Current Promotional Rates:
Fixed for 2 Years
Fixed for 3 Years
Fixed for 4 Years
With automatic payments from your Kalo Plus/Deluxe Checking Account2
CURRENT VARIABLE RATE:
As of 11/1/19, subject to the floor rate of 4.50% APR
What is a HELOC?
A Home Equity Line of Credit (HELOC) is a line of credit secured by the available equity of your Hawaii home. The available equity of your home is the total value of your house minus the amount you still owe on it. For example, if your home is worth $500,000 and you still owe $200,000, your equity in your home is $300,000. A HELOC is used to access your equity in a credit line that can be used to purchase the things you want or need. Many Hawaii residents use HELOCs to make renovations, complete home improvement projects, or make major purchases.
- Available for homes in Hawaii
- Uses the equity in your home
- Lines of credit available up to $1,000,0001
- No annual fee
- Access line of credit by Equity ExpressSM Visa® card or checks
- Free Online Banking with eStatements
WHAT IS A FIXED RATE EQUITY LOAN OPTION?
A Fixed Rate Equity Loan Option allows you to get a fixed interest rate on any portion of your Home Equity Line of Credit balance. A FRELO is a loan you take out of your HELOC during the draw period. As you pay this back, your HELOC line is replenished. A Fixed Rate Equity Loan Option allows you to enjoy fixed rates for a set amount of time, rather than paying variable rates.
WHAT ARE THE ADVANTAGES OF A FIXED RATE EQUITY LOAN OPTION?
The biggest advantage to a fixed rate equity loan is the consistency of predictable monthly payments. If you are planning to pay for a major purchase or renovation project using HELOC funds, you can lock in a fixed interest rate for a set term. At ASB, we allow you to take out up to 5 fixed rate equity loans on your HELOC at one time. These fixed rate options are available at any time during the draw period of your HELOC. With our competitive FRELO, you can choose loan terms between 3, 5, 7, 10 and 15 years with a fixed interest rate. A fixed rate HELOC loan may be a great option if you have a planned expense but still want access to funds should you need additional money.
Fixed for 15 Years
- Automatic Payments
- Online Banking with mobile app
- Online Bill Pay
- Phone Banking
- Home Equity Line of Credit has up to 5 FRELOs available to draw at any time during the draw period of your HELOC. The maturity date of the FRELO must not go past the maturity date of the HELOC
- Term ranges from 3 to 15 years with predictable fixed monthly payments for the life of the loan
- No fees to use a FRELO
- As you repay your Fixed Rate Equity Loan, your line of credit is replenished during the draw period
A Home Equity Line of Credit works similarly to a credit card. After being approved for a HELOC, you have access to a specified amount of credit secured by the equity in your home during your ten year draw period. Depending on the HELOC product you were approved for, you may be required to pay interest only or a portion of your principal plus interest during the draw period. This is followed by a fully amortized twenty year repayment period. Home Equity Line of Credit rates are variable and can change over the life of the credit line. We provide qualified Hawaii homeowners with HELOCs up to $1,000,000.
Unlike a second mortgage, a HELOC provides you with funds that can be accessed at any time during the draw period. Second mortgages, on the other hand, provide a one-time lump sum payment of funds. A Home Equity Line of Credit can allow you to use as much or as little credit as you need to make purchases or complete projects. If you think you will need additional cash resources over a period of time, a HELOC may be a good option for you.
Home Equity Line of Credit rates are generally variable. This means your rate is likely to change over the period of time you have your HELOC open.
Applying for a Home Equity Line of Credit for your Hawaii home is simple with the help of an experienced Personal Banker from ASB; online applications are also available. Speak with a Personal Banker today to learn more about HELOCs and how a line of credit may be the best option for your financing needs.
You can access your Equity Express Home Equity Line of Credit by Equity ExpressSM Visa® card, check, at a branch, or through transfers in online banking.
If your Equity ExpressSM Visa® card is lost or stolen, call our Customer Banking Center immediately at (808) 627-6900 or toll-free at (800) 272-2566.
To exercise the FRELO, you may visit a branch to sign an Addendum and the Request Form.
Use the Automatic Payments and Transfers form to set up automatic transfers to or from your accounts. If you are withdrawing from a non-ASB account, you will need the account number and routing number, a voided check, or a copy of your statement. Return the form to any branch or mail to:
American Savings Bank
Attn: ACH Services
PO Box 2300
Honolulu, HI 96804-2300
We need 7 business days from the date of receipt of your form to set up, change, or cancel your transfer. For loan payments we will send you a letter confirming the start date of your first automatic payment. Please continue to make your payments until you receive your confirmation letter. You may also set up automatic transfers using ASB Hawaii Online.
- Line of credit amount depends on home equity borrower's creditworthiness and occupancy.
- The minimum to open a Kalo Plus or Kalo Deluxe Checking account is $20. For Kalo Plus, the $15 Monthly Service Fee is waived with $7,000 in combined personal monthly average deposit and/or outstanding loan balances or $2,500 in direct deposits per statement period and for Kalo Deluxe, the $25 Monthly Service Fee is waived with $30,000 in combined personal monthly average deposit and/or outstanding loan balances or $5,000 in direct deposits per statement period. Please see the Personal Deposit Account Terms and Conditions for other terms, conditions and fees.
For owner-occupant EEXs up to $250,000 (excluding properties listed for sale within the prior six months), ASB will pay or waive fees and costs for flood certification (up to $9), bank’s title insurance (up to $125), escrow services (up to $125), credit report (up to $2.50 per borrower), trust review, condo review, mortgage recording, notary, recording fee for the release of third-party mortgage, and valuation through an automated valuation model and property condition report (up to $150) of ASB’s choice; however, at their own cost, customers may request an appraisal at an estimated cost between $500 and $1,500. For owner-occupant EEXs up to $250,000 (excluding properties listed for sale within the prior six months), receive a credit of up to $500 at loan closing to offset a third-party lender’s early closing fee when you make an initial advance on your new EEX to pay off your existing home equity line balance of at least $10,000 with that third-party lender. This early closing fee must be assessed and identified by the third-party lender through its payoff procedure in order to receive the credit at loan closing.