Understand the Loan Process - Learn what to expect in a loan pre-qualification and see what happens once you have started the loan application process.
Participating Lender in New Development Projects - Communities throughout Hawaii are developing and growing with exciting high-rise condominiums in the urban landscape as well as startup townhouses and family homes in new and existing subdivisions. American Savings Bank is pleased to be a participating lender for many of these real estate development.
Mortgage Glossary - Need a reminder on mortgage lingo? Use the handy glossary to learn more.
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- The Combined First Mortgage and Piggyback HELOC Program is an owner-occupied residential loan program through ASB with a maximum combined loan amount of $2,000,000 and a maximum combined loan-to-value (CLTV) of 90%. The residential first mortgage maximum loan amount is $1,750,000 with a loan-to-value (LTV) ratio of 75% and $1,250,000 with an LTV of 80%. The ASB Home Equity Line of Credit (HELOC) 2nd mortgage maximum loan amount is $500,000. If the borrower does not choose the FRELO option, the HELOC is interest-only based on the monthly variable rate and outstanding principal (no principal amount is reduced unless there are additional payments made; no prepayment penalty during the draw period for 120 months). After 120 months, the line of credit draw period ends, i.e., no further draws are allowed on the line, and the 240 month repayment period begins. The monthly payment during the repayment period is principal plus interest based on 1/240th of the outstanding principal on the first day of the repayment period plus accrued interest. If your line amount is more than $25,000, a fee of $750 will be assessed if the line is closed within three years from the agreement date. This fee will not be assessed if: (i) your line is $25,000 or less, (ii) you sell the collateral to an unrelated/unaffiliated third-party, or (iii) you pay off your loan with proceeds from a real estate secured loan from us. HELOC must be secured by fee simple property located in Hawaii. Fire, hurricane, flood (if in flood hazard zone) and localized peril (if in a lava hazard zone) insurance policies are required at homeowner’s expense. Payments do not include taxes or insurance premiums; your actual payment will be greater. Subject to loan approval. Program subject to change without notice.