At Hawaii Mortgage Online, we have a home purchasing program for you. Whether it’s your first time buying a home or simply taking cash out on your existing home, we have many programs from which to choose and a lender to meet your needs. Smart Money, Inc. has experienced mortgage specialists to help you with whatever you may need. We quickly get your loan pre-approved, so you can rest assured that there will be no suprises. Apply on-line or call one of our mortgage specialists with any questions you may have.
Latest Rates 03/19/14
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Home Purchase Loans
A proper home loan allows you to get your dream home with payment terms that fit your budget. Even first time buyers have also other options when it is time to acquire their first home. We can aid you in selecting the proper program, price range and even recommend the right Realtor for you.
Where Do I Start When I Want to Purchase New Home in Hawaii?
If you are unsure of the price of the house you can afford, of the payments that fit your budget, or of the type of loan that is exact for your house purchase, rest assured that we can assist you in making the right decision.
We can assist with the following:
– Acquire your pre-qualification; this is so you can move quicker when you find the perfect house.
– Choose the right price range for your house.
– Calculate your expected monthly payments
– Search for a Realtor that can help you find the house that fits you
– Decide on the loan program
American Dream Realty – A Hawaii real estate Company
Mortgage refinancing can net you some good benefits. One is getting lower payments and rates on your interest. Actually, the rates when you refinance your mortgage are the main reason that people do refinance. So this would make the rates one of the key considerations when refinancing your Hawaii mortgage.
These rates will be influenced by many factors in the market, and many personal facts as well. But they are mainly dependent on whatever amount of interest is accrued on the loan. This mortgage rate of refinancing is known as the ‘APR’, or Annual Percentage Rate. The APR will be the whole amount being repaid by the borrower on the loan, annually.
Another factor will be the kind of loan you actually choose. Your refinance options on your mortgage can be many. Some of the actual factors involved in the differences of these mortgage refinance loans, are these:
There are the ‘fixed rate’ loans. There are many numbers of these with thirty year refinance mortgages, twenty year mortgages, and fifteen and even ten year mortgages.
Then you have the ‘adjustable rate’ loans. This can include one year ARMs, 3/1 interest only ARMs, 3/1 refinance ARMs, and then 5/1 on both those types as well.
A few of the ways you can lower your rates are keeping a good check on maintaining a good credit score. Credit history plays a huge role in mortgage refinancing and the rates you end up with. Late payments or missed payments definitely decrease a persons credit score. It’s also not a good idea to max out any credit cards or line of credit type loans to the full available limit. This will also bring your score down. Having poor credit won’t keep you from getting mortgage refinancing, but the rate will be affected.
You can also consider paying points. This alternative can lower your rates as well. Just one point equals one percent of your mortgage amount. So if your mortgage loan is $10,000 with three points, then it will have $3,000 in additional charges. The higher your points are that are charged to your mortgage, the lower your rate for refinancing. You can pay the points up-front or have them financed into the loan amount.
Always do the right amount of research. You can’t take this too lightly. Just like many other types of businesses, this business is high in fierce competition. There may be times, if you search it out, that you think it’s best to stick with your current lender out of a sense of loyalty. But in reality, they may not be giving you the deal you need, or at least not the best you can get. Today we have the internet readily available, and to not take advantage of it is a real waste. Do lots of comparisons with free quotes from many various lenders. Be sure not to exclude checking out the closing costs, refinance rates, and any kind of redemption penalties.
the way the world changes today, people really do need to have more flexibility when dealing with mortgages and with borrowing. So keeping this in mind, there are a lot more lenders today that will offer ‘flexible’ mortgages. But flexible can have various meanings in various circles. This article can help you if you have trouble nailing down the difference in mortgages that are supposedly ‘flexible’.
You first need to understand just what this term ‘can’ actually mean. If a mortgage claims to be flexible, then there are some requirements it must meet to qualify as such. There will be these four characteristics involved in a true flexible mortgage:
(1). You can take ‘payment holidays’
(2). You can overpay
(3). You can underpay
If you take advantage of payment holidays, then it’s very similar to underpaying. The difference is that they stop payments for a specific time period. This may sound quite appealing to some, but there are almost always restrictions involved. Lenders won’t just allow the payment holiday, unless you’ve made and overpayment previously. Then once your holiday has passed, you need to overpay once again to get your payments back in balance and caught up. But these holidays are great for the self-employed, or those who simply need a break from the everyday hum-drum that life can become sometimes. Time away from the old grind.
Overpayments give you the ability to overpay and bring down the principle quicker. With any of the traditional mortgages, it’s pretty hard to get them to let you pay over the amount of your required monthly payment. A real flexible mortgage gives you the option of paying what you can. So you can speed up your payment process on paying the loan off. Regularly overpaying can really add up to great savings in interest.
Having the option of underpaying is beneficial as well. But you should always use these sparingly. It you can’t make your monthly payment for any given month, then just pay what you can. This stops any defaults, although penalties will take place. The longer time you underpay, the higher your repayments will be afterwards. So try to watch how you handle that type of situation.
Some other benefits worth mentioning with flexible mortgages is that you are given the benefit of borrowing back some of the money from the mortgage. If you’ve made some overpayments before, but now find yourself needing some cash for some reason, then you can simply borrow back what you overpaid. This will of course change the mortgage terms once again, but obtaining a loan at the same rate of the mortgage can be one of the best rates you can get.
So if you fall into a category of somebody who needs plenty of flexibility in your mortgage financing, then you owe it to yourself to look into finding a good flexible mortgage.
Hawaii Kai Real Estate
If your house hunting “must-have” list includes seclusion from the busier areas of Honolulu, yet quick access to it, consider Hawaii Kai.
Located in southeast Oahu, Hawaii Kai is one of the island’s more upscale communities. Because it is primarily situated on the mauka side of the highway you’ll find amazing views of not only the sparkling blue Pacific, but of the surrounding lush green hillside as well.
Hawaii Kai residents have quick and easy access to all the entertainment options that Waikiki offers and fine dining spots around Honolulu.
Outdoor activities abound in the area. A quick trip down the highway will land you at Haunama Bay, one of Hawaii’s best spots for snorkeling. A crescent-shaped beach, Hanauma Bay is actually a volcanic crater, formed 32,000 years ago. Famous for a vast number of sea turtles, swimming in the bay is an adventure.
Hawaii Kai’s bodysurfing residents enjoy the wild waves at Makapu’u Beach. Best for the more experienced body surfer, Makapu’u, and nearby Sandy Beach have deceptively heavy currents and massive undertows. Challenging even for professionals, these Hawaiian waters aren’t suitable for children.
Speaking of children, they are served by the award-winning Koko Head Elementary School, winner of the Hawaii Distinguished School award in 2011, and as Hawaii’s representative in the 2011 national No Child Left Behind Blue Ribbon Schools program.
Being on the mauka side of Kalanianaole Highway doesn’t mean that Hawaii Kai houses are devoid of waterfront living. Koko Marina, dredged from Kuapa, an ancient fishpond, provides luxurious waterfront living. Many of these homes have private boat docks and the marina offers ocean access.
Hawaii Kai contains several communities, with single-family residences that range in style and price. Luxury homes are located in Kalama Valley, Queen’s Gate and the exclusive enclave of Portlock, on the makai side of the highway.
Although the 2011 median sales price of a Hawaii Kai home is $910,000, plan on paying over $1 million and up to $23 million to live in Koko Kai and Portlock. First time buyers, or those on a tight budget, may want to look in the Koko Head Terrace area.
Honolulu Home Loans
An adjustable rate mortgage, or also known as the standard variable rate, is one of the mortgages that are often availed by individuals wanting to buy a home. Based on the latest reports, adjustable mortgages are very popular in the United States. As a matter of fact, out of the 52 million mortgage holders, over 12% chose the adjustable rate mortgage (or ARM). This type of mortgage has never been so popular, and the number of people choosing this type of mortgage is continuously on the rise.
- 1. It has lower costs. This is one appealing feature of the adjustable rate mortgage although this can only be felt after several years like, let’s say, after five years or so. This type of mortgage does not offer any kind of discount. Other mortgage providers offer discounts, but they try to recover the discounts granted on their rates, which means that they make it a point to apply higher interest rate.
- 2. It is a flexible mortgage. There are some mortgages that have lock-in periods as well as penalties whenever a borrower decides to change plans with his or her finances. In an adjustable rate mortgage, these conditions are not present. If you want to immediately shift another mortgage, feel free to do so. You do not even have to worry about getting charged of penalties. This is how flexible this type of mortgage is.
- 3. Payments are based on the current market condition. You can save a lot of money if there is a decline in the rates of interest. The lower the interest rate, the smaller your monthly payments will be. However, the only disadvantage is that when the interest rates rise, then you should expect that your monthly payments will also go up.
Unlike other types of mortgage, the adjustable rate mortgage does not follow certain strict conditions like lock-in period and penalty charges if ever you want to pre-terminate your mortgage, and this is one of the reasons why it has become more and more popular these days. But, as I’ve said, the only disadvantage of this mortgage is when the interest rates tend to go up.