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.
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 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.
Guild Mortgage - Cindy Pagan (808) 282-0673
RBC Bank offers financing for Canadians buying second homes in Hawaii. Chris Wyatt (located in the USA) - phone (407) 244-6002
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).
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.