< Back Helpful Articles

3 Tips for Buying Your Dream Home in Hawaii

ASB June 09, 2023 | 2 MIN read Personal

Are you dreaming of owning a home in Hawaii? We’re here to help. At American Savings Bank (ASB), we’re committed to helping you achieve your homeownership dreams, whether you’re a first-time home buyer or seasoned investor. Stefan Kant, residential loan officer, shares three tips to help you secure your dream home in Hawaii.


Tip #1: Determine Your Budget

Before beginning your homebuying journey, it’s important to establish your budget. ASB offers free online calculators that can help you figure out your comfortable monthly spending limit. In addition to considering your mortgage payment, remember to include recurring expenses such as car payments, utilities, phone bills, food and more. Understanding your budget will guide you in finding a home that fits your financial situation.

Tip #2: Build Your Credit Score

Building a strong credit score is essential when applying for a mortgage loan and it will help you get your dream home. A high credit score demonstrates your financial responsibility and increases your chances of securing favorable terms. According to Experian, one of the three major credit bureaus in the country, you can improve your credit score by paying bills on time, keeping credit card balances low and avoiding opening new credit cards. You can also build up your credit score by reducing your debt-to-income ratio, which compares your monthly income to your outstanding debts. Maintaining a low debt-to-income ratio will help you maintain a higher credit score, which will help you qualify for lower interest rates and better terms on your mortgage loan.

Tip #3: Explore Your Mortgage Loan Options

While owning a home in Hawaii may seem like a distant dream for some, ASB offers a solution that can make that dream possible.

With a Jumbo Loan, you can borrow more than $1,089,000, providing you the financial flexibility to purchase your dream home. As an added benefit, you can combine your Jumbo Loan with a Home Equity Line of Credit (HELOC). This Jumbo Loan “Piggyback” combination offers remarkable advantages, including:

  • A combined loan amount of up to $2 million
  • Financing for 90% of the project. That means you only need a 10% down payment!
  • Avoiding mortgage insurance, which is usually required for down payments under 20%


At ASB, our experts are committed to helping you find the best mortgage solution to fit your needs and dream home goals. Speak with one of our experienced mortgage loan officers to get started today!