Boy, when it rains, it pours! So much news to share, 3 posts in one day!
Just in from my absolute favorite banker, Israel Avilla over at the Kahala Bank of Hawaii:
Home Equity Lines at 1.00% for 12 months or 1.75% for 24 months. Some of the criteria include that you must have a Bankohana Level II or Level III with us in order to qualify for this promo. Anything below $250,000 does not require an appraisal and if the individual is not self employed, we do not need to collect financials if the request is under $75,000.
This is a GREAT deal, and it sounds easy – finally!
Prior to, Bank of Hawaii made borrowing very difficult – so many hoops to go through and a long dragged out process that had us wringing our hands and wanting to give up.
If your home has a lot of equity in it, use it, or at least have a Equity Line of Credit set up in advance just in case you do decide to invest or spend wisely on a necessity. These loans usually have very low (if any) fees, especially with no appraisal!
Also, if your home is totally paid off and unencumbered with a mortgage, you could be a luscious target for lawsuit hungry dirt bags that will sue you if they trip and fall on your property. Having a HELOC (Home Equity Line of Credit) is reflected on your record of ownership EVEN if you are not drawing on it at all. It just looks like you have a loan, and thus, less equity for the dirt bags to win.
Anywho, my favorite “nephew” banker’s contact info is: Israel Avilla at the Waialae Kahala branch of Bank of Hawaii, phone (808) 694-7471, or email Israel.Avilla@boh.com. Tell him “Aunty” sent you, so Aunty gets brownie points, and lunch!
Aunty’s favorite local banker!