Oahu mortgage calculator10/12/2023 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 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. During the draw period, you may only be required to make interest payments, but can make additional payments toward the principal if you wish. 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. (Some lenders also have a minimum draw amount) As any outstanding balances are paid, the amount of credit available is also replenished. ![]() Please see your deposit account agreement, disclosures, and fee schedule for terms, conditions, fees, and additional restrictions that may apply.Ī 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. See the Bankoh Home EquityLine Application Disclosures and all current addenda for terms and conditions.Ģ With automatic payments from your Bank of Hawaii personal checking or savings account. Certain requirements and restrictions may apply. 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. 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. ![]() Property that will secure your home equity account must be located in the State of Hawaii or territory of Guam. The initial advance must be $20,000 or more (applicable for Guam only). 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. 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. 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. 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. For introductory APRs provided above, the current non-introductory fully indexed variable APR, as of, is %, for lines with a 0.50% margin. 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%. After the Introductory Period, the APR may vary at any time and will be equal to the U.S. ![]() 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. 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). Effective with applications received on or after, the introductory APR will be valid for 90 days from the application received date to loan signing date. The introductory APR is effective - for qualifying applications received. 1 The Bankoh Home EquityLine introductory Annual Percentage Rate ("APR") will be effective for the first 24 months from the date your new Bankoh Home EquityLine account is opened (the "Introductory Period").
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