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Tips for Buying a Home in Hawaii

ASB November 25, 2020 | 5 min read N/A

Few moments are as exciting as unlocking the door to your new home for the first time. The journey to get to that moment, however, can be long and expensive. Buying a house is a big financial decision, especially in Hawaii, which has some of the highest home prices in the country. And with the ongoing COVID-19 pandemic, the process may be even more stressful than before.

At American Savings Bank, we want you to be prepared so you can find the right home and be in a strong position to get the financing you need. We asked some of our loan officers for their best tips to help you buy a home in Hawaii.

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BUDGETING FOR A NEW HOME
Cost is often the biggest obstacle when buying a home in Hawaii. Whether you’re making your first home purchase or upgrading to a new home, start your search by knowing how much you can afford.

“The first step would be to meet with a loan officer to figure out your budget. A loan officer can also share information on first-time homebuyer programs,” says Alan Fentriss, Senior Vice President and Director of Home Loans at American Savings Bank.

Loan officers, like the team at ASB, understand the local real estate market and can help you examine your finances. Your loan officer works as your go-to resource to answer your financial questions throughout the home buying process — from calculating estimated monthly payments to getting you pre-qualified for a mortgage.

Getting a pre-qualified offer for a mortgage shouldn’t be the only factor in setting your new home budget. You might end up qualifying for a loan that’s much higher than you expected, but you can’t afford the payment.

Reyn Sugai, Vice President and Executive Residential Loan Officer at American Savings Bank, advises, “Even if you can get qualified for a huge loan, that doesn’t mean the monthly payment is realistic. Take a look at your current income and expenses to see how much of a monthly payment you can afford, and reach out to the lender if the COVID-19 pandemic has affected your finances.”

Other factors to consider when budgeting for your new home include:

  • Potential renovation costs

  • Energy costs to power your home

  • Other debt, such as a car payment or credit cards

  • Regular expenses, such as car insurance, utilities, and groceries

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KEEP YOUR SAVINGS ON TRACK
Saving for a down payment in Hawaii can be challenging. You can help keep yourself on track to reach your savings goals by setting a timeline for your home search. Decide how long you want to save money for a home and start saving each month. For example, you might be able to save enough for a down payment in a year.

“Telling lots of people about your plans to buy a house in a year is a great way to motivate yourself to keep saving,” says Sugai. “Let friends, family, and coworkers know about your savings goal. Find an accountability buddy, such as a good friend or family member to help you stay accountable by checking in each month — it’s a great way to discuss any budgeting changes or new expenses while working toward your goals.”

HOW TO PICK THE RIGHT LOCATION
We all know Hawaii’s beautiful views, comfortable climate, and endless culture and history make it a great place to live. However, one of the state’s biggest advantages can also be a disadvantage. With so much variety on the Islands — from urban streets and rural towns to windy hills and humid beaches — there are a lot of things to consider when choosing a location for your new home.

  • Humidity and Mold: If you decide to shop for a home in one of Hawaii’s more humid areas, such as Hilo, you might need to battle mold in your home. Mold thrives in dark, humid areas such as the corner of a bathroom or a shower. Living in an area with higher humidity means you might need to invest in a dehumidifier or be on the lookout for mold.

  • Tourist Areas: It’s no secret that people travel from across the Mainland and around the world to visit our island home. Be sure to consider what your new neighborhood will look like at the height of the tourist season as you shop for a home. While it might seem quiet now, there will likely be a rush of new visitors when COVID-19 restrictions begin to lift in Hawaii and on the Mainland.

  • Tropical Storms: Although hurricanes are relatively rare in Hawaii, smaller storms are quite common. You should consider your proximity to the shoreline, as well as the elevation of your potential new home. Homes in low elevations may be prone to flooding in rainy weather.

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PREPARING FOR MOVE-IN COSTS
The purchase price might be the biggest cost of buying a home, but it’s not the only one. You also need to factor closing costs and move-in costs into your homebuying budget. Move-in costs might include small renovation projects or simply the price to hire movers to transport your belongings from your old home.

Other costs will pop up the longer you own the home as well — such as a water heater or kitchen appliances that need to be repaired or replaced. The best way to protect your finances from unexpected home expenses is to build an emergency fund before you buy the house.

“In the wake of the COVID-19 pandemic, there has been an emphasis on savings, particularly for emergency funds for home expenses. Build up this fund before you purchase a house so you have it ready to help cover costs from the day you move in,” says Sugai. Another option to help cover additional home costs is to apply for a home equity line of credit (HELOC).

“A HELOC is used to access your equity in a credit line that can be used to purchase the things you want or need. Many Hawaii residents use HELOCs to make renovations, complete home improvement projects, or make major purchases,” says Fentriss. “HELOCs can be a great asset in continuing a project or investment in your home.”

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ASK QUESTIONS ALONG THE WAY
It’s tempting to jump on an opportunity when shopping for a home — especially in a hot real estate market like Hawaii. Taking your time and doing your research, however, usually helps save you time and money down the road.

Get ready to buy your next home by learning about homeownership in Hawaii and connecting with an ASB loan officer today.

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Budgeting Tips for the Holiday Season

ASB November 23, 2020 | 5 min read N/A

The holiday season brings lots of joy, but can sometimes cause feelings of stress and concern when it comes to the amount of money spent on gifts and festivities. Overspending can dampen the fun and excitement of the holiday season. Get your spending in check with these holiday budgeting tips from our ASB Dream Team.

ASB pride parade

SET EXPECTATIONS WITH FRIENDS AND FAMILY
Your friends and family may have different expectations when it comes to gift giving. If you know you won’t be able to spend as much this year or are planning to keep gifts to a minimum, let your friends and family know in advance. Setting expectations about gifts early can help you stick to your budget.

Talk with family and friends to determine how much you plan to spend on gifts for each other. You can also decide to do something different from the traditional gift exchange this year. For example, you can host a Secret Santa gift exchange where everyone pulls a name from a hat. That way, you only need to purchase one gift for one person. You could also skip gifts altogether and exchange holiday greeting cards instead. No matter what you decide, the most important aspect is to be upfront about your plans so everyone knows what to expect.

LIST EXPECTED EXPENSES
Write a list of all of the expenses you expect to have this holiday season. While gifts are often the most expensive part of the holidays, remember to include other expenses as well. Other costs much include:

  • Groceries for holiday dinners

  • Wrapping materials such as wrapping paper, tissue paper, ribbons and gift bags

  • Holiday cards

  • Shipping and mailing costs

  • Small gifts for non-family gift exchanges (such as a work gift exchange)

  • Charitable giving such as toy drives, cash donations, or food drives

Make sure to add the estimated cost for each category. That way, you have a better idea of where most of your holiday budget is going to end up. If you think you’re spending too much in one area, look for ways to reduce your costs in that area.

For instance, you want to spend less on wrapping paper or gift bags. You can purchase brown paper packaging or use recycled magazine or newspaper instead of holiday-themed paper. Use markers, pens, or colored pencils to add personal touches to the packages.

ASB pride parade

MAKE A GIFT LIST
Set up a spreadsheet or use a notebook to list out everyone who is going to get a gift from you. Include a spending limit for each person and a list of potential gifts that are in the right price range. Keep your list on hand when you start shopping for gifts. Refer back to it if you find yourself tempted to buy something outside of an individual budget. This helps remind you that you’ve already set aside a dollar amount for each person’s gift.

You’ll want to include everyone who should be recognized during the holidays — from immediate family to your mail person. Even if you’re just sending a card or giving someone baked goods, listing everyone reduces the chances of missing someone.

SET A SPENDING LIMIT
Give yourself a strict spending limit for your holiday purchases. If you have a holiday savings fund set aside for gifts, for example, or a specific amount set aside for the holidays from your savings, make sure that you determine a cap on how much you can spend this year so that you don’t go into debt from your spending.Challenge yourself to save even more by staying under budget in as many categories as possible.

Worried you’ll go over your limit? Try categorizing your list of expected expenses and gifts. Working with several smaller budgets rather than one lump sum can help you stay within your overall budget. Challenge yourself to save even more by staying under budget in as many categories as possible.

ASB pride parade

LOOK FOR BARGAINS
Purchasing items on sale or comparing prices from one retailer to the next can help you to stay on budget. Many retailers will price-match an item for you if you can show that another retailer is advertising it at a lower price. And, remember that stores are ready to make up for time and profits lost during the pandemic, so your wallet may benefit from the retailer wanting to sell their items at a discount.

GET CREATIVE
You don’t have to spend a lot of money to make someone feel special during the holidays. As the old saying goes, “It’s the thought that counts.” Your friends and family are sure to love any gift they receive from you. E-cards are another way to save money and time. Rather than buying holiday cards and paying postage, you can find free or fairly inexpensive e-cards to email to loved ones online. If you want to give someone a gift but can’t afford it, consider giving the gift of your time. You could baby-sit or walk a dog for a friend with an overloaded schedule. An elderly relative might appreciate someone to run errands, do some housework or take them to an appointment. A handmade gift or making a small charitable contribution in someone’s name can also show your gratitude.

With a few easy changes, you’ll be able to cut your spending this holiday season. Use these tips to stick to your budget so you can focus on enjoying the holidays rather than worrying about your finances.

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Ways to Support Local Businesses This Holiday Season

ASB November 18, 2020 | 5 min read N/A

The COVID-19 pandemic has affected how many of us live and work. It has had especially devastating impacts on locally owned small businesses, as many struggle with the loss of revenue, making them unable to cover overhead costs of rent and labor, as well as micro businesses and the gig economy where there is very limited government assistance. These are usually home-based businesses and/or independent contractors. They don’t typically have the safety of employer or unemployment benefits. Some were even forced to close over the past few months. Although tourism has recently started to pick up, many businesses across the state are relying on the support of kamaaina as they struggle to stay afloat.

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Matt Hara, Vice President & Business Banker with ASB, joined HI Now host Kainoa Carlson to share tips on supporting small businesses, especially as we enter the holiday season.

“This holiday season, we’re encouraging people to choose local whenever you can,” said Hara. “From where you shop, eat, play and more, supporting local can be a big help especially during the holidays.” Online marketplaces like Mana Up, Pop Up Makeke and Made in Hawaii have a variety of products from local vendors. You can even choose local at big box department and grocery stores by seeking out made-in-Hawaii brands.

“Supporting local doesn’t have to involve spending money,” Hara explains. “Follow local brands that you love on social media and share their posts with friends and family to help spread the word about their products and services.”

American Savings Bank was proud to play a part in getting the Hawaii Restaurant Card, a prepaid, preloaded $500 debit card, into the hands of thousands of unemployed workers statewide.

“We served as the primary liaison between the state and the financial institution that issued the cards,” Hara says. “The card can be used at eateries statewide but must be used by December 15. If you have a card, we encourage you to support local by using it at a local food establishment as soon as possible.”

If you’re a business owner and are facing financial hardship due to the pandemic, don’t be afraid to ask for help! You can contact your bank and see if they are offering assistance, such as loan payment deferrals or modifications. You can also work with a business banker to determine your best next steps and receive more information on state and federal programs that may be available to you. For example, the City & County of Honolulu is offering a OneOahu Small Business Grant that you could be eligible for.

Our team at American Savings Bank is here to help. Click here to set up an appointment with one of its knowledgeable business bankers.

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Your Money During Turbulent Times

ASB November 03, 2020 | 5 min read N/A

As economic concerns over COVID-19 continue to grow, you might find yourself wondering if a bank account is the best place to keep your cash. When you’re counting on unemployment benefits or living paycheck to paycheck in an economic crisis, knowing what to do with your money can seem daunting.

For most, a bank account is the safest place to keep your cash. There are safeguards in place that help protect your money from fraud, over-withdrawals, and even bank collapse. Read on to learn more about protecting your money in these difficult economic times, and why you should keep your money in your bank account.

Money During Turbluent Times

Is My Money Safe in the Bank?
Yes, your money is safe in the bank. Opening a savings or checking account makes it easier to pay bills, save for the future, and manage your finances with tools like online banking.

During normal economic times, customers sometimes choose to diversify where they keep their money. For example, you can maximize interest and other earnings using accounts in addition to your regular savings account. In a steady economy, you might want to put money into several different types of accounts, including:

  • Savings Account: This is a type of account that allows you to make cash deposits and safely store your money with the bank. Many savings accounts even earn interest, so you can make money as you save money.
  • Checking Account: A checking account is another bank account where you can store money. Unlike savings accounts, however, checking accounts come with the ability to withdraw money or make purchases using checks or a debit card.
  • Certificate of Deposit (CD): Certificates of Deposit let you deposit a certain amount of cash into a savings account and receive guaranteed interest earnings on the funds over a set period of time. However, you may face penalties if you withdraw your money early.
  • Individual Retirement Account (IRA): An IRA is a popular retirement savings account that is separate from your employer and lets you put money into investments like stocks and mutual funds. You can contribute a certain amount each year and you’ll receive tax benefits on your money.
  • Investment accounts for Retirement or Education Planning: College funds, custodial accounts, and retirement savings accounts can all help you invest money now for a better future.


When the economy is stable, having multiple types of accounts allows you to potentially earn more from your savings. If the economy is in a less stable condition, however, you might worry that the bank is no longer safe.

Is My Money Safe in a Bank During a Recession?
Economic downturns and a turbulent economy can leave you feeling overwhelmed about your financial situation. If you lost your job or have been temporarily let go, you may be relying on a spouse, drawing from your savings and/or applying for unemployment insurance.

In times like these, you might want to take a look at where your money is currently located. Investment accounts are not FDIC-insured, which means they could lose money. The good news is that with bank accounts with a guarantee, such as a regular savings account, you won’t lose money during a recession. That means your money is safe being left in a savings or checking account at the bank.

Do Bank Runs Still Occur During Difficult Economic Times?
When the economy becomes unstable, some people rush to withdraw their money from the bank as fast as they can. If a lot of bank customers pull their money out at once, it can create something called a “ bank run.” Bank runs usually stem from concerns that the bank itselff will run out of money. Ironically, this mass withdrawal can become a self-fulfilling prophecy that draws down the bank’s cash reserves.

The good news is bank runs are unlikely to be a problem in modern times. After numerous bank runs during the Great Depression, Congress created the Federal Deposit Insurance Corporation (FDIC) in the early 1930s. The FDIC helps protect consumers by insuring bank deposits up to a certain amount — even if the bank runs out of money.

Money During Turbluent Times

When Should I Take My Money Out of the Bank?
The short answer is to only take money out of the bank if you absolutely need it. If you’ve been laid off and need to withdraw from a rainy day fund to cover rent for the month, paying your rent is more important than leaving money in the bank. If you want to take money out just to keep at home, it’s probably better to leave it in the bank.

Is It Safe to Keep Money at Home?
Like many financial questions, the safety of keeping your money at home depends on your level of risk and how much you plan to keep at home. It’s usually considered a good idea to keep a few hundred dollars in cash in case of an emergency. If a natural disaster causes ATMs and banks to close, you can use that emergency cash to pay for food and water.

On the other hand, keeping too much cash at home could leave you with little to no savings in the event of an accident, like a fire. Reasons to keep your money in the bank, instead of stuffed in the mattress or a piggy bank at home, include:

  • Interest Earnings: Most bank savings accounts earn you interest on the money you deposit. Your money won’t grow at all if you hide it in a closet at home.
  • FDIC Insured: If a thief steals your identity and withdraws your money from the bank, you’re entitled to get it back through insurance from the FDIC. If someone breaks into your home and steals your money, there’s little chance you’ll get it back. The bank is also probably physically safer than your home. A fire could easily burn down your home, but most banks have secure vaults and fire-safety systems.
  • Easier to Manage: Even with social distancing and face-to-face contact limited due to COVID-19, banks make it easy to manage your money. Whether you use an ATM to withdraw cash, bank online, or pay with a contactless debit card, you have a lot more options to handle your finances instead of storing cash in your home.


Protect Your Money with an FDIC Bank
No matter the current economic outlook, the best way to protect your hard-earned money is by putting it in an FDIC-insured bank account. You’ll get insurance on deposits up to $250,000. If you have more than that amount in savings, you can always open multiple accounts to ensure you have insurance on all of your money.

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Are You a Veteran? Learn about VA Loans.

ASB November 09, 2020 | 5 min read N/A

With Veteran’s Day coming up, we wanted to share some helpful information on loans for veterans, also known as VA loans.

Are you a veteran looking to buy or refinance a home in Hawaii? You may qualify for a VA loan for your mortgage. Unlike conventional loan programs, VA loans are backed by the Department of Veterans Affairs. As a veteran, the VA loan program gives you access to some of the best home loans available.

American Savings Bank is proud to provide loans for eligible veterans and service members through the VA loan program. See how a VA loan from ASB could help you get the best mortgage for your dream home.

VA Loan Purchasing

LITTLE TO NO DOWN PAYMENT REQUIREMENT
Most mortgages require you to make a sizeable down payment when purchasing your home. That’s difficult on any home purchase, but it can be especially hard in Hawaii where we have some of the highest real estate prices in the country. Here, a down payment on a home could quickly wipe out your savings.

The VA loan program helps you avoid spending all your cash on your home purchase. With a few exceptions, your VA loan comes with no down payment requirement. Depending on your specific loan, you might be able to finance your entire home purchase.

NO NEED FOR MORTGAGE INSURANCE
The traditional down payment amount is 20 percent of the purchase price. For a home with a purchase price of $400,000, that’s $80,000 in cash. Many buyers in Hawaii have trouble putting down the full 20 percent and have to pay for mortgage insurance to cover their loans.

Mortgage insurance helps protect your lender if you default on your loan. Most conventional loans with less than 20% down require private mortgage insurance. FHA loans, common for first-time home buyers, use a similar type of insurance and require you to pay a mortgage insurance premium. Regardless of the type of mortgage insurance you have, the premiums increase your monthly payment.

You won’t have to worry about mortgage insurance with a VA loan. Even if you finance the whole purchase price of your home, you won’t be on the hook for mortgage insurance. The VA does require a funding fee, but you can usually include this fee in your home loan.

VA Loan Purchasing

USE TO PURCHASE OR REFINANCE
VA loans are available for both purchasing a new home and refinancing an existing mortgage.

Refinancing a loan lets you take advantage of more favorable loan terms or offers. For example, you might want to refinance your mortgage to get a better interest rate on your loan. If you’re an eligible veteran, you could refinance to a VA loan and receive all the benefits it has to offer. For eligible holders of existing VA loans, VA offers a streamlined refinance program which simplifies the qualifying and reduces the costs associated with traditional refinances.

GOVERNMENT GUARANTEE PROVIDES FAVORABLE TERMS
Most veterans are excited to learn VA loans often come with some of the best loan terms available. Lenders like ASB generally offer more favorable rates and repayment terms on VA loans because they’re backed with a government guarantee.

GET YOUR DREAM HOME IN HAWAII WITH A VA LOAN
What are the benefits of a VA loan? From reduced costs to some of the best interest rates, most eligible veterans find a VA loan to suit their needs.

Get in touch with one of our ASB mortgage officers today to learn more about the VA loan program and see if you qualify.

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ASB Named to Best Banks List

ASB October 30, 2020 | 5 min read N/A

This week, American Savings Bank was named to American Banker’s Best Banks to Work For, marking the bank’s sixth time named to this prestigious national list.

The Best Banks to Work For program identifies, recognizes and honors banks for outstanding employee satisfaction. Earlier this year, a survey went out to 350 randomly selected teammates. The results, which were kept confidential and anonymous, helped ASB earn a place as the only Hawaii bank on this year’s list. To see a full list of the winning banks, click here.

In addition, ASB was featured in an American Banker article focused on the company’s Green Benefit, which rewards teammates for taking public transportation or carpooling to work as a way to help the environment.

ASB also earned accolades earlier this month from the Public Relations Society of America Hawaii Chapter (PRSA Hawaii). The bank racked up a total of four awards at the PRSA Hawaii’s 2020 Koa Anvil Awards for its public relations work for the grand opening of Campus, in partnership with Becker Communications.

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Watch our Final ASB Pride Story

ASB October 29, 2020 | 5 min read N/A

In celebration of Honolulu Pride Month, we’ve been sharing ASB Pride Stories all month long. Click here to see all of our stories so far.

This week, we feature two teammates whose journey together brought them to ASB. Hear from Brandon, a teller at our Kapolei Branch, and Kalani, a teller at our Waipahu Branch by watching the video below.

“Once I started [working at] ASB, and saw how accepting the company was of LGBTQ+ individuals, I immediately fell in love with the company,” said Brandon. “I can be myself around my teammates and not have to worry about anything.”

“What blew my mind is that ASB had accepted me even before I was an employee,” said Kalani. “That kind of love and acceptance is what made me choose this company, and is going to be the reason I stay and work as hard as I possibly can.”

ASB is proud to be a workplace where teammates feel welcome and empowered to be their most authentic selves.

Honolulu Pride Month may be coming to a close, but our support for diversity and inclusion remains a constant. Want to share your support for Pride? Use one of our virtual backgrounds and share our content on social media. Learn more about how we support Pride by clicking here.

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Embracing Your Story

ASB October 22, 2020 | 5 min read N/A

Honolulu Pride Month may be coming to a close, but our commitment to supporting the LGBTQ+ community continues. Throughout October, we’ve shared several stories from ASB teammates who are proud to be LGBTQ+ and proud to be ASB. Click here to read the other stories, or check us out on Facebook, Instagram or LinkedIn.

Our next ASB Pride Story comes from Nicholas Aviles, a teller at our ASB Kehalani Foodland Branch.

“I grew up on the mainland in California and my sexuality and race were always at the forefront of every conversation I had, whether with old friends or new acquaintances,” said Nicholas. “For a long time, I was scared to come out as a bi-sexual man due in large part to how my family would perceive it.”

For years, Nicholas struggled with being himself in his family and in his social circles. It wasn’t until he joined ASB that he felt fully accepted.

“I now live on an island that has not only embraced my sexuality but has helped me to accept who I am,” said Nicholas. “Ever since I became a part of the ASB Dream Team I have seen a large and proud support for those of us in the LGBTQ+ community, which let me tell you, was very surprising but also refreshing. Thank you ASB for accepting me for me!”

ASB is proud to be a workplace where teammates feel welcome and empowered to embrace and tell their stories. Do you have a Pride story you’d like to share? Tag or message us on social media! This week, we even launched a special rainbow filter on Instagram.

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Leading with Pride

ASB October 16, 2020 | 5 min read N/A

At ASB, we believe it’s important to create a great place to work – so much that it’s part of our vision of making dreams possible. One of our leaders who has paved the way to creating a diverse and inclusive workplace at ASB is Beth Whitehead, EVP and Chief Administrative Officer.

This year’s Honolulu Pride Month is extra special for Beth as she is being honored at Pacific Business News’ Business of Pride event on October 15, 2020. The annual awards recognizes individuals and companies who have gone above and beyond in making Hawaii's workplaces more inclusive.

Hear Beth share her experience in the video below – the second in our ASB Pride Stories video series.

Under Beth’s leadership, ASB has received numerous accolades for being a diverse and inclusive workplace and a great place to work, including being named to Hawaii Business Magazine’s Best Places to Work in Hawaii for 11 consecutive years. In 2020, she launched ASB’s Diversity Council, a group of highly engaged teammates that discusses topics and ideas related to enhancing diversity and inclusivity.

“Honestly, throughout my life, I’ve never really been proactive in my LGBTQ pride and always sat in the background - watching everyone else make strides forward,” says Ty. “What’s great about ASB is that they give teammates an opportunity to grow and develop. One opportunity I received recently was being able to assist in planning our Pride Month festivities. These opportunities not only help me to grow professionally, but also helping me to step into who I’ve always wanted to be – a proactive LGBTQ member who has healed from past trauma, now ready to support those around him.”

ASB is proud to be a workplace where teammates feel welcome and empowered to embrace and tell their stories. Stay tuned for another ASB Pride Story next week.

Do you have a Pride story you’d like to share? Tag or message us on social media!

Learn more about how we support Pride by clicking here.

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