Four Steps To Getting a Loan: From Pre-Qualification to Final Loan Approval

October 25, 2010||Mortgages/Economy/Market

This is post #2 in a multi-part series written by Clark Realty's management team for first-time home buyers. If you have questions about buying your first home, please contact us for additional resources. 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,...

June 10, 2010||Big Island: Market Trends, Mortgages/Economy/Market

Waikoloa Village Real Estate Update 

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 change over the course of that period.  The loan payment never changes. Adjustable-Rate Mortgage:  An adjustable-rate mortgage (ARM) still has a place in mortgage financing.  This is a mortgage that changes rates over the course of the loan.  The initial term is 1, 3, 5, 7 or 10 years.  The interest rate then changes to a higher rate.  An adjustable-rate mortgage can be right... Read More 

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January 21, 2010||Mortgages/Economy/Market

Keeping an Eye on Lending Practices 

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, so we want to take a closer look at what you should expect--and what you should watch out for--if you are starting the process of shopping for a loan. First, the Background What is RESPA? The Real Estate Settlement Procedures Act was passed in 1974.  The purpose of RESPA is to help consumers make the best possible decisions about the loans they choose... Read More 

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October 7, 2009||Corporate: From the Executive Suite, Mortgages/Economy/Market

The Lender of First Resort 

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 your children or grand children. That being said, this is definitely not for everyone and requires solid financial guidance from a qualified estate or financial planner. Depending on the length of the mortgage, the interest rate could be as low as 2.63% and could be increased from there depending on the needs of the parent and child. Tax advantaged inheritance goals can also be accomplished by forgiving portions of this debt each year, being careful not to... Read More 

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June 2, 2008||Mortgages/Economy/Market

Is Using a Local Lender Really That Important? 

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 familiar with the unique aspects of the Hawaii real estate market--there are many! This is especially important for anyone considering purchasing property on the Big Island of Hawaii. Here is one test for anyone thinking of using a mainland lender: when interviewing, ask your loan officer if he/she has ever successfully completed a loan for a property in a Lava Zone (yes, all properties on the Big Island fall into an assigned Lava Zone designation--and this is often a surprise to lenders... Read More 

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