Home Equity Line of Credit – HELOC
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If you can dream it, we want to help you achieve it. Our team of local lending experts are focused on helping Hawaii homeowners unlock their home’s equity. We’ll get to know you, help you find out how much equity you can access, and walk you through the application process. Remodel, renew, reinvent yourself— we’ll take care of the rest.
+#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.
HELOC Rates
- HELOC Introductory Rates
- HELOC Fixed Rate Loan Option Special Rate3
| Introductory APR |
|
Current Fully Indexed Variable APR | |
|---|---|---|---|
|
24 Months1 |
7.75%2 | 9.00%1 | |
|
36 Months1 |
7.95%2 | 9.00%1 |
Understanding HELOC rates and options >
1 The Bankoh Home EquityLine introductory Annual Percentage Rate ("APR") will be effective for the first 24 or 36 months from the date your new Bankoh Home EquityLine account is opened (the "Introductory Period"). The introductory APR is effective 12/1/2023-12/31/2023 for qualifying applications received 12/1/2023-12/31/2023. The introductory APR will be valid for 90 days from the application received date to loan signing date. If the loan signing occurs after 90 days from the application received date, the introductory APR will be the introductory APR being offered at the time of loan signing (if one is available). In order to qualify for the introductory APR, you must set up automatic payments from a Bank of Hawaii personal checking or savings account for the home equity line. 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 11/20/2023, is 9.00%, for lines with a 0.50% margin. Other fully indexed APRs are available for qualifying applications ranging from 8.50% - 10.25%, 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 $100 annual fee. Payments to third parties of certain fees, which generally total between $0 and $6,000 for Hawaii ($1,400 - $4,900 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 $20,000 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 this introductory APR, 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. Please see your deposit account agreement, disclosures, and fee schedule for terms, conditions, fees, and additional restrictions that may apply.
3 Applicable for HELOC applications received 12/1/2023-12/31/2023. 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.
4 The monthly payment for a 15-year Fixed Rate Loan Option ("FRLO") is approximately $95.28 per $10,000 borrowed (180 monthly payments of principal and interest).
| Annual Percentage Rate | |
|---|---|
|
15 Years |
7.95%4 |
Understanding HELOC rates and options >
1 The Bankoh Home EquityLine introductory Annual Percentage Rate ("APR") will be effective for the first 24 or 36 months from the date your new Bankoh Home EquityLine account is opened (the "Introductory Period"). The introductory APR is effective 12/1/2023-12/31/2023 for qualifying applications received 12/1/2023-12/31/2023. The introductory APR will be valid for 90 days from the application received date to loan signing date. If the loan signing occurs after 90 days from the application received date, the introductory APR will be the introductory APR being offered at the time of loan signing (if one is available). In order to qualify for the introductory APR, you must set up automatic payments from a Bank of Hawaii personal checking or savings account for the home equity line. 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 11/20/2023, is 9.00%, for lines with a 0.50% margin. Other fully indexed APRs are available for qualifying applications ranging from 8.50% - 10.25%, 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 $100 annual fee. Payments to third parties of certain fees, which generally total between $0 and $6,000 for Hawaii ($1,400 - $4,900 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 $20,000 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 this introductory APR, 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.
3 Applicable for HELOC applications received 12/1/2023-12/31/2023. 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.
4 The monthly payment for a 15-year Fixed Rate Loan Option ("FRLO") is approximately $95.28 per $10,000 borrowed (180 monthly payments of principal and interest).
Don’t let rising rates go unchecked
If you're worried about rising interest rates, did you know you can lock in a fixed interest rate with a fixed rate loan option (“FRLO”)? FRLOs allow you to fix an interest rate on all or a portion of your current variable rate balance (minimum of $10,000). Your minimum monthly payments will include a principal and interest portion to help you pay down the balance by the end of the FRLO term.
Special FRLO rate:
7.95% APR for 15 years3,4
3 Applicable for HELOC applications received 12/1/2023-12/31/2023. 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.
4 The monthly payment for a 15-year Fixed Rate Loan Option ("FRLO") is approximately $95.28 per $10,000 borrowed (180 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 line of credit 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 set 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 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
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 for debt consolidation
One of the smartest ways to use a HELOC is to pay off high-interest debts like credit cards. This is called debt consolidation, and it lets you pay off your credit card accounts, personal loans, car loans and other debt with one loan or line of credit, giving you a single convenient monthly payment, often at a lower interest rate than you would have otherwise paid.
Read our article 3 Good Uses for 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 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
The Complete Guide to Getting and Using a HELOC
What is a Fixed Rate Loan Option?
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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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