Best HELOC Rates and Lenders in Hawaii for 2024
Updated: April 23, 2024
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The best home equity line of credit (HELOC) lender in Hawaii is U.S. Bank. Homeowners can secure a line of credit from this lender, which offers an APR range from 8.95% to 13.1% and loan amounts that stretch from $15,000 to $750,000. In addition, clients benefit from a 0.5% discount with autopay and a manageable annual fee of up to $75. You can find U.S. Bank both online and in physical branches across Hawaii. MoneyGeek analyzed various factors to determine the best lender, beyond just cost.
There are six HELOC lenders that MoneyGeek scrutinized for Hawaii. While there are other HELOC providers, they might not have been considered in the study. Among the local options, Hawaii State Federal Credit Union, Hawaii Federal Credit Unio and HawaiiUSA Federal Credit Union stand out for their unique offerings that cater specifically to the financial needs of residents.
- U.S. Bank
- 8.95% to 13.1%APR Range
- $15,000 to $750,000Loan Amount Range
- 660Minimum Credit Score
- 10-year draw period; up to 20-year repayment periodRepayment Terms
- Up to $75Annual Fees
U.S. Bank is the top pick for the best HELOC lender for homeowners in Hawaii. Its offerings include a competitive APR range from 8.95% to 13.1%. Homeowners can borrow between $15,000 and $750,000, suiting various financial needs. It also provides a 0.5% discount for autopay enrollment, potential savings over the life of the loan.
With a low minimum credit score requirement of 660, it's accessible to a wider audience. U.S. Bank is accredited by the BBB, though it currently does not have a rating.
Pros
- No closing costs
- Offers fixed-rate option
- Prequalify online
Cons
- Closing requires in-person visit
- Early closure fee up to $500
- Annual fee of $75 charged
Overall Best HELOC Lender in Hawaii
HELOC Rates in Hawaii By Credit Score
When getting a home equity line of credit (HELOC), homeowners in Hawaii should note that APR varies by credit scores and LTV ratios below 80%. Rates differ based on repayment terms. Review the provided table to see rate adjustments for various parameters.
When exploring HELOC options in Hawaii, comparing APRs from various lenders can save money over time. A lower APR means reduced interest payments, affecting monthly costs and overall loan affordability. Take the time to review rates because it directly influences the long-term expense of your borrowing experience.
HELOC Calculator: Do You Qualify in Hawaii?
Your the loan amounts you can borrow against your house in Hawaii is increased by high home equity increases potential loan amounts. A report by TransUnion indicates that total tappable equity is also a factor.
HELOC eligibility hinges on factors like equity and credit score. Hawaii residents have an average score of 732, as reported by Experian — if your score is nearby, your odds are promising. Use the HELOC calculator to gauge your position better.
- Regions Bank
- 9% to 15.88%APR Range
- $10,000 to $500,000Loan Amount Range
- UndisclosedMinimum Credit Score
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
Regions Bank is the top choice for homeowners in Hawaii searching for cost-effective HELOC options. With APRs ranging from a low of 9% to a high of 15.88%, it ensures a balance between accessibility and cost. It stands out for charging no annual fees, meaning extra savings for you. And by setting up autopay, you could lower your rate by 0.25% to 0.50%.
Pros
- Minimum loan amount is only $10,000
- Offers assistance during financial hardship
- Offers 0.25% to 0.50% for autopay
Cons
- Does not disclose credit score
- Imposes early closure penalty
- Loan-in-a-Line costs $100
Best HELOC Lender in Hawaii for Affordability
- U.S. Bank
- 8.95% to 13.1%APR Range
- $15,000 to $750,000Loan Amount Range
- 660Minimum Credit Score
- 10-year draw period; up to 20-year repayment periodRepayment Terms
- Up to $75Annual Fees
U.S. Bank is the best HELOC lender for homeowners in Hawaii with bad credit. Even with a credit score of 660, you can secure a line of credit with a cap of 13.1% APR.
U.S. Bank also offers a 0.5% discount on rates with autopay, potentially reducing costs further. The minimum line amount is just $15,000. For residents of Hawaii, these features provide a flexible and potentially more affordable option to leverage home equity despite a lower credit score. U.S. Bank is accredited by the BBB, though it currently does not have a rating.
Pros
- Offers a fixed-rate option
- No closing costs
- Minimum line amount is only $15,000
Cons
- Must close in person at a center
- Early closure fee up to $500
- No financial hardship assistance
Best HELOC Lender in Hawaii for Bad Credit
- Bank of America
- Starting at 9.82%APR Range
- $25,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
Bank of America is the best HELOC lender for large loan amounts in Hawaii. A HELOC can fund home renovations or higher education costs. Homeowners can benefit from its large loan amount (up to $1 million) and a long repayment period (a 10-year draw period with a 20-year repayment term).
Bank of America has no annual fees, offering financial flexibility without extra costs. Also, its financial hardship assistance supports homeowners when they face unexpected challenges.
Pros
- Introductory rate of 6.99% for six months
- No application, annual, or closing fees
- Financial hardship assistance offered
Cons
- Charges a $450 early closure fee
- Closing must be done in person
- Minimum loan $25,000 online
Best HELOC Lender in Hawaii for Large Loans
- U.S. Bank
- 8.95% to 13.1%APR Range
- $15,000 to $750,000Loan Amount Range
- 660Minimum Credit Score
- 10-year draw period; up to 20-year repayment periodRepayment Terms
- Up to $75Annual Fees
U.S. Bank is the top pick for homeowners in Hawaii looking to consolidate higher-interest debts like credit card balances or personal loans. A HELOC can be effective for this purpose, offering lower interest rates, swift access to funds and significant lending limits.
U.S. Bank's HELOC resonates well with these needs, with a minimum APR of 8.95% and a maximum of 13.1%, which can undercut many creditors. Customers can receive their funds in as little as three business days, and they can borrow between $15,000 and $750,000. These features, matched with the ability to prequalify online and an A+ BBB accreditation, facilitate debt management for borrowers.
Pros
- No closing costs
- Prequalify online available
- Interest-only payment option
Cons
- Closing must be done in person
- Charges a $75 annual fee
- No disclosed customer service hours
Best HELOC Lender in Hawaii for Debt Consolidation
How to Choose a HELOC Lender in Hawaii
After MoneyGeek's top picks for HELOC lenders in Hawaii, you might seek other choices. These strategies will streamline your search for a lender that fits your unique financial situation.
FAQ: HELOC Lenders and Rates in Hawaii
Navigating HELOC options can be smoother with the right knowledge. We answers to common questions that will guide you in choosing a lender that aligns with your financial goals, ensuring you get the best terms available in Hawaii.
A competitive HELOC rate in Hawaii is around 6%. These rates typically apply for an LTV ratio of 80% or less and with a credit score ranging from 680 to 740. However, rates may vary depending on individual creditworthiness and the chosen lender.
U.S. Bank is recognized as the best overall HELOC lender in Hawaii due to its favorable APR range of 8.95% to 13.1%, loan amounts ranging from $15,000 to $750,000 and a minimum credit score requirement of 660, making it significant for homeowners seeking flexibility and accessibility.
Yes, in Hawaii, you can qualify for a HELOC with bad credit because \U.S. Bank offers HELOCs to individuals with credit scores as low as 660. Homeowners should consider lenders' minimum credit scores, discounts and the highest possible APR when selecting a HELOC.
Bank of America stands out for large loans with loan amounts up to $1,000,000, ideal for significant home renovations or investing in substantial property improvements. Their relatively long repayment period and no annual fees are significant for homeowners in Hawaii needing larger sums.
When considering a HELOC for debt consolidation, homeowners should look at APR range, how long it takes to receive funds and possible loan amounts. In these aspects, U.S. Bank is MoneyGeek's pick, with APRs from 8.95% to 13.1%, funds available within 3 business days and loans up to $750,000.
To find the right HELOC lender in Hawaii, assess what you intend to use the HELOC for and thoroughly understand your financial situation. Different lenders cater to varying preferences, such as lower interest rates or larger loan amounts, so align your priorities to find the best match.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 19, 2024.
- Experian. "What Is the Average Credit Score in the US?." Accessed April 19, 2024.
- Hawaii Division of Financial Institutions. "Companies Regulated by DFI." Accessed April 19, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 19, 2024.