Backed by Bank of Hawaii Corporation, the Bank of Hawaii itself is a major US banking institution offering numerous financial services to customers in Hawaii, American Samoa and the Pacific Islands. Such services include retail banking, commercial banking and investment Services. In terms of retail banking, BOH offers deposit accounts such as saving, checking and time deposit accounts. For retail customers, Bank of Hawaii provides a number of lending services such as mortgages, auto loans, installment loans and home equity lines of credit. This article describes the Bank of Hawaii Home Equity Loan plan in order to explain what it is and who is it targetted towards. N.B. For the purposes of this article, Bank of Hawaii is also referred to as BOH and Bankoh.
What is a Bankoh Home Equity Loan?
Bank of Hawaii’s Home Equity Loan is a type of personal loan created for people who have equity in a property. The Home Equity Loan is therefore a secured loan for homeowners i.e. the loan is borrowed with the equity in the property used as a security against it. By and large Bank of Hawaii customers will use the Home Equity Loan as a way to consolidate debt, make home improvements or pay for a large event such as a wedding.
BOH Home Equity Lending and Eligibility
Bank of Hawaii Home Equity Loans offer potential borrowers the ability to borrow between $10,000 and $500,000. Properties eligible for the Home Equity Loan include:
- Properties within the state of Hawaii.
- Leasehold and owner occupied or rental and investment properties.
- Up to four owner-occupied properties or second home properties used as residence.
- Fee simple properties.
Features of Bank of Hawaii Home Equity Loans
- Borrow from $10,000 to $500,000
- A variety of flexible terms
- Fixed monthly payments to totally or partially amortize the home equity loan capital.
- No fee for application*
*Although Bank of Hawaii Home Equity Loans do not automatically incur an application fee, you may be charged a fee or fees once your loan application is accepted. These fees may include:
- Mortgage Documentation Fees.
- Lease Review Fees in cases of leasehold property.
- Trust Review Fees for properties held in trust.
- Condiminium Review Fees.
- Title Insurance and Appraisal Reports for BOH Home Equity Loans of $250,000 upwards.
- Escrow Fees.
- Bankoh Home Equity Loans may also be subject to Early Termination Fees if they are amortized within 18 months of inception.