You may transfer funds to your other ASB accounts with Online Banking for Business. Log in or enroll in Online Banking >.
- Withdraw funds using your special Business PowerLine checks. To order checks, please visit a branch.
Business ProTecLine
Valuable and convenient overdraft protection for your checking account
Unsecured, revolving line of credit from
$2,5001
up to $10,000
Unsecured Business Application | Secured Business Application
Product Features & Benefits
Unsecured, revolving line of credit from $2,500 up to $10,0001
Quick application processing and closing by signing all required paperwork at the time of application
Principal plus interest monthly payments ($50 minimum)
Interested in learning more?
- BusinessProTecLine is subject to credit application and approval. Certain terms, conditions and restrictions apply.
Business PowerLine
The cash you need to keep your business competitive
Unsecured lines from $10,000 up to
$100,0001
Secured lines also available
Unsecured Business Application | Secured Business Application
Product Features & Benefits
Revolving line of credit that allows you to repay and borrow without a new loan application
Unsecured lines from $10,000 up to $100,0001
Secured lines from $50,000 up to $250,0001
Access with Business PowerLine checks2
Access with transferring from the line to your other ASB accounts via Online Banking for Business
Low variable interest rate
Interested in learning more?
Common Questions:
- Business PowerLine is subject to credit application and approval. Certain terms, conditions and restrictions apply.
- Business PowerLine checks available for unsecured lines only.
Clean Energy Loan
Finance the purchase and installation of your residential
clean energy system with ASB's Clean Energy Loan
(full list of participating contractors)
Clean Energy Loan
Product Features & Benefits
As low as 7.62% APR*
Loans From $1,500 to $70,000*
0.00% Initial Period for 12 months
5.50% Interest-Only Period for 6 months (months 13 to 18)
A fixed rate, fully amortized Principal & Interest Period for 102 months (months 19 to 120)
No prepayment penalty
Free Online Banking with eStatements
Use the Hawaiian Electric Locational Value Map to see if a power grid is available near you
Interested in learning more?
Common Questions:
Participating contractors are listed alphabetically and are exclusively compatible with the Clean Energy Loan. Participation is subject to change without notice, please check with contractor on eligible residential clean energy systems. At loan closing, 50% of the loan amount is disbursed to your contractor, and the remaining 50% is disbursed to your ASB personal checking account for you to pay your contractor according to the terms of your agreement with it. If you don’t already have an ASB personal checking account, you must establish one to receive the loan funds.
Photovoltaic (PV) system
Solar water heater system
Solar PV water heating system
Solar air-conditioning (A/C) system
- Battery bonus back up/storage system
Copies of recent paystubs for one month and most recent W-2 statement if your income is from a salary
Copies of award letter or most recent 1099 if your income is from Social Security or pension
Copy of current monthly account statement if your income is from 401(k) distribution, IRA distribution, or annuity
Copies of last 2 years’ U.S. Individual Income Tax Returns with all schedules if:
You file Schedule C, E, and/or F, and/or
Your bonus, commission or tips income accounts for 25% or more of your annual income
Copies of last 2 years' U.S. Business Tax Returns with all schedules and K-1's if you own 25% or more of a corporation or partnership
If the subject property is part of a Condominium Property Regime then please provide:
Name of condo project
Amount of monthly maintenance fee
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* The Clean Energy Loan (loan program) is subject to borrower(s') qualification and meeting underwriting guidelines. The initial interest rate is 0.00% for the 12-month initial period followed by a 6-month 5.50% interest only period, then a principal and interest period for 102 months. Loan program is subject to change or cancel without notice. Loan terms, interest rate and Annual Percentage Rate (APR) for qualified borrower(s) will be based on borrower credit worthiness. 50% of the loan amount is disbursed to the borrower’s American Savings Bank (ASB) personal checking account and 50% of the loan amount is disbursed to the contractor at loan closing. Based on a loan amount of $25,000 and an initial term (12-months) at an interest rate of 0.00%, there are no monthly payments ($0.00) during the first 12 months of the initial period followed by monthly interest-only payments of $116.78 at 5.50% in months 13 to 18 (6 months after the initial period). Then, 102 months of fixed principal and interest payments of $364.78 (based on a fixed interest rate of 9.99%). The interest rate used in the example is as of 02/19/2024 and results in a 7.62% APR. Please refer to the current Loan Rate sheet or call us for current rates. Available only for financing the purchase, installation, and other eligible costs associated with the purchase/installation of a qualified residential clean energy system from an ASB participating contractor. Qualified systems are residential photovoltaic (PV), solar water heater, solar PV water heating systems, solar air conditioning, and battery backup/storage systems. Rates are subject to change at any time without prior notice.
ASB does not perform due diligence or does not make representations or warranties on third-party, participating or non-participating contractors, and qualified residential clean energy systems. Borrower should take reasonable steps to review third parties and systems.
Savings Secured Loan
It's easy to start building credit by using your statement savings account as collateral
Minimum $1,000 and up to
90%
of your available savings
Savings Secured Loan
Product Features & Benefits
Term of 60 months1
Minimum $1,000 and up to 90% of your available savings
No annual fee
Fixed interest rate and monthly payments
Access to Online Banking with eStatements
Statement Savings account used as collateral
Interested in learning more?
Common Questions:
Setting up automatic transfers including loan payments is easy with Online Banking. Click here to learn how >
You may also use the Automatic Payments and Transfers form to set up automatic transfers to or from your accounts. If you are withdrawing from a non-ASB account, you will need the account number and routing number, a voided check, or a copy of your statement. Return the form to any branch or mail to:
American Savings Bank
Attn: ACH Services
PO Box 2300
Honolulu, HI 96804-2300
We need 5 business days from the date of receipt of your form to set up, change, or cancel your transfer. For loan payments we will send you a letter confirming the start date of your first automatic payment. Please continue to make your payments until you receive your confirmation letter.
To cancel automatic transfers, complete Section II of the Automatic Payments and Transfers form and submit it to us at least 5 business days before the scheduled cancel date. For your automatic transfers to continue without interruption, complete Section I of the form and return it in at least 5 business days before the scheduled transfer date. For more information, visit common forms.
Yes, on the Automatic Recurring Transfers form select the Minimum monthly payment + additional principal of $__________ option. You can make additional payments and apply them towards your principal balance. The additional amount you provide will not change until you notify us in writing.
Depending on what type of loan you have, your first payment will be due about 30 days after the date of your loan.
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- Collateral of savings account must be with American Savings Bank. The interest rate is based on the earning rate of the pledge deposit account plus a margin. Based on a $5,000 loan amount at an interest rate of 2.52% APR (annual percentage rate) and on a five-year term, there are 60 monthly principal and interest payments at $88.78. The interest rate used in the example is as of 02/19/2024. Please refer to the current Loan Rate sheet or call us for current rates.
Personal Unsecured Loan
Buy the things you want and need or consolidate for lower monthly payments
APR1 as low as
9.49%
as of 11/01/2024
Personal Unsecured Loan
Product Features & Benefits
Fixed rates and fixed monthly payments
Loans from $2,500 to $50,0002
No annual fee or collateral required
Access to Online Banking with eStatements
Interested in learning more?
Common Questions:
Wondering what Personal Unsecured Loan funds can be used for? With affordable interest rates, the possibilities are almost endless. Put your loan funds towards the purchase of new items, refinancing an existing loan, or as a way to affordably cover a sudden emergency. Some of the things you can use a Personal Unsecured Loan include:
- Weddings: Getting married is expensive, but a Personal Unsecured Loan from ASB helps you and your partner plan the wedding of your dreams.
- Home Remodels: Whether you’re sprucing up a small bathroom or redoing the kitchen, use a Personal Unsecured Loan to get the funds to pay contractors without draining your savings.
- Debt Consolidation: Pay off expensive credit card balances, outstanding medical bills, and other high-interest debt with a new Personal Unsecured Loan. Enjoy the simplicity of one convenient monthly payment.
- Emergency Expenses: Cover the cost of unexpected medical expenses or car repair work using loan funds to save on interest costs from other financing options.
Setting up automatic transfers including loan payments is easy with Online Banking. Click here to learn how >
You may also use the Automatic Payments and Transfers form to set up automatic transfers to or from your accounts. If you are withdrawing from a non-ASB account, you will need the account number and routing number, a voided check, or a copy of your statement. Return the form to any branch or mail to:
American Savings Bank
Attn: ACH Services
PO Box 2300
Honolulu, HI 96804-2300
We need 5 business days from the date of receipt of your form to set up, change, or cancel your transfer. For loan payments we will send you a letter confirming the start date of your first automatic payment. Please continue to make your payments until you receive your confirmation letter.
To cancel automatic transfers, complete Section II of the Automatic Payments and Transfers form and submit it to us at least 5 business days before the scheduled cancel date. For your automatic transfers to continue without interruption, complete Section I of the form and return it in at least 5 business days before the scheduled transfer date. For more information, visit common forms.
Yes, on the Automatic Recurring Transfers form select the Minimum monthly payment + additional principal of $__________ option. You can make additional payments and apply them towards your principal balance. The additional amount you provide will not change until you notify us in writing.
Monthly payments will begin one (1) month from the date of your Note and continue on the same day of each following month. However, if there are lesser number of days in the month than the date of the Note, then your payment will be due on the last day of that month
For example, the payment due date for the month of February will be on the 28th (29th for Leap Year) when your monthly payments are due on the 29th, 30th or 31st of the month.
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- The Annual Percentage Rates (APR) are for new, approved PUL applications. Depending on the information contained in your credit report, the rate may be 9.49% APR to 23.49% APR as of 11/01/2024 and accordingly, monthly payment amounts will differ. For example, if you are approved for a 48-month loan of $10,000 at 9.49% APR, you will have to make 48 monthly payments of principal and interest of approximately $251.18. This example is for demonstrative purposes only and is not necessarily the terms and APR that a qualified borrower will receive. Contact ASB or refer to the current consumer loan rate sheet on asbhawaii.com. The PUL is not for business purposes or real estate secured loans. Other terms, conditions and restrictions apply. Rates are subject to change at any time without prior notice. All loans are subject to credit approval.
- Loan application, and qualification under American Savings Bank’s underwriting standards for a Personal Unsecured Loan required. Verification of applicant’s income may be necessary.
Preferred CreditLineSM Overdraft Protection
Tied to your ASB checking account to protect against overdrafts
Receive a discounted APR1 of
17.85% - 17.90%
for Kalo Deluxe and Kalo Plus account holders
Preferred CreditlineSM Overdraft Protection
Product Features & Benefits
If you have a Kalo Plus Checking or Kalo Deluxe Checking account, you may be eligible for an interest rate discount and annual fee waiver on your Preferred CreditLine1
Revolving line of credit
Fixed interest rate
Credit lines from $500 to $15,000
No collateral required
- No payment or interest until the line is used
Interested in learning more?
Common Questions:
Your account becomes overdrawn when you make a withdrawal (typically made by check, debit card, ATM card, or electronic payment) for an amount greater than the available balance in your account.
We offer the following overdraft protection programs that may be less expensive than our standard overdraft practices:
Savings Overdraft Transfer service links your checking account to your savings account. This program will transfer available funds from your savings account to your checking account when it is overdrawn. A transfer fee applies.
- Preferred CreditLineSM is a line of credit that can be linked to your checking account from which funds are transferred to your checking account when it is overdrawn. An annual fee and finance charges on the outstanding balance apply. This program is subject to credit approval.
For more information, go to overdraft protection.
If you want us to authorize and pay overdrafts for your ATM and everyday debit card transactions, tell us you want Debit Card Coverage, by choosing one of the following options:
Call (808) 627-6900 or toll-free at (800) 272-2566
Visit any of our branches
Follow these steps on our website:
Log in to Online Banking
Click on the “Services” tab
Click on the “Overdraft Solutions” link
Make your selection from the drop-down menu: Debit Card Coverage or Overdraft Courtesy
You must open and review the "Overdraft Solutions disclosure" before submitting your request
Click Submit
Complete this form, What You Need to Know about Overdrafts and Overdraft Fees, and mail it to:
- Attn: Overdraft Solutions
American Savings Bank
Attn: Overdraft Solutions
P.O. Box 2300
Honolulu, Hawaii 96804-2300
For more information, click here.
We do authorize and pay overdrafts for the following types of transactions (we refer to this practice as Overdraft Courtesy):
Checks and other transactions made using your account number
- Automatic bill payments (including preauthorized debits to pay bills automatically from your account, online bill payments, and recurring bill payments using your check card)
We do not authorize and pay overdrafts for the following types of transactions, unless you ask us to (we refer to this as Debit Card Coverage):
ATM transactions (including withdrawals, transfers, and gift certificate purchases)
- Everyday debit card transactions (which includes one-time bill payments using your debit card)
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined. If overdrafts are not paid, we will charge a Returned Item fee. For more information, visit overdraft solutions.
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- The Preferred CreditLine is subject to borrower qualification and underwriting guidelines. The APR (annual percentage rate) is fixed. An APR of 18.00% is for non Kalo Deluxe and non Kalo Plus checking account holders, and is the APR that will apply should you no longer maintain an open Kalo Deluxe or Kalo Plus checking account. A discounted APR of 17.85% is for Kalo Deluxe checking account holders, and a discounted APR of 17.90% is for Kalo Plus checking account holders. Please refer to the current Loan Rate sheet or call us for current rates.
Home Equity Line of Credit (HELOC)
Use your home's equity for what's important to you, such as home improvements, debt consolidation, school tuition and more with Hawaii’s 5-time Forbes’ Best-In-State Bank.
Current Promotional Annual Percentage Rate (APR)
5.79% APR1
Fixed for 2 years
Current Variable Annual Percentage Rate
7.50% APR1
As of 01/01/2025, subject to the
floor rate of 4.50% APR
Plus, 30-Day Ready-to-Sign2
For completed applications, we’ll have your loan documents ready to sign within 30 days2, so you can start achieving your dreams – sooner than later!
Download Application | Consumer Loan Fee Schedule
HELOC Product Features & Benefits
No closing costs3
Get up to $500 to switch from another financial institution4
Lines of credit available up to $1,000,0005
$50 annual fee waived with automatic payments6
Access line of credit by checks
Interested in learning more about HELOC?
Ways To Maximize Your Home's Equity
Upgrade your home: Looking to renovate, upgrade appliances or add to your multi-generational home? Your home's equity can help you achieve your dream home
Cover your student's college tuition: Support your student's higher education journey with great rates
Consolidate your debt: Pay off your debt sooner with a fixed 3 year rate
Make a down payment: Whether you're helping your kids with their down payment on their first home or looking to purchase a second home, a HELOC can help!
Fixed Rate Equity Loan Option
Already have a HELOC and want a fixed rate option?
Current Promotional APR7
5.99%
Fixed for 10 years
Current Non-promotional APR
(As of 01/08/2025)
8.50%
Fixed for 10 years
Product Features & Benefits
HELOCs have up to 5 FRELOs available to draw at any time during its draw period; the FRELO maturity date must not go past the HELOC maturity date
Loan terms from 3 years to 20 years with predictable fixed monthly payments for the life of the FRELO
As you repay your FRELO, your line of credit is replenished during the draw period
Sign the FRELO Addendum to lock in your fixed rate
- No fee to convert to FRELO
A Fixed Rate Equity Loan Option (FRELO) is a loan you take out of your HELOC during the draw period. As you pay this back, your HELOC line is replenished. A FRELO allows you to enjoy fixed rates for a set amount of time, rather than paying variable rates.
At ASB, we allow you to take out up to 5 FRELOs on your HELOC at one time. These fixed rate options are available at any time during the draw period of your HELOC. With our competitive FRELO, you can choose loan terms between 3, 5, 7, 10 and 15 years with a fixed interest rate. A FRELO may be a great option if you have a planned expense but still want access to funds should you need additional money.
Common Questions:
A Home Equity Line of Credit (HELOC) works similarly to a credit card. After being approved for a HELOC, you have access to a specified amount of credit secured by the equity in your home during your ten year draw period. Depending on the HELOC product you were approved for, you may be required to pay interest only or a portion of your principal plus interest during the draw period. This is followed by a fully amortized twenty year repayment period. HELOC rates are variable and can change over the life of the credit line. We provide qualified Hawaii homeowners with HELOCs up to $1,000,000.
Unlike a second mortgage, a HELOC provides you with funds that can be accessed at any time during the draw period. Second mortgages, on the other hand, provide a one-time lump sum payment of funds. A HELOC can allow you to use as much or as little credit as you need to make purchases or complete projects. If you think you will need additional cash resources over a period of time, a HELOC may be a good option for you.
A HELOC can be a good option because home equity lines commonly have lower interest rates compared to other credit products since it is a secured line that uses your home as collateral. You can borrow the money for immediate expenses and pay the balance down over time. Many homeowners use HELOCs for home improvement projects or even college tuition payments.
HELOC rates are generally variable. This means your rate is likely to change over the period of time you have your HELOC open.
Lenders generally require a minimum of 15-20% equity in the property, which needs to be determined by an appraiser. For example, your home has a market value of $500,000 and your mortgage balance is $300,000, your equity is valued at $200,000, or 40%.
Applying for a HELOC for your Hawaii home is simple with the help of an experienced Personal Banker from ASB; online applications are also available. Speak with a Personal Banker today to learn more about ASB Hawaii HELOC rates and how a line of credit may be the best option for your financing needs.
ASB will process your application, and if approved, have the loan documents ready to schedule your signing appointment within 30 calendar days of receiving the completed application with all necessary documentation. This does not apply to the following: 1) applications for lines greater than $400,000; 2) applications that require an appraisal; 3) applications made simultaneously with an application for a residential first mortgage loan; 4) application delays relating to title, trust, insurance, and property condition reports; or 5) application delays caused by business disruptions.
You can access your Equity Express Home Equity Line of Credit by check, at a branch, or through Online Banking.
To exercise the FRELO, you may visit a branch to sign an Addendum.
Setting up automatic transfers including loan payments is easy with Online Banking. Click here to learn how >
You may also use the Automatic Payments and Transfers form to set up automatic transfers to or from your accounts. If you are withdrawing from a non-ASB account, you will need the account number and routing number, a voided check, or a copy of your statement. Return the form to any branch or mail to:
American Savings Bank
Attn: ACH Services
PO Box 2300
Honolulu, HI 96804-2300
We need 5 business days from the date of receipt of your form to set up, change, or cancel your transfer. For loan payments we will send you a letter confirming the start date of your first automatic payment. Please continue to make your payments until you receive your confirmation letter.
The interest on a Home Equity line may be tax deductible if it meets the IRS guidelines. Please see your tax advisor about your situation.
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- Offer is a 2-year promotion (Promotion Period): Annual Percentage Rate (APR) is 5.79% fixed for 2 years from the date your new Equity Express (EEX) account is opened. All loans are subject to credit and property approval. Offer is for a qualifying first or second lien request on an owner-occupant or an investor application received 12/15/2024 through 1/14/2025 that funds by 2/14/2025. Promotional rates require automatic payments from an American Savings Bank (ASB) personal checking account. If you do not have an ASB personal checking account, a Kalo Checking account must be opened. Please see the Personal Deposit Account Terms and Conditions for other terms, conditions, and fees for Kalo Checking accounts. Cancellation of automatic payments anytime during the life of the loan may increase your rate to the current non-discounted rate. Offer is not available for properties listed for sale during the prior six months or to an ASB home equity line of credit account secured by the subject property that was closed during the prior six months. If you have not signed your loan documents and a new promotion begins with a different rate, you may opt for the new promotion. After the Promotion Period ends, the interest rate is variable. Current Variable Rate effective 1/1/2025 is 7.50% APR and is subject to change monthly based on the highest Prime Rate published in the Wall Street Journal, plus a margin (subject to the floor rate of 4.50% APR; maximum APR is 18.00%). If your line amount is more than $25,000, a fee of $500 will be assessed if you request we close it within three years from the agreement date. This fee will not be assessed if: (i) your line is $25,000 or less, (ii) you sell the collateral to an unrelated/unaffiliated third-party, or (iii) you pay off your loan with proceeds from a real estate secured loan from us. EEX must be secured by fee simple property located in Hawaii. Fire, hurricane, flood (if in flood hazard zone) and localized peril (if in a lava hazard zone) insurance policies are required at homeowner’s expense.
- ASB will process your application, and if approved, have the loan documents ready to schedule your signing appointment within thirty calendar days of receiving the completed application with all necessary documentation. This does not apply to the following: 1) applications for lines greater than $400,000; 2) applications that require an appraisal; 3) applications made simultaneously with an application for a residential first mortgage loan; 4) application delays relating to title, trust, insurance, and property condition reports; 5) application delays caused by business disruptions. Effective for applications received 12/15/2024 through 1/14/2025. Subject to credit approval.
- Home Equity Line of Credit accounts up to $400,000 (excluding properties listed for sale within the prior six months), American Savings Bank (ASB) will pay or waive fees and costs for flood certification (up to $9), bank’s title insurance (up to $150), credit report (up to $2.50 per borrower), condo review, mortgage recording, recording fee for the release of third-party mortgage, and valuation through an automated valuation model and property condition report (up to $185) of ASB’s choice; however, at their own cost, customers may request an appraisal at an estimated cost between $500 and $1,500.
- For owner-occupant Home Equity Line of Credits (HELOCs) up to $400,000 (excluding properties listed for sale within the prior six months), receive a credit of up to $500 at loan signing to offset a third-party lender’s early closing fee when you make an initial advance on your new HELOC to pay off your existing home equity line balance of at least $10,000 with that third-party lender. This early closing fee must be assessed and identified by the third-party lender through its payoff procedure to receive the credit at loan closing.
- Line of credit amount depends on home equity borrower’s creditworthiness and occupancy.
- You will be assessed a $50 annual fee on your first periodic statement and annually thereafter during the draw period. The annual fee may be waived by setting up automatic payments from an American Savings Ban (ASB) Kalo DeluxeSM Checking or Private Banking Checking account at loan signing. If you do not have an ASB Kalo DeluxeSM Checking or Private Banking Checking account, one must be opened. Please see the Personal Deposit Account Terms and Conditions for other terms, conditions, and fees. Cancellation of automatic payments from the Kalo Deluxe Checking or Private Banking Checking account anytime during the draw period may cancel the annual fee waiver and the fee will be assessed annually thereafter.
- Promotion effective for requests submitted 12/15/2024 through 1/14/2025. The promotional rate applies up to five Fixed Rate Equity Loan Options (FRELO) during the draw period of your Home Equity Line of Credit (HELOC); and is available to existing and new owner-occupant or investor HELOC accounts with automatic payments from an American Savings Bank personal checking account. See the FRELO Conversion Addendum for minimum and maximum amounts for conversion to a FRELO. Based on a 10-year fixed rate loan of $10,000 at 5.99% APR, there will be 120 monthly principal and interest payments of $110.97. Current non-promotional rate as of 01/08/2025 is 8.50% APR for a 10-year fixed rate loan. Other FRELO terms and rates are available. FRELO may be added upon your request.
Considering Refinancing Your Mortgage?
Here are some reasons on why to refinance:
Consolidate and pay off high interest debt with a cash-out refinance
Shorten the term of your mortgage so you can pay it off sooner while eliminating private mortgage insurance
Take advantage of some of the equity in your home to make renovations or repairs
Contact a home loan officer to see if refinancing is right for you > APPLY NOW
American Savings Bank is Hawaii's #1 Local Mortgage Lender*
*State of Hawaii Bureau of Conveyances Jan-Oct 2024, recorded total value of residential, non-wholesale, purchase mortgages.
Mortgage refinancing loan options
Fixed Rates: Set interest rate so that your monthly principal and interest payment stays the same for the life of the loan. We offer Fixed Rate Conforming Loans at both 15 and 30 year terms.
Adjustable Rate Mortgages (ARM): Introductory fixed rate periods of 7 and 10 years. After the introductory fixed period, the rate and monthly principal/interest payments will generally change annually based on market conditions.
- Streamlined Veterans Affairs (VA) Refinance Program: Already have a VA loan? You may be able to lower your rate and save more with a VA Interest Rate Reduction Refinance Loan ("IRRRL").
Have a balance under $400,000 remaining on your mortgage?
Consider converting to a Home Equity Line of Credit with no closing costs or appraisal required.1
Interested in learning more?
Talk with Our Mortgage Loan Experts
Manny August
Island: Oahu
NMLS #662118
Phone: (808) 927-4512
maugust@asbhawaii.com
Edina Galla
Island: Oahu
NMLS: #374225
Phone: (808) 593-4863
egalla@asbhawaii.com
Reyn Sugai
Island: Oahu
NMLS #1636384
Phone: (808) 593-4864
rsugai@asbhawaii.com
Common Questions:
APR stands for “Annual Percentage Rate” and represents the price you pay to borrow money. APR is a broader measure than interest rate because it includes the interest rate plus other costs such as lender fees, closing costs and insurance. You can use APR to compare loans offered by different lenders when shopping for a mortgage loan.
For example, based on a purchase price of $500,000; loan amount of $400,000 (20% down payment; 80% loan-to-value); interest rate of 4.00% and 1.00% points, the monthly principal and interest payment on a 30-year fixed rate mortgage would be $1,909.66 and an APR of 4.119%. Keep in mind your mortgage loan monthly payment will be higher as lenders typically include property tax and insurance costs.
Borrower situations vary; contact a loan officer who can provide you with a free analysis.
Make every effort in making your monthly mortgage loan payment on time in accordance to your mortgage loan and note. If you have automatic payment from a checking account, be sure to have sufficient funds before the date of the debit. If you make your mortgage loan payments online, be sure to give yourself a lead time for the transaction to occur before the due date. If you experience challenges with your automatic payment, your online bill payment, or are unable to pay your mortgage, contact our Customer Banking Center immediately at (808) 627-6900 or our toll-free number at (800) 272-2566.
When you bought your home, you likely signed up for the best mortgage loan available at the time. Depending on when you purchased your home and how much income you were earning, you may be on the hook for a large mortgage loan with a high interest rate for many years to come. On the other hand, some Hawaii residents choose to purchase a home using an adjustable-rate mortgage loan. If you bought a home with an ARM, you may be facing variable interest rates that change each year after the initial fixed portion has expired.
Both of these mortgage loan scenarios might lead you to look into a mortgage loan refinance. As interest rates and family situations change, your mortgage loan for your Hawaii home may not be the best fit for you. A refinance mortgage loan allows you to take advantage of better loan terms or interest rates to pay off the remaining cost of your home. Some other reasons to consider refinancing your mortgage loan include:
- Loan Rates are Down: If Hawaii mortgage loan rates have fallen significantly since you purchased your home, a refinance could potentially save you a lot of money over the life of your loan.
- Your Credit Score is Up: Your credit score plays a big part in the interest rate you receive when buying a home in Hawaii. If your score has increased since you bought your home, you may pay less in interest with refinance mortgage loan rates.
- Interest Rates are Rising and You Have an Adjustable Mortgage loan: With an ARM loan, your interest rate changes according to an index. Usually, this change is done annually, so if interest rates are trending upward, a refinance home loan may be a good option to secure a fixed rate.
- Home Value Increased: If your home value has seen a large increase over the years, you may be able to get additional funds using a cash-out refinance.
There are two main advantages to refinance home mortgage loans in Hawaii with a rate or term refinance. The first is to lower your interest rate. A lower interest rate leads to lower monthly payments and a lower overall cost of the loan. If you use a refinance mortgage loan to lower your interest rate, you could potentially save hundreds or thousands of dollars on the cost of your Hawaii home over the life of the loan.
The second advantage to a refinance is to cut the loan term shorter. If you are able to take advantage of a lower interest rate, you may be able to adjust your monthly payment to pay more money towards the principal of your mortgage loan. This allows you to pay down the remaining balance of your mortgage loan faster.
In addition to advantages from a rate or term refinance, Cash-out Refinance programs have their own unique advantage of allowing you to receive cash for part of the value of your home. Unlike taking advantage of a lower interest rate, a Cash-out Refinance allows you to use the equity you currently have in your home. The additional funds from a Cash-out Refinance can be used for home improvement, investment, or other planned expenses.
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Loan programs and products are subject to loan qualification, credit policy and underwriting standards for the respective program or product. Certain terms, conditions and restrictions may apply. Programs/products subject to change or discontinuation without notice.
- For Equity ExpressSM (EEX) Home Equity Line of Credit (HELOC) accounts up to $400,000 (excluding properties listed for sale within the prior six months), American Savings Bank (ASB) will pay or waive fees and costs for flood certification (up to $9), bank’s title insurance (up to $125), credit report (up to $2.50 per borrower), condo review, mortgage recording, recording fee for the release of third-party mortgage, and valuation through an automated valuation model and property condition report (up to $185) of ASB’s choice; however, at their own cost, customers may request an appraisal at an estimated cost between $500 and $1,500.
Buying a Home
Purchasing a home in Hawaii is a big undertaking, and we're here to help with a variety of programs for eligible borrowers
American Savings Bank is Hawaii's #1 Local Mortgage Lender*
*State of Hawaii Bureau of Conveyances Jan-Oct 2024, recorded total value of residential, non-wholesale, purchase mortgages.
Available Mortgage Loan Programs1
This is HOMESM: A first-of-its-kind affordable financing solution for first time home buyers
First Time Home Buyer: Anyone who hasn't owned a home within the last 3 years
Hawaiian Home Lands Loan: A home loan option for eligible Native Hawaiians with the ability to mortgage a leasehold interest in real property that is subject to the Hawaiian Homes Commission Act, 1920, as amended.
Veterans Affairs (VA) Loan: Veterans looking to purchase a home
Conforming Loan: A home loan option for buyers who have an established credit history and can meet the standard guidelines to finance a home
Non-Conforming Loan: A flexible home loan if the property or borrowing situation does not meet conforming loan guidelines. Unique properties include condotels or condominiums with a high percentage of commercial space
Jumbo Loan: Home loan financing for loans over $1,089,300
Construction & Land Loan: Financing options for building your dream home from the ground up
Already own a home?
Interested in learning more?
Mortgage Credit Certificate (MCC)
Reduce your payment on federal income tax and get more available income to qualify for a mortgage loan and assist with house payments
We're currently offering special promotions that can help you save money on closing costs
Talk with Our Mortgage Loan Experts
Manny August
Island: Oahu
NMLS #662118
Phone: (808) 927-4512
maugust@asbhawaii.com
Edina Galla
Island: Oahu/Hawaii Island
NMLS: #374225
Phone: (808) 593-4863
egalla@asbhawaii.com
Reyn Sugai
Island: Oahu
NMLS #1636384
Phone: (808) 593-4864
rsugai@asbhawaii.com
Common Questions:
APR stands for “Annual Percentage Rate” and represents the price you pay to borrow money. APR is a broader measure than interest rate because it includes the interest rate plus other costs such as lender fees, closing costs and insurance. You can use APR to compare loans offered by different lenders when shopping for a mortgage loan.
For example, based on a purchase price of $500,000; loan amount of $400,000 (20% down payment; 80% loan-to-value); interest rate of 4.00% and 1.00% points, the monthly principal and interest payment on a 30-year fixed rate mortgage would be $1,909.66 and an APR of 4.119%. Keep in mind your mortgage loan monthly payment will be higher as lenders typically include property tax and insurance costs.
Ask your ASB Loan Officer for more information about investment properties and second/vacation homes. ASB has many options to help you add to your real estate portfolio.
If you’re getting ready to purchase a second home in Hawaii, there are many factors to consider. Most importantly, you will want to decide what type of mortgage to use for the purchase. Unlike your first home, you may not be able to take advantage of certain loan programs for a second home. First time home buyer loans, for example, usually require a lower down payment than a conventional loan. However, since you are purchasing a second property, you are unlikely to be able to use a first-time home buyer loan to make the purchase and will need to make a sizeable down payment. The best way to learn what you will need to purchase your second home is to speak with a loan officer with experience in investment properties, like the team at ASB.
If you’re a first time home buyer in Hawaii, you likely have a lot of questions about finding and applying for your first mortgage loan. Let the mortgage loan experts of ASB help guide you through the home buying process. Your first step to securing the house of your dreams as a first time home buyer is to understand how much you can afford. Consider getting pre-qualified for a mortgage loan so you know how much you might be able to spend on a home.
Start by speaking with the local Hawaii mortgage loan experts from ASB. Our team of knowledgeable loan officers can help you better understand our first time home buyer programs. Whether you decide to purchase your home using a Fannie Mae HomeReady® loan or Combined First and Second Mortgage, our mortgage loan team is ready to help you make your first home purchase in Hawaii.
There are a few items you must consider before applying for a mortgage loan. We recommend that you have a good understanding of how much you want to borrow, what your credit score is, and that your financial information is readily available.
Getting pre-qualified is highly recommended since many sellers require a pre-qualification letter from a reputable lender. Plus, during the pre-qualification process your ASB Loan Officer will help you determine the appropriate price range before you go house hunting.
A residential mortgage loan is secured by a residential real estate property. Therefore, sufficient hazard insurance in case of fire, hurricane, flood and other disasters is required at all times. You must obtain and pay for the premiums if the mortgage loan is for a purchase of a new home; you must obtain sufficient coverage if the mortgage loan is for a refinance of an existing home. After mortgage loan closing and the mortgage loan account is established, an escrow account is used to collect the premiums monthly as part of your mortgage loan payment. A conventional 1st mortgage loan amount over 80% loan-to-value (LTV) requires private mortgage insurance (PMI), which is paid by the borrower and protects the lender from borrower default on loan payments. PMI cancellation is typically permitted: 1) borrower-requested cancellation, and 2) lender-required cancellation under the Homeowners Protection Act of 1998. For a borrower-requested cancellation, the borrower must provide a written request for cancellation to the lender on the date that the mortgage loan balance is first scheduled to reach 80% of the original value of your home. Certain conditions apply for PMI cancellation.
We typically ask for two years of W-2s and tax returns as well as other documents to verify the information that you provide to us. Every applicant is different, so please contact a loan officer to discuss your situation.
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- Loan programs and products are subject to loan qualification, credit policy and underwriting standards for the respective program or product. Certain terms, conditions and restrictions may apply. Programs/products subject to change or discontinuation without notice.
Simplified Employee Pension (SEP) IRA†
Earnings grow tax-free until withdrawal at retirement (ideal for businesses with less than 10 employees)
Product Features & Benefits
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Tax-deferred earnings on accumulated interest
-
Contributions are tax deductible for employer
-
Easy to set up and administer
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No extra reporting to IRS is necessary
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Once you've set up a SEP plan for your business, you can open SEP IRAs for all eligible employees, including yourself
Let's Talk
Kanani Miyahira
Island: Oahu
Phone: (808) 541-8586
Start Planning
Jeffrey Bonk
Islands: Maui & Hawaii
Phone: (808) 952-7019
Start Planning
Riki-Ann Chow
Island: Oahu
Phone: (808) 527-4350
Start Planning
Common Questions:
Bank IRAs:
Offered through American Savings Bank
FDIC-insured accounts
Fixed CD term or Savings available
- Available through branches
Brokerage IRAs†:
Offered through American Savings Investment Services
May invest in stock, bonds, mutual funds and annuities
Tailored to your investment strategy
- Not FDIC insured
Contact a Financial Advisor to learn more about what products may fit your needs.
† Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investments are offered. Advisory services are only offered by Investment Adviser Representatives. Registered address and phone number: American Savings Investment Services, 300 North Beretania Street Honolulu, HI 96817. (808) 735-1717.
Not FDIC Insured
Not Bank Guaranteed
May Lose Value
Not Insured by any Federal Government Agency
Not a Bank Deposit
Click to view Cetera Investment Services Privacy Policy and other Important Information.
This site is published for residents of the United States only. Registered Representatives of Cetera Investment Services LLC may only conduct business with residents of the states and/or jurisdictions in which they are properly registered. Not all of the products and services referenced on this site may be available in every state and through every advisor listed. For additional information please contact the advisor(s) listed on the site, visit the Cetera Investment Services LLC site at www.ceterainvestmentservices.com.
