![]() The HELOC must qualify as an Associated Account. If you have a personal Priority Banking Plan Checking Account, you may apply for an optional preferred APR that provides a discount of one-quarter of one percentage point (0.25%) for personal Priority Banking Gold or personal Priority Banking Level 2, and thirty-five one hundredths of one percentage point (0.35%) for personal Priority Banking Platinum, below our regular customer margin. The APR after the promotional fixed rate period will also be one-half percentage point (0.50%) higher for investors or for lines secured by a second home. Both the promotional fixed APR and the APR after the promotional fixed rate period will be one percentage point (1.00%) higher for leasehold (owner occupant only) properties. The current fully indexed variable APR is 10.14% as of. After the applicable promotional fixed rate period ends, the APR for your Credit Line may vary and will be adjusted monthly to one and one-half percentage points (1.50%) over an index, which is The Wall Street Journal Prime Rate, except that the APR will never be lower than 4.50% and will never be higher than 19.00% for Hawaii. Promotion rates cannot be changed within this period. From the date an application is submitted – containing at a minimum your name, your income, your social security number (if applicable), the subject property address, an estimate of the value of the subject property, and the loan amount sought – you are eligible to receive the promotion rates valid on that date for up to 90 days or until the date of loan closing, whichever should come first. ![]() Except for any Auto-Pay discount, no other discounts apply to the promotional fixed rates. Enrolling in Auto-Pay merely provides you with the discount under the Auto-Pay Promo. You are not required to enroll in Auto-Pay to open or maintain your Credit Line. If you choose not to enroll in Auto-Pay before final credit approval, your Credit Line will have a promotional fixed APR of 8.00%, 8.24%, 8.30%, 8.35% for 24, 36, 48, or 60 months, respectively, from account opening. The annual fee will not be charged during the Repayment Period.If you choose to enroll in automatic electronic fund transfer payments from a First Hawaiian Bank personal checking or savings account to make your monthly payments (“Auto-Pay”) before final credit approval, your Credit Line will have a promotional fixed Annual Percentage Rate (“APR”) of 7.75%, 7.99%, 8.05%, 8.10% for 24, 36, 48, or 60 months, respectively, from account opening (the “Auto-Pay Promo”). The annual fee is waived if you have a Priority Banking Platinum Checking Account. There is a $100 annual fee assessed one year after the Draw Period begins and $100 each year thereafter. Outstanding balances can be converted to fully-amortized, fixed-rate locks during both the Draw Period and Repayment Period. As you pay down the balance on your line of credit, it becomes available to use again.ĭuring the Repayment Period, you can no longer draw on your line of credit and must repay any outstanding balances. Besides an annual fee, there are no monthly payments until you draw on your line and you can even make interest-only payments during the Draw Period. ![]() During the draw period you can draw on your line of credit by writing a check or advancing the funds through FHB Online. Depending on the equity in the property, and other factors, your credit line can range from $20,000 to $1,500,000.Ī Home Equity Line of Credit has a Draw Period and a Repayment Period. It is a line of credit secured by your home or other improved property you own.
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