Home Equity Line of Credit (HELOC)
Give yourself a little credit
SAVE TIME AND MONEY
With a Home Equity Line of Credit (HELOC), you can use your home’s value to get a much lower rate. Plus, it helps you save time on loan applications in the future. It’s perfect if you’ve got an upcoming project, but don’t know exactly how much you’ll want to borrow. You’ll have a continuous source of cash whenever you need it.
HOME EQUITY LINE OF CREDIT BENEFITS
- Credit lines up to $300,000
- Start with an initial advance of $1,000
- Great for home renovations
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WHAT CAN I USE A HOME EQUITY LINE OF CREDIT FOR?
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RENOVATE
Have the flexibility to renovate or upgrade your home when you want, utilizing the equity of your home.
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EDUCATE
Use the equity in your home to pay for schooling or tuition.
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CELEBRATE
Want to finally take that dream vacation, perhaps you need to finance a wedding, cover costs for your next child, or need to grab a new car? Celebrate with a Pearl Hawaii HELOC.
WHY PEARL HAWAII’S HOME EQUITY LINE OF CREDIT?
As property values in Hawaii grow, equity in your home is also available. Pearl Hawaii’s HELOC can help you cover larger expenses. Of course, it doesn’t make sense to refinance your existing mortgage unless you have a high rate. If you have a lower interest rate on your existing home loan, tapping into the existing equity with a Home Equity Line of Credit (HELOC) may make the most sense to help you cover larger expenses.
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.
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Rates effective as of: April 24, 2025
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