How to Find the Right Mortgage For You

Tuesday, June 28, 2022

With so many financing options available, shopping for a mortgage in today’s competitive real estate market requires experience and expertise. That’s where we can help. In honor of National Homeownership Month, Reyn Sugai, vice president and executive residential loan officer, shares quick tips on how to select the right mortgage based on your budget and goals.

 

Tip #1: Get Started With a Mortgage Prequalification Letter

A prequalification letter from a financial institution prepares you to shop for a dream home within your budget. At American Savings Bank, getting pre-qualified is fast, convenient and the online application process only takes about 20 minutes.

Tip #2: Ask About Mortgage Loan Options That Fit Your Needs

We know that there’s no one-size-fits all when it comes to mortgage loans. Our friendly and knowledgeable home loans team is here to help you find personalized solutions that will help you make your Hawaii homeownership dreams possible. Here are a few of our most popular mortgage programs:

There’s no one-size-fits-all when it comes to mortgage loans, especially in an uncertain market environment. Fixed rate and adjustable rate mortgage loans can offer various benefits when it comes to your monthly principal and interest payments.

  • First Time Home Buyers Loan: those who are looking to purchase their first home may qualify for a smaller down payment and receive exceptional tax benefits through a First Time Home Buyers Loan.

  • Veteran Affairs (VA) Loan: active or retired military and their eligible surviving spouses may be eligible to purchase a home with as little as $0 down, not be required to pay Private Mortgage Insurance and receive better financing rates using a Veteran Affairs Loan.

  • Jumbo Loan: potential homeowners that would like to finance over $970,800 can qualify for a Jumbo Loan and possibly receive lower interest rates

  • Adjustable-Rate Mortgages (ARM): secure a low introductory fixed-rate period (often 7 or 10 years), which results in lower initial payments. After the promotional period, the rate and monthly principal and interest payments will generally change annually or semi-annually based on the terms of the loan and market conditions.

  • Construction & Vacant Land Loan: secure the land you need and build your dream home from the ground up using a Construction & Vacant Land Loan.

Whether you’re a first time home buyer or a seasoned real estate investor, we’ve got the right tools, resources and support to help achieve your dream of reaching your next financial milestone.

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