Discover the hidden value in your home! A Home Equity Line of Credit (HELOC) ensures you have cash available – quickly – for whatever you want. Use the equity you’ve already invested in your home to consolidate credit card debt, finance college or medical expenses, or pay for your home improvement projects.
Borrow against the equity in your home
- No annual fee
- No closing costs**
- Credit limit up to $500,000 (see table below for details)
- Ability to withdraw funds at anytime
- FREE HELOC checks available
- Up to 90% loan-to-value for credit limit***
- Draw period of 10 years, with 15-year repayment
- Interest paid may be tax deductible****
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Great team work and employees have a family Ohana attitude.- UHFCU Member
With UHFCU First Mortgage Without UHFCU First Mortgage 70% LTV: $500,000 max
80% LTV: $500,000 max
90% LTV: $200,000 max
70% LTV: $400,000 max
80% LTV: $400,000 max
90% LTV: $200,000 max
Note: “LTV” is short for “Loan-to-Value”, which is a fancy way of describing the loan amount compared to the value of the property securing the loan. For instance, if someone with an apartment valued at $500,000 borrows $400,000, the LTV ratio will be 80% ($400,000 / $500,000 = 80%).
Home Equity Tips
Used wisely, home equity loans can be a relatively low-cost way to borrow money for big expenses. And, they certainly beat 18% credit card rates by a mile. But, before you bite on an offer, be sure to check the fine print…
- Teaser Rates – These great rates are awfully enticing. But be wary! That great rate could jump up to a much higher rate after 6 months or a year, making that short-term bargain very expensive in the long run.
- Prepayment Penalties – Sometimes they’ll throw in a steep prepayment penalty to keep you from paying off the loan and hold you at a higher rate (often several years).
- Unanticipated Costs – Watch for words like closing costs, annual fees, appraisals, and other fees. These costs can add up, making a great deal not so good.
As with any loan, you’ll save money if you take the time to compare the interest rates and fees charged by a number of banks and credit unions and look at it from a long-term perspective. If you have any questions or would like help determining the best value, please contact us. We’ll be happy to assist you.
Home Equity Rates
Mortgage Product Term Rate Type APR*
25 Years Fixed/Variable 1.50% Fixed/2 Years1
5.25% Variable Rate1
(Up to 70% loan-to-value, owner-occupied)
Apply Now 25 Years Fixed/Variable 1.50% Fixed/2 Years1
5.50% Variable Rate1
(Up to 80% loan-to-value, owner-occupied)
Apply Now 25 Years Variable 6.50%1
(Up to 90% loan-to-value, owner-occupied)
Investor Heloc (HELOC) 3
15 Years Variable 7.00%1
(Up to 80% loan-to-value, non-owner-occupied)
Rates are accurate as of 10/1/2018 and are subject to change without prior notice. If you have any questions or need current rate information, please contact us.
* APR = Annual Percentage Rate
1 All loans are subject to credit approval. Actual rate received is based on your credit qualifications. Rates displayed are the lowest rates available, including a discount for automatic payment. Certain restrictions and promotional terms may apply.
3 Rate adjusts January 1st and July 1st.
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* The Annual Percentage Rate (APR) is fixed at 1.50% APR for 24 months from account opening and then adjusted to variable, based on the Prime Rate published in The Wall Street Journal, plus a margin. The current fully indexed variable APR is 5.25% as of 7/1/2018. Loan-to-Value (LTV) is the percentage of the property's appraised value that is mortgaged. Maximum LTV for this offer is 80% LTV. 80% LTV is Prime + 0.50% with a floor rate of 4.50%. After the initial adjustment, the maximum increase per year is 1.00% (rate adjusts January 1st and July 1st) and the maximum rate is 18.00%. Property that will secure your home equity account must be owner-occupied and located in the State of Hawai'i. You must also maintain fire, hurricane, and flood (if in flood hazard zone) insurance on the property that secures the home equity account. To qualify for offer: 1) Must apply for a new UHFCU home equity line of credit between October 1, 2018 and December 31, 2018, and fund by January 31, 2019; 2) Must advance a minimum of $50,000 and maintain a minimum balance greater than or equal to $40,000 for 6 months; 3) Must have a new or existing UHFCU Checking account; and 4) Must be enrolled in the UHFCU e.Statement service. Refinancing of existing UHFCU mortgages, home equity loans or lines-of-credit, credit card, or other loans and lines-of-credit do not qualify for the offer. Additional terms and conditions may apply. Offer, terms, and rate subject to change without notice.
** No closing costs: Standard fees and charges will be waived for owner occupants by the Lender and not charged to the borrower if the initial draw under the plan is at least $25,000.00 and a loan balance of at least $20,000.00 is maintained for the entire first six months of the plan. If there is no initial draw or the initial draw is less than $25,000.00, or if the loan balance is less than $20,000.00 at any time during the first six months of the plan, all fees and charges paid to third parties incurred in the establishment of the plan will be charged to the borrower's account. Standard fees do not include the following, ALTA policy fee, appraisal, trust review, or other legal document preparation fees. If needed, applicant will pay these costs, which are estimated at $300 - $900 (ALTA policy fee), $300 - $750 (appraisal), and $100 - $125 (trust review fee).
*** Loan-to-Value (LTV) is the percentage of the property's appraised value that is mortgaged. The Annual Percentage Rate (APR) is variable and based on the Prime Rate published in The Wall Street Journal, plus a margin. Rates vary by LTV and credit limit. 70% LTV is Prime + 0.50% with a floor rate of 4.50%. 80% LTV is Prime + 0.50% with a floor rate of 5.50%. 90% LTV is Prime + 1.00% with a floor rate of 6.50%. The maximum increase per year is 1.00% (rate adjusts January 1st and July 1st) and the maximum rate is 18.00%. Additional terms and conditions may apply. Owner-occupant only loan. Call us for terms and conditions regarding non-owner occupant loan options. Only properties in the State of Hawai`i are eligible.
**** Consult your tax advisor.