If you’re serious about beginning a home search, you have to be ready to commit to the process of finding the right financing. Lending criteria can change on a daily basis, so as you go into the process, you, your Realtor® and your lender will work together as a team until the last document is signed at the closing table.
This article originally appeared in Waikoloa Whispers, a privately-owned publication distributed to Waikoloa residents. Posted here with permission from the Editor, Phyllis Ann Knauf…Al assures us he asked! Part 1: Mortgage Plans to Consider Part 2: Waikoloa Village Real Estate Update – May Mortgage Plans to Consider 30-Year Fixed Rate Loan: The 30-year fixed-rate loan is the most traditional and conventional product on the market. The interest rate associated with the loan is “fixed,” which means that it will not… Read More
Hidden fees, bait-and-switch tactics, misrepresentation, non-disclosure. These unethical lending tactics (as well as discrimination, predatory lending practices and, of course, old-fashioned, straight-up fraud) are pitfalls that may derail a well-intentioned buyer’s effort to successfully obtain a loan for a new home. To protect buyers from these types of practices, laws exist that require lenders to provide very specific information to loan applicants early in the application process. You may have noticed recent headlines announcing changes to some of these rules,… Read More
When certain conditions are met, family money may be the best source of mortgage money for a child’s or grandchild’s home for two primary reasons. The first is that the parent can enjoy interest rates significantly above what is commonly available to them in today’s market, while the child can enjoy interest rates substantially below what is commonly available for a mortgage. The second reason is that this can be a simple, flexible, tax advantaged way to transfer inheritance to… Read More
It is not uncommon for people moving to Hawaii to initially consider getting financing from a lender or broker located outside of the state of Hawaii. With the best interests of our buyer clients in mind, Hawaii Realtors, if you ask, will likely tell you that you may save yourself a lot of time and stress if you use a local lender. Local lenders understand the Hawaii Purchase Contract and its contingencies and have established relationships with underwriters who are… Read More