Home Equity Line of Credit
You’ve put a lot of love and hard work into your home, so let HawaiiUSA FCU reward you with a Home Equity Line of Credit that allows you to use the equity in your home to fund other goals in your life.
With HawaiiUSA, certain lender’s fees will be waived* and there are no annual or termination fees+. Plus, the interest paid may be deductible, but consult with a tax professional for details. Only owner-occupied properties in the state of Hawaii are eligible for our two home equity financial instruments.
80% Loan To Value HELOC
- Loan amounts range from $10,000 to $200,000
- Renewable draw period
- 15-year amortization
- Quarterly adjustments, not monthly
- 1% cap per quarterly adjustment
- 2.5% Margin
For more Home Equity Line of Credit loan options visit any of our branches or call (808) 534.4300 or toll-free (800) 379.1300.HOME EQUITY LINE OF CREDIT (“HELOC”): The current prevailing rate is 4.00% APR. The prevailing rate is a variable rate which may vary on a quarterly basis on the statement cycle date of February, May, August & November. The APR will be equal to the index, which is the weekly average yield on US Treasury Security adjusted to a constant maturity of one year, plus a margin of 2.50% rounded up to the nearest 0.25%. As of 02/01/14, the US Treasury Security index was 0.11%. The rate cannot increase or decrease more than 1.00% at each quarterly rate adjustment but may exceed that for the single adjustment at the end of a promotional discounted rate period. In no event will the APR be less than 4.00% nor higher than 18.00% or the maximum permitted by law, whichever is less. HawaiiUSA FCU charges no credit union closing cost; however, you will be required to pay certain fees to third parties at closing that may range from $0 - $1,500. These fees include, but are not limited to, title insurance ($125-$300), recording fee ($25-$55), trust review and trust documentation ($155-$400), mortgage or other document preparation fees ($125-$175), and property evaluation ($65-$100). We will use a property evaluation to determine the property value, if the value is not sufficient an appraisal will be required at your expense, estimated cost may vary from $500 to $1,500 depending on the property. When an initial draw of a minimum $20,000 or more new monies is advanced at opening, certain third party fees may be waived* when you agree to (i) not close your credit line prior to the first anniversary of the opening date and (ii) maintain the account balance less normal monthly payments for a period of three months from opening. Hawaii properties must be fee simple and owner-occupied to qualify. Maximum loan amount is lesser of $200,000 or up to 80% of your home value. Higher LTV programs are available with price adjustments. HELOC has a 5-year draw period with a 15-year amortized repayment (principal and interest payment). Minimum monthly payment is $150. You must carry fire, hurricane & flood (if applicable) insurance on the property that secures the credit at homeowners’ expense. No annual fee or prepayment penalty. HawaiiUSA FCU membership is required (minimum $5 share account). Program subject to change or discontinuation without notice. *Fees waived include valuation assessment, title insurance, recordation, credit report and flood certification/tracking.