Don’t make the biggest purchase of your life without the security and expertise of Hawaii State FCU behind you. We offer 15- or 30-year fixed-rate* mortgages as well as adjustable rate mortgages; and we’ll help you choose the mortgage that suits you as well as your new dream home. We can also help you refinance your current home to help make some of your other dreams come true.
Conventional 1st and 2nd Mortgage Loans
- Maximum loan amount is $625,500 for a 1st Mortgage or up to 80% loan to value ratio, whichever is less
- Maximum loan amount is $312,750 for a 2nd Mortgage or up to 80% loan to value ratio, whichever is less
- Only improved residential property in Hawaii accepted as collateral.
Balloon Mortgages
Balloon Mortgages are great for those first-time homebuyers who expect to remain in their home for a relatively short period of time. The monthly payments are amortized similar to a standard mortgage at a lower rate that is fixed for a set term, after which the balance comes due.
- Maximum loan amount is $625,500 or up to 80% loan-to-value whichever is less on primary residences only
- Only improved residential property in Hawaii accepted as collateral.
Adjustable Rate Mortgage (ARM)
Adjustable Rate Mortgages are alternatives to fixed rate 1st mortgages. The interest rate is usually lower at the start of the loan than standard mortgage thus giving you greater purchasing power with lower monthly payments in the early years of ownership. Interest rate caps protect you from big interest rate changes.
- Maximum loan amount is $625,500 or up to 80% loan to value ratio whichever is less on primary residences only
- Interest rate cannot increase or decrease more than 2% per adjustment period and increase or decrease more than 6% over the life of the loan
- Only improved residential property in Hawaii accepted as collateral.
Home Equity Line of Credit
A home equity line of credit allows you to put the equity in your home to work improving your life — take a vacation, consolidate debt, even pay for a wedding. Hawaii State FCU offers flexible financing options at affordable rates, with no closing costs or annual fees. Better still, the interest you pay may be tax deductible. Consult with your tax advisor on deductibility in your situation. With a Home Equity Line of Credit from Hawaii State FCU, you will enjoy:
- No closing costs1
- No annual fees
- Current Hawaii real property tax assessment may be accepted, if loan amount does not exceed $250,000.
80% Loan-to-Value Home Equity Line of Credit
(click here for current rates and disclosures)
- $250,000 or 80% LTV minus the balance of your existing mortgage, whichever is less
- $10,000 minimum line-of-credit loan
- 15-year draw period, 15-year repayment period.
95% Loan-to-Value Home Equity Line of Credit
(click here for current rates and disclosures)
- $100,000, or 95% LTV minus the balance of your existing mortgage, whichever is less
- $10,000 minimum line-of-credit loan
- 15-year draw period, 15-year repayment period.
Home Equity Loan
Much like a home equity line of credit, a home equity loan lets you borrow against the equity in your home. However, the difference is a home equity loan lets you borrow one lump sum up front at a fixed interest rate and repayment is done over a specified term. Use your home equity loan to help finance major home repairs, medical bills or college tuition.
1. Closing costs, estimated between $650 and $1950, will be advanced on your behalf and will require reimbursement if the line is closed within the first three years. If an appraisal or trust review is required, you will be required to pay those costs at closing. This offer applies to new home equity lines of credit.
*Payment examples: A 15-year term loan of $100,000 with a 6.00% APR and no points would have 180 monthly principal and interest payments of $844; a 20-year term loan of $100,000 with a 6.00% APR and no points would have 240 monthly principal and interest payments of $716. A 30-year term loan of $100,000 with a 6.00% APR and no points would have 360 payments of $600.
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