A home equity line of credit (HELOC) is a source of money that homeowners can draw on as needed, using their home equity as collateral. Because a home is usually one’s greatest asset, HELOCs give homeowners access to substantial amounts of money, which can then be used toward major purchases like home renovations, debt consolidation or college tuition.

“In general, HELOCs have some of the lowest rates available compared to other types of loans and interest is charged only when you draw on the funds,” says Derek Wong, senior vice president at First Hawaiian Bank. Home-related expenses may even be tax deductible, but check with your tax adviser to be sure.

“If you’re curious about whether a HELOC is right for you, come in to talk to one of our personal bankers who can explain all the financing options available to you and walk you through the entire application process,” advises Wong. Homeowners can start the HELOC application process in person or online. 

To ensure a quick application process, “make sure to provide all documentation in a timely manner,” says Wong. Documents needed will vary depending on a homeowner’s type of income. See the checklist above for some of the more common documents that may be required. 

For more information, visit any First Hawaiian Bank branch or call 808-643-LOAN (5626). 
Member FDIC. Equal Housing Lender.

HELOC Application Checklist

Wage Earner:

  • Last 30 days of pay stubs
  • Last 2 years of W-2s

Retirement, Social Security or Disability:

  • Most recent award letter
  • Last 2 years of 1099-R


  • Last 2 years of tax returns
  • Last 2 years of K1s
  • Current YTD profit and loss statement

Rental Property Income:

  • Last 2 years of tax returns
  • Rental agreements for properties not reflected
  • in tax returns
  • Maintenance fee amounts for each property

first hawaiian bank foundations

Share This Post