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Mike Bates

Mike Bates

REALTOR®-Associate
808-548-1220
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Hawaii Mortgage Lenders

When looking for a mortgage lender, it pays to use companies experienced in Hawaii real estate loans.  Lenders that know Hawaii's market understand how our transactions are structured and are better at getting your loan done ON TIME!  Inexperienced lenders make empty promises and frequently are unable to have the mortgage funded by closing.  Then we have to ask the seller for additional time to close.  This makes the seller unhappy and delays your home purchase.

Some lenders we've worked with:

Mann Mortgage - Evelyn Fullerton (808) 492-4466 - e-mail

Patricia Balio - Akamai Financial Services (808) 347-3166e-mail

Crystal Acohido - Honolulu Home Loans (808) 349-3145e-mail

Linda Nakanelua - Central Pacific Home Loans (808) 781-6822e-mail

Noreen Ho - Savvy Realty and Loans (808) 398-8528e-mail

Some of Hawaii's banks are: 

First Hawaiian Bank - (808) 643-4663

Bank of Hawaii - (888) 643-3888

American Savings Bank - (800) 272-2566

Territorial Savings Bank - (808) 946-1400

Hawaii National Bank - (808) 528-7755

A California-based lender

A few years ago we closed on a home purchase with a mainland lender and it went very smoothly. Normally, you'll hear horror stories about using mainland lenders and I have a few I could tell you.  However Satish Dadral got the job done and we were even able to close early.  Satish Dadral - Wells Fargo Home Mortgage (East San Jose, CA).  Office phone: (408) 573-4268 Cell: (408) 318-1233. Please note that we are not specifically endorsing any of these lenders or banks.  Buyers should determine which lending institution best suits their individual needs.

Department of Hawaiian Homelands (DHHL) lenders

Mann Mortgage - Evelyn Fullerton (808) 492-4466 - e-mail

HomeStreet Bank - Leona Tafiti (808) 375-3062 - e-mail

Bank of Hawaii - Kui Meyer (808) 694-1440 e-mail

Guild Mortgage - Cindy Pagan (808) 282-0673

For Canadian Buyers

RBC Bank offers financing for Canadians buying second homes in Hawaii. Chris Wyatt (located in the USA) - phone (407) 244-6002

Applying for a mortgage loan

Here's a list of items your loan officer may need:

Tax returns and W-2's for the last two or three years.

Current paycheck stubs for one consecutive month.

Social Security number.

Bank statements for the last two months.

Monthly debt info (car payments, credit card balances).

Rental lease agreements.

Residence history (where you've lived in the last two years).

Tips for getting the best mortgage

What's the interest rate?  The lower the interest rate, the lower your monthly payments will be.  If you're going to live in the house for many years, a 30-year or 15-year fixed rate mortgage is probably the best deal.  Fifteen-year mortgages normally have lower interest rates, however you will have higher monthly payments.  Watchout for ARM (adjustable rate mortgage) loans that have varying interest rates.  Those are the type of loans that have gotten so many homeowners in trouble lately. How many discount and origination points is the lender charging?  The more points you pay, the lower the interest rate.  Lenders have different programs with different combinations of points and interest rates. Get a good faith estimate.  The good faith estimate will give you an idea of the total amount of money you'll need to put into escrow just before the property records into your name. Get a lock on the interest rate.  If your lender offers a great deal on the interest rate, you can buy a lock for 30 or 45 days.  The longer the lock, the more money it costs.  When interest rates are going up and down in an uncertain environment, it's good to lock in when you feel comfortable with the interest rate. Watchout for prepayment penalties.  What if you decide to sell your house five years from now?  If your loan has a prepayment penalty, you'll be in for a rude surprise when it's time to sell.  Ask your lender directly if there's a prepayment penalty.  Loan documents should plainly state whether or not there's a prepayment penalty.

Hawaii Mortgage Rates

For current rates click here


Mike Bates
Realtor Associate
RS-54129
Century 21 iProperties Hawaii

1585 Kapiolani Blvd #1533
Honolulu, HI 96814
Phone: 808-548-1220
Email: hawaiihomes1@gmail.com

Testimonials

Mike was awesome. He was very patient and understanding with us. There were times where we just wanted to put things on hold due to the frustration however Mike stuck in with us. We truly appreciate all that he has done for us and will definitely recommend hom to any family or friends that are looking to buy a home. Alton and Janeen K. - August 2018
Excellent customer service! We bought and sold our home with Mike, he is the best realtor in Hawaii. Jerry and Candace G. - July 2018
I was nervous as a first time home buyer, but Mike handled it really well. He was willing to work with our budget and what we need in our first investment property. I would highly recommend him. Jenny C.
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