by a lender in the State of Hawaii in 2022. Information compiled by Title Guaranty derived from Hawaii Bureau of Conveyances tax data recorded information for 2022. Information is deemed reliable but not guaranteed.
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