How To Find The Right HELOC in Hawaii

Hello and welcome. My name is Denzel Rodriguez, your personal finance geek of the 21st century, and today we're in the state of Hawaii continuing our series on how to find the right home equity line of credit in the second position. With that being said, we're gonna dive right into the details. I have a few banks that I found in my research in the state of Hawaii. On the left-hand side of the board is our framework that does not change. The prime interest rate as I'm recording this video today is 6.75% and is likely to stay around that rate for the time being until we can clear things up in the Middle East. I can imagine that rates will stay right where they are. If anything, might go back up, but I think we're going to stay where we are for the next couple months here. With that being said, I'm going to start by sharing my screen and just showing you all the banks that do offer a home equity line of credit that I would say are qualified banks. But then I narrow that research onto the whiteboard and say, okay, here are my favorite banks based on the information that's provided by the website. Sometimes these details can change, so don't just go off this video, off my top picks, and just apply right away. Please don't do that. Go through the framework, get yourself set up accordingly. If you've identified a bank on here that you like, great. Call the bank first. Verify the information that is on their website is up to date. Sometimes it's not, okay? Month by month, things can change. So let me share my screen with you real quick, take you to how I do my research. I just simply type in credit unions in the state that I'm looking at that offer home equity line of credit. AI tends to give us a nice list of banks according to my research. What I'll do is I skip past any kind of sponsors. I really don't see any sponsors here, but if there's any sponsors, I typically skip over them. I'll scroll all the way down and even go to page 2. See how that's a sponsor? I'm probably gonna skip over them. Skip over SoFi, Third Federal. These are not probably even available in the state of Hawaii, but because I'm searching in Florida, that's why some of these things pop up. And I'm gonna keep going, keep going, keep going. Usually I end around page 2. I mean, you could absolutely go to page 3 if you want, but by then we're probably gonna find the best banks. So with that, I found Hawaii Community Federal Credit Union. They did not make it to the whiteboard only because I did not see all the information that I wanted, but they do offer a home equity line of credit, max $500K, says flexible terms, 80% LTV, gotta be a member. If I go to rates and then we come over to, let's do mortgage. This is the only thing that's not too clear. So they have a HELOC program. I'm not sure if it's only referring to the first lien, but if it is referring to second lien HELOCs as well, well then now we have some attractive rates. But the 3-year fixed, 5.75%, But then it says the APR after would be 6.95%, so that's prime plus 0.15. But then it says first adjustable rate 7.25, so I'm not sure if they're referring to the first lien HELOC in this column, and then this column is second lien. So that was the only thing wasn't too clear on that. Next bank I found was Hawaii State Federal Credit Union. They did make it to the board. They have some pretty attractive fixed rate HELOCs. Got this 3-year, 80%, 5.3%, and then as low as 6.5% afterwards. So that's prime minus 0.25% with the max credit line of $400,000. And what really is interesting is they got a 15-year fixed rate. For 6%, not bad at all. Only question is, is it revolving for the full 15? And then they have this 25-year fixed rate option. So very interesting with that bank. Got this one here. They have a nice personal line of credit as low as 9%, so that's pretty cool. Home equity line of credit, 5.75% fixed for 3 years. The constant theme that I'm seeing in the state of Hawaii is they, they have really long intro rates, but on the back end, once the HELOC expires, I'm seeing a lot of prime plus rates. So keep that in mind. That's what's gonna really help us determine which bank we end up going with. Here's another one, Hawaii Schools Federal Credit Union. There's literally no information, just honorable mention. We got HECO eCredit Union, got some cool credit cards, got a 10-year draw, no appraisal, no annual or closing costs, 80% LTV, $200K max. Just don't know what the rate is, so that's why they didn't make it. But they have some promotional rates, 1-year, 2-year, 3-year intros. Then it does say Prime Plus 1%, so not loving that. They didn't make it to the board. We have HDIFCU. Another bank, hotel and travel industry. They have a HELOC, they just not too much info. We got Hawaii USA Federal Credit Union, they made it to the board. They have a nice 2-year HELOC, 4.99%, prime plus 0.5%. Got some closing costs. Although it can be waived with a minimum $25K draw at closing. No annual fees or prepayment, 80% LTV. So I do like that. It's just that Prime Plus afterwards. HFS FCU. Also made it to the board. Intro rate 0.99%, but only for 12 months, 80% LTV. Then it goes to prime plus 0.5%, 10.25%. Keep that in mind. Is some closing costs. There's a lower draw period, only 5-year draw. Credit line max $500. Found this was interesting, just honorable mention, didn't make it to the board. Hawaii Central Federal Credit Union. You don't need to have any equity in your home. You can get a line of credit up to $10K at a 10% rate. So that might make sense for very small community. Here we have HOCU, also made it to the board. 4.99% for the first 36 months, not bad at all. 8-year draw, 80%. It's Prime plus 0.25%, not bad. No annual fee. Then I found Pearl Hawaii. They're doing a 3-year intro, 4.5%, but Prime Plus 0.5% afterwards, 80% LTV, $400,000 max. There is some closing costs. We got the $400K we see here, needs to be an initial draw. And some closing costs. So still attractive though. Then I saw this bank, Hawaii Law Enforcement, 7-year draw, $400K, 80%. They do it first. No, second lien just didn't make it to the board only because wasn't able to get too much details. So looks like it's just 80% prime, which is not bad. No intro, so it's just right at prime. And then American Savings Bank, by far one of the best that I've seen so far, but there's a major, major detail We're gonna have to get cleared up if you decide to go with this bank. So they offer HELOC, no closing costs, get up to a $500 credit for switching, credit lines up to $1 million, annual fee waived with automatic payments. So no annual fee. Now here's the big thing: access line of credit by checks. Now for the strategy purposes, for the velocity strategy, that could be a major problem. We don't want to be restricted by having to write checks all the time. I want to be able to access my money instantly via their checking account, which they do offer a checking account. So that does present a little confusion there. They do look mobile banking friendly, so I don't know why that would be the case. They also have a fixed rate HELOC. Now they also have— yeah, they also have this intro rate, 5.5%, basically 2 years, and then it goes to prime, just prime afterwards. So I'm actually like really liking this bank as long as I can access my line of credit via mobile banking and not checks alone. So let me share with you my top picks out of every— all the banks I showed you. I like Hawaii State Federal, has the best of both worlds, a nice 3-year intro rate below, well below prime, then it stays at prime minus 0.25. I like that. Plenty of credit line. You can even do up to 15 years with a 6% fixed rate. And there's not— I have not seen a single case study as it pertains to paying off debt, accelerating debt, where it takes more than 15 years on anyone I've worked with so far. The more likely range is anywhere from 5 to 7 years, 7 to 10 years. Is the range, helping people that want to accelerate become debt-free. So having a 15-year draw period is pretty cool. So I like those two different options, Hawaii State Federal Credit Union. Then I like HOCU. It's only Prime plus 0.25. We have 4.99, so even lower, 36 months, but a lesser draw, no annual fee. I like that. And then American Savings Bank is another favorite. 2-year, it's the lowest intro period out of my top 3, but no closing costs, much higher credit line, for up to $500 credit to switch, no annual fee with autopay. If we can just get that cleared up, is it mobile banking friendly? If it is, that could be definitely a really good bank to potentially do business with. With that being said, if you live in the state of Hawaii and you have a HELOC with a bank that I didn't mention that you like, that has a good offer, comment below. You can add to my list. Say, hey Denzel, this is a great bank, I've been for XYZ years and they have this offer. Put all those details below in the comment section. That'll help folks in your state. With that being said, my name is Denzel Rodriguez, your personal finance geek of the 21st century. If you are seeking a financial coach, an accountability partner, someone to walk you through the entire process, I now have officially publicly released my new financial coaching program. It has a whole bunch of tangible services that you can get your hands on and a lot of intangibles. That's the wisdom, that's the knowledge, that's the accountability, that's the support, that's the communication and strategy implementation for what you're looking to achieve. With your finances. So you can click the link below to go to my website. You can see my offers are now publicly available for you to view, make a decision on. If you have additional questions, you can always reach out to me directly. You can email me, get on my email newsletter off my website, contact, fill out the contact form, and we'll begin our communication together. With that being said, have a wonderful day. God bless, and we'll be talking soon. Bye now.