DREAM A LITTLE BIGGER WITH A HELOC…
Consolidate debt, fix up your home, take a vacation- whatever you need! Pearl Hawaii offers affordable rates and flexible financing options. Better yet, the interest you pay may be tax-deductible (Consult your tax advisor for your personal situation).
HOME EQUITY LINES-OF-CREDIT (HELOC)
A Home Equity Line-of-Credit, known as a HELOC, gives you a revolving credit line to use for large expenses or to consolidate high-interest debt. A HELOC often has a lower interest rate than other types of loans.
Like a Home Equity Loan, you are borrowing against the available equity. As you repay the outstanding balance, the amount of available credit is replenished – much like a credit card. This means you can borrow against it again if you need to and you can borrow as little or as much as you need throughout your draw period up to the approved credit limit. At the end of the draw period, the repayment period begins. Not all Home Equity Lines of Credit are created the same. Some lenders have different draw periods, repayment periods, borrowing limits, and minimum/maximum withdrawal amounts.
Home Equity Lines of Credit (HELOC) Fixed Intro Rates
|APR* AS LOW AS
|Max Loan Amount up to $300,000. Max Loan to Value up to 80%.
|Minimum Monthly Payment of $100.00.
*LTV - Loan to Value. The Introductory Annual Percentage Rate (APR) of 6.50% for the first 36 months of the Introductory Period. After the Introductory Period, the rate will adjust to the standard annual-adjustable interest rate in accordance with your Home Equity Credit Agreement. The current non-introductory fully indexed variable APR is 7.75% for 80% LTV; rate applicable 4/1/2023 through 3/31/2024. The Current Variable Index Rate shown is current as of 9/1/2023 and will not exceed 18% APR. Total HELOC loan amount received, rate, and terms are subject to credit approval. Offer is valid for qualifying applications to new Home Equity Lines of Credit. Only improved owner-occupant properties on Oahu accepted as collateral. Minimum credit line is $5,000 and the maximum credit lines for an 80% LTV Fee-Simple Owner-Occupied Property, the lesser of $300,000 or 80% LTV minus the balance of your existing mortgage. Refinancing of existing Pearl Hawaii Federal Credit Union Home Equity Lines of Credit is not allowed. Membership required. Borrower must maintain fire, hurricane, and flood (if in flood hazard zone) insurance on the property and Pearl Hawaii Federal Credit Union must be a loss payee on your Home Insurance policy. There are no points, pre-payment penalties, or annual fees. Closing Cost Fees that may be incurred: title insurance fee, document preparation fee, SRA\appraisal fee, appraisal review fee, trust review fee, recording fees, application fee, or flood verification fee. Closing cost fees incurred will be dependent on the amount borrowed and will vary based on the member’s situation and are estimated between $200 to $5,000. For the introductory rate, the initial advance must be $10,000 or more. For the Current Variable Annual Rate, the initial advance must be $1,000 or more. Other conditions and restrictions may apply. Any existing junior liens from financial institutions other than PHFCU must be paid off and may be paid by an initial draw from the new Home Equity Line of Credit account. Visit any of our branches for more information. May not be used for a business loan. The borrower must be 18 years of age or older. Promotion is subject to change or cancellation without prior notice. Minimum payment for 60 month term fixed intro rates and for the current variable annual rate is $100.00, NMLS# 472169. Federally insured by NCUA. HELOC EARLY DISCLOSURE.
Home Equity Lines of Credit
|APR* AS LOW AS
|Based on an A-Tier rate of $10,000
|80% Annual Adjustable
|Annual Adjustable Rate applicable 4/1/2023 through 3/31/2024. Thereafter, the interest rate will adjust in accordance with the terms of the Credit Agreement. Max Loan Amount up to $300,000. Max Loan to Value up to 80% . 121 payments of $100.00 and 1 estimated final payment of $85.11.
|90% Annual Adjustable
|Annual Adjustable Rate applicable 4/1/2023 through 3/31/2024. Thereafter, the interest rate will adjust in accordance with the terms of the Credit Agreement. Max Loan Amount up to $150,000. Max Loan to Value up to 90%. 121 payments of $100.00 and 1 estimated final payment of $85.11.
*Annual Percentage Rate (APR). The loan rates advertised are “A” Tier loan rates in our Multi-Tiered Loan Rate Program. Other rates and terms are available. Other terms, conditions, and restrictions may apply. Visit any of our branches for more information. It may not be used for a business loan. The borrower must be 18 years of age or older. Promotion is subject to change or cancellation without prior notice. Only improved owner-occupant properties on Oahu accepted as collateral. You must maintain fire, hurricane, and flood (if in flood hazard zone) insurance on the property that secures your Home Equity Line of Credit Agreement. PHFCU must be listed as a loss payee on the Home Insurance policies. There are no points, pre-payment penalties, or annual fees. Closing Cost Fees that may be incurred: application fee, title insurance fee, document preparation fee, SRA\appraisal fee, appraisal review fee, trust review fee, recording fees, flood verification fee. Closing cost fees incurred will be dependent on the amount borrowed and will vary based on the member’s situation. Payment example does not include possible fees, insurance, or closing costs that may occur and will range dependent on your situation. Maximum loan amount: $300,000. The borrower must be 18 years of age or older. NMLS 472169. HELOC EARLY DISCLOSURE.
HELOC SPECIAL BENEFITS
- Credit lines up to $300,000.
- Great for home renovations.
- The initial advance is $10,000.
- Additionally, there are no annual fees.
- Tax-deductible (Consult your tax advisor for your personal situation).
- Experienced specialists to help you through the application process.
- Overall, great if you want the flexibility to use your funds over time.
HOME EQUITY IS…
Home equity is the appraised value of your home minus any outstanding mortgage and loan balances. Simply, it is the portion of your home that you have paid. For many, it is also a homeowner’s most valuable asset. Additionally, home equity increases without you having to do anything more than pay your regular mortgage payments. Home equity builds over time as you pay down mortgage balances, as the value of your home increases due to renovations, or inflation. Equity in your home is an important asset for homeowners since it can be used to borrow a Home Equity Line of Credit (HELOC).
Whether you want to renovate or consolidate debt, borrowing against the equity could be a good option depending on your situation. Home loans have many similarities, but with important differences.
WHY IS HOME EQUITY IMPORTANT?
Home equity is important because it can be part of your long-term strategy for building wealth. Mortgage payments reduce what you owe while your home gains value. Basically, making payments on your home becomes a forced savings account where you can become equity rich. With the equity, you can apply for loans.
HOME LOANS | RESOURCES & PRODUCTS
- LOAN PAYMENTS
- LOAN APPLICATION
- HOME INSURANCE
- HOME LOAN SPECIAL OFFERS
- AUTOMATIC LOAN PAYMENTS
HELPFUL HOME LOAN INFORMATION
- 30 Year Mortgages | What Are They And How Does It Work?
- Is a 20 Year Mortgage Right For you?
- Just the Facts about Adjustable Rate Mortgages (ARMs)
- Make Your Home Work With Pearl Hawaii’s HELOC
- Save Time & Money With A Pearl Hawaii Mortgage
- Second Mortgage | What are they and How Do I use one?
- Home Equity Is Your Greatest Asset. Why?
- Pearl Hawaii’s Fixed Rate HELOCs
Building trust, nurturing dreams, inspiring hope. From home or car loans to Hawaii’s most innovative banking services, Pearl Hawaii is committed to you. Bank at any of our Oahu locations in Waipahu, Ewa Beach, Waianae, Honolulu, Pearl Harbor, or near the Airport. Additionally, you can bank using PHFCUOnline just like one of our branches. To contact us, call us at 808.737.4328, toll-free at 800.987.5583, or email us at MyFamily@phfcu.com.
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Caring for our local community with outstanding service and awesome innovation.
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