Updated: December 21, 2024
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HawaiiUSA Federal Credit Union is the best home equity line of credit (HELOC) lender in Hawaii, with a MoneyGeek score of 96 out of 100. Pentagon Federal Credit Union follows with a score of 94 out of 100.
The average HELOC limit in Hawaii is $194,331. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.
Comparing rates can help you find suitable lenders. MoneyGeek compiled the best HELOC rates in Hawaii and updated them weekly to assist you.
The average HELOC balance in Hawaii in the third quarter of 2023 was $84,070, according to Experian. Calculate your HELOC payments to manage this type of debt effectively and plan for any adjustments in your financial obligations.
Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule shows how much your payments go toward interest and principal over time.
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
Draw Period Payment
Repayment Period Payment
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Home equity lines of credit (HELOCs) are popular in Hawaii for their flexibility and control. They let homeowners decide how much to borrow and when to repay.
Knowing how to use a HELOC can help you get the most out of it. Here are some potential uses.
A HELOC is ideal for home improvements, offering flexible funding as costs change. It allows you to enhance your home without finalizing expenses upfront, making it a smart choice for dynamic renovation projects.
According to Experian data, the average 2023 consumer debt in Hawaii was $147,103. A HELOC for debt consolidation merges multiple debts into one manageable payment, potentially lowering interest rates.
Using a HELOC for education expenses is smarter than other debts. It covers tuition, books and housing, offering lower interest rates and flexible repayment.
A HELOC can fund investment properties, offering potential returns. Shop around for the best HELOC lenders for investment property to secure favorable rates and terms and maximize your earning potential.
Understanding the steps to apply for a home equity line of credit (HELOC) in Hawaii is essential for navigating the process smoothly. Below, we've broken down the journey into six straightforward steps to guide you.
Review your credit score, debt-to-income ratio and home equity before applying for a HELOC. The average credit score in Hawaii was 732 in the third quarter of 2023, based on Experian data. A higher score can improve your chances of approval.
Compare rates to secure the best HELOC deal. Consider repayment terms, fees and fixed-rate HELOC options to choose a lender that meets your financial needs.
Preparing the necessary documents for a HELOC application can streamline the process. Common requirements include proof of income, recent tax returns, and mortgage and home value information.
Most lenders offer online applications, but you can also apply in person if a branch is available. Ensure all information is accurate to avoid delays. Double-check for errors or omissions before submitting your application.
Some lenders may require an appraisal to determine your home's current market value. This process involves a professional assessment of your property's worth, which can influence your HELOC terms.
A HELOC approval process can take two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and possibly paying closing costs. Some lenders may cover part of these expenses.
The average HELOC limit in Hawaii was $194,331, based on Experian data for the third quarter of 2023. The maximum amount you can borrow with a HELOC is usually tied to your home equity. The higher your equity, the higher your potential credit limit can be.
Check out the table below to see the range of credit lines offered by Hawaii lenders in our database that disclose their line amount range.
| Central Pacific Bank | Up to $1,000,000 |
| HawaiiUSA Federal Credit Union | $10,000 to $1,000,000 |
| Pentagon Federal Credit Union | $25,000 to $500,000 |
When choosing a lender for a HELOC, a local bank or credit union may not charge you as many fees as an online lender or mortgage broker (if they charge you any fees at all). Usually you just need to pay for the appraisal fee, which can be anywhere from $150 to $500. Although an online lender may advertise a better rate, if it’s charging thousands of dollars in fees, it may not be the best financial decision to take the perceived lower rate.
HawaiiUSA Federal Credit Union is the best HELOC lender in Hawaii, with a MoneyGeek score of 96 out of 100. It has excellent customer service and education, competitive interest rates, and credible and transparent terms.
When looking for the best HELOC lenders for bad credit, consider flexible credit requirements, competitive interest rates and favorable repayment terms.
When choosing a HELOC lender, consider interest rates, fees, borrowing limits, repayment terms and lender reputation.
Common fees to compare include origination fees, annual fees, application fees and early closure fees.
The typical draw period for HELOCs is 10 years, but some lenders may offer more flexible options.
Look for lenders that offer fixed-rate HELOC options or allow interest-only payments during the draw period for flexible repayment options.
MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. We allocated scores based on including or excluding certain desirable features in various critical categories.
Our analysis, completed in December 2024, considered different banks and credit unions in Hawaii from S&P Global's SNL Depository Rates dataset.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
