HONOLULU (HI Now) - The economy is on the upswing and interest rates are at an all-time low. Ari Haiola, Consumer Banking Strategy Analyst is here to help us understand the advantages of a Home Equity Line of Credit, why it’s a great time to look into one, and how you can use it for property renovations or to assist your child with their home down payment!
We’re currently in a historically low interest rate environment, which means that now more than ever is a great time to refinance. A Home Equity Line of Credit, most commonly known as a HELOC, is a revolving line of credit based on the value of your home’s equity. Similar to a credit card, you’ll receive a credit limit based on your credit score, available home equity and credit limit request. Once approved for a HELOC, you will receive a payment card used to directly access the funds.
HELOCS generally have a quick loan application process with limited closing costs and are often used as a second mortgage. Buying a home in Hawaii is a big milestone and a HELOC can be used to help your kids with a down payment on their home!
More and more customers are taking advantage of ASB’s online banking tools and services. With their convenient online application, you can now apply from the comfort of your own home. Their friendly and knowledgeable bankers are also ready to assist you at a branch nearest you!
To schedule an appointment with one of ASB’s friendly and knowledgeable bankers or to apply for a Home Equity Line of Credit, please visit asbhawaii.com/HELOC.
Copyright 2022 KHNL. All rights reserved.