Residential Mortgages Comparison Chart*
We’re here to help with your homeownership goals.
Knowing how much you can afford in terms of monthly mortgage payments and home purchase price will help you and your Realtor find your dream home or investment property. Consult with an American Savings Bank Residential Loan Officer for a free prequalification analysis which will be helpful in your negotiation for a property.
Fixed Rate & Adjustable Rate Mortgages
A fixed rate mortgage (FRM) means a fixed interest rate with fixed monthly payments during the term of the loan. This certainty is ideal for borrowers on a fixed monthly income.
An adjustable rate mortgage (ARM) features a variable interest rate. The interest rate and monthly payments remain the same for an initial period then adjust annually. This is ideal for borrowers who are investing in property or do not plan to live in the property long term, or for borrowers who anticipate rising incomes and can manage payment changes.
Solutions for First Time Home Buyers
We offer a number of loan products and programs to help first time home buyers realize their dreams of home ownership:
- Fannie Mae HomeReady®
- Freddie Mac Home Possible®
- U.S. Department of Veterans Affairs (VA) Loan
- U.S. Department of Agriculture (USDA) / Rural Development Loan
- Simultaneous First Mortgage and Home Equity Line of Credit
- Mortgage Credit Certificate (MCC) Program (issued through Hawaii Housing Finance and Development Corporation (HHFDC))
Financing for New Condos/Projects
American Savings Bank is a participating lender on many of Hawaii's new developments and condo projects. Purchasing in a new development or condo where the construction completion is several months or a year away has its challenges. We're with you every step of the way to help you reach your homeownership goal.
Loan or Line?
A home loan is a one-time lump sum that is paid off over a set amount of time, with a fixed interest rateand the same payment each month. Once you get the money, you cannot borrow further from the loan. If you need a specific amount of cash now, we suggest a loan. A home equity line of credit (HELOC) works more like a credit card. You are allowed to borrow up to a certain amount for the life of the loan. During that time you can withdraw money as you need it. This gives you more flexibility. Credit lines have a variable interest rate that fluctuates over the life of the loan. Payments will vary depending on the interest rate and how much credit you have used. If you will need cash over time, we suggest a HELOC.
You must pay your entire statement balance (including all promotional purchase and balance transfer balances) by the due date each month to avoid being charged interest on new purchases from the date those purchases are made, unless your new purchases are subject to a 0% interest rate.
- Loan products and programs are subject to change or cancellation at any time. Borrowers and/or subject property are subject to eligibility requirements; borrowers are subject to loan qualification, underwriting and credit policy of American Savings Bank (ASB). HomeReady® is a registered trademark of Fannie Mae (FNMA) and Home Possible® is a registered trademark of Freddie Mac (FHLMC). Loan programs are offered through ASB. HFDC is an agency of the State of Hawaii. ASB is a participating lender of MCC.
- Eligible loan purpose depends on loan program.
- Underwriting guidelines will vary from owner/occupant, second home or investor.
- A Balloon Mortgage loan features interest-only payments and does not amortize over the term of the loan, thus leaving an outstanding balance due at maturity (the original loan amount plus accrued interest).
- Maximum loan amount depends on loan program.