More About Jumbo Loans
Looking for something bigger for your dream home? At American Savings Bank we offer Jumbo Loans with competitive rates that are available for both fixed and adjustable rate (ARMs) mortgage programs.
A Jumbo Loan may be a good option for:
- A fixed or adjustable mortgage in Hawaii
- Loan amounts greater than $1,089,300 and up to $2.75 million
- New home purchases or refinancing
Avoid Costly Mortgage Insurance
With Our "Piggyback" Offer1
Here's How It Works:
- 90% financing (10% down payment) with a simultaneous first mortgage and home equity line of credit (HELOC)
- Combined loan amount up to $2 million for first mortgage and HELOC
- HELOC terms include a 10-year interest-only draw period followed by a fully amortized 20-year repayment period
- HELOC features a 20-year fixed rate equity loan option (FRELO) up to $500,000
For more information on our Piggyback Offer, contact a mortgage loan officer today >
Jumbo Loan Alternatives
You may also use our Jumbo Loans simultaneously with our Second Mortgage or Home Equity Loan Programs to help with a low down payment requirement and eliminate the need for private mortgage insurance.
WAYS TO GET STARTED
Visit a Home
PROGRAMS AND RESOURCES
First Time Home Buyer
Refinancing a Mortgage
Land and Home Construction Loans
U.S. Department of Veteran's Affairs (VA) Loan
Compare All Mortgage Loans
Home Equity Line of Credit
Combined First and Second Mortgage
State of Hawaii Mortgage Credit Certificate
First Time Home Buyer Programs
Learning and Resources
Buying Your First Home
Detailed Loan Process Guide
APR stands for “Annual Percentage Rate” and represents the price you pay to borrow money. APR is a broader measure than interest rate because it includes the interest rate plus other costs such as lender fees, closing costs and insurance. You can use APR to compare loans offered by different lenders when shopping for a mortgage loan.
For example, based on a purchase price of $500,000; loan amount of $400,000 (20% down payment; 80% loan-to-value); interest rate of 4.00% and 1.00% points, the monthly principal and interest payment on a 30-year fixed rate mortgage would be $1,909.66 and an APR of 4.119%. Keep in mind your mortgage loan monthly payment will be higher as lenders typically include property tax and insurance costs.
Jumbo Loans are any loans over the conforming loan limit set annually for each county by the Federal Housing Finance Agency.
Getting pre-qualified is highly recommended since many sellers require a pre-qualification letter from a reputable lender. Plus, during the pre-qualification process your ASB Loan Officer will help you determine the appropriate price range before you go house hunting.
- Loan programs and products are subject to loan qualification, credit policy and underwriting standards for the respective program or product. Certain terms, conditions and restrictions may apply. Programs/products subject to change or discontinuation without notice.
- The Combined First Mortgage and Piggyback HELOC Program is a residential loan program through American Savings Bank (ASB) with a maximum combined loan amount of $2,000,000 and a maximum combined LTV (CLTV) of 90%. The residential first mortgage maximum loan amount is $1,750,000 (the maximum loan-to-value (CLTV) is 80% for loan amounts up to $1,250,000 and 75% above $1,250,000 and up to $1,750,000). The ASB Equity Express (EEX) Home Equity Line of Credit (HELOC) 2nd mortgage maximum loan amount is $500,000.
There are two monthly payments for this financing program. For example, based on a purchase price of $2,200,000, the first mortgage amount would be $1,650,000 (75% LTV) and the HELOC is $330,000 (CLTV 90%); down payment is $220,000. The monthly principal and interest payment for the first mortgage is $10,977.49 as of 10/26/22, the interest rate is 7.00% and 0.750 points /7.075% Annual Percentage Rate (APR). The actual monthly mortgage payment is higher when you factor in the monthly impound amount for property tax, hazard insurance and other applicable impounds. Assuming the HELOC is fixed with a 2 year fixed rate equity option, the APR is 3.250% and the monthly payment is $1,871.75 for an owner occupant borrower with a minimum credit score of 780. HELOC current variable rate effective 10/26/2022 is 6.25% APR, and is subject to change monthly based on the highest Prime Rate published in the Wall Street Journal, plus a margin (subject to the floor rate of 4.50%; maximum APR is 18.00%).
If the borrower does not choose the FRELO option, the HELOC is interest-only based on the monthly variable rate and the outstanding principal (no principal amount is reduced unless there are additional payments made by the borrower each month; no prepayment penalty during the draw period for 120 months. After 120 months, the line of credit draw period ends (that is no further draw are allowed on the line), and the repayment period begins for 240 months. The monthly payment in 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 $500 will be charged if you request we close it within three years from the agreement date. This fee will not be charged 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. EEX 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 borrower qualification and credit and underwriting policy. Program subject to change or cancellation without notice.
Fannie Mae® is a registered trademark of the Federal National Mortgage Association. Freddie Mac® is a registered trademark of the Federal Home Loan Mortgage Corporation.