If you have established credit history and the property meets standard guidelines, you could qualify for a Conforming Loan with competitive market rates. 30-Year and 15-Year fixed rate mortgages with a limit of up to $765,600 available. Learn More >
Non-Conforming (or Portfolio) loans offer some flexibility, if the property or your borrowing situation does not meet conforming loan guidelines, loan amounts between $765,600 to $2 million for Jumbo Loans and available for purchasing or refinancing a home. Learn More >
Fixed Rate Loan
Fixed Rate mortgages have a set interest rate so that the monthly principal and interest payment stays the same for the life of the loan. We have 15 and 30 year Fixed Rate loans that'll help to give you an ease of mind when buying your home in Hawaii.
Adjustable Rate Mortgage (ARM) Loan
An Adjustable Rate Mortgage (ARM) Loan features a fixed interest rate for an introductory period of time (either 5, 7, or 10 years). After the introductory period, the interest rate and payments may adjust higher or lower based on market interest rates.
LET US HELP YOU SAVE ON CLOSING COSTS
SAVE ON CLOSING COSTS!*
- Receive one-quarter (0.25) point off your loan origination points for financing home purchases
- Automatic payment of the mortgage from an ASB checking account required*
- Plus get $100** when you set up direct deposit in your checking account used for automatic payment of your mortgage
NEW TO THE ISLANDS?
Ultimate Newcomer's Guide to Hawaii
American Savings Bank is proud to sponsor Honolulu Magazine's Ultimate Newcomer's Guide to Hawaii, which features a video of ASB teammates sharing what they love about living in Hawaii. There's a lot to see, taste and do here. Let the Newcomer's Guide help point you toward everything you need to make your life in Hawaii the best it can be.
PROGRAMS AND RESOURCES
First Time Home Buyer
Refinancing a Mortgage
Land and Home Construction Loans
U.S. Department of Veteran's Affairs (VA) Loan
U.S. Department of Agriculture (USDA)/Rural Development Loan
Compare All Mortgage Loans
Home Equity Line of Credit
APR stands for “Annual Percentage Rate” and represents the price you pay to borrow money. APR is a broader measure than interest rate because it includes the interest rate plus other costs such as lender fees, closing costs and insurance. You can use APR to compare loans offered by different lenders when shopping for a mortgage loan.
For example, based on a purchase price of $500,000; loan amount of $400,000 (20% down payment; 80% loan-to-value); interest rate of 4.00% and 1.00% points, the monthly principal and interest payment on a 30-year fixed rate mortgage would be $1,909.66 and an APR of 4.119%. Keep in mind your mortgage loan monthly payment will be higher as lenders typically include proerpty tax and insurance costs.
If you’re getting ready to purchase a second home in Hawaii, there are many factors to consider. Most importantly, you will want to decide what type of mortgage to use for the purchase. Unlike your first home, you may not be able to take advantage of certain loan programs for a second home. First time home buyer loans, for example, usually require a lower down payment than a conventional loan. However, since you are purchasing a second property, you are unlikely to be able to use a first-time home buyer loan to make the purchase and will need to make a sizeable down payment. The best way to learn what you will need to purchase your second home is to speak with a mortgage loan officer with experience in investment properties, like the team at ASB.
There are a couple of items you must consider before applying for a mortgage loan. We recommend that you have a good understanding of how much you want to borrow, what your credit score is, and that your financial information is readily available.
Getting pre-qualified is highly recommended since many sellers require a pre-qualification letter from a reputable lender. Plus, during the pre-qualification process your ASB Loan Officer will help you determine the appropriate price range before you go house hunting.
A residential first mortgage loan is secured by residential real estate property. Therefore, sufficient hazard insurance in case of fire, hurricane, flood and other disasters is required at all times. You must obtain and pay for the premiums if the mortgage loan is for a purchase of a new home; you must obtain sufficient coverage if the mortgage loan is for a refinance of an existing home. After mortgage loan closing and the mortgage loan account is established, an escrow account is used to collect the premiums monthly as part of your mortgage loan payment. A conventional 1st mortgage amount over 80% loan-to-value (LTV) requires private mortgage insurance (PMI), which is paid by the borrower and protects the lender from borrower default on loan payments. PMI cancellation is typically permitted: 1) borrower-requested cancellation, and 2) lender-required cancellation under the Homeowners Protection Act of 1998. For a borrower-requested cancellation, the borrower must provide a written request for cancellation to the lender on the date that the mortgage loan balance is first scheduled to reach 80% of the original value of your home. The law allows lenders to require borrowers to fulfill certain conditions for PMI cancellation.
We typically ask for two years of W-2s and tax returns as well as other documents to verify the information that you provide to us. Every applicant is different, so please contact a loan officer to discuss your situation.
Loan programs and products are subject to loan qualification, credit policy and underwriting standards for the respective program or product. Certain terms, conditions and restrictions may apply. Programs/products subject to change or discontinuation without notice.
*The mortgage discount offer (“offer” or “promotion”) is applicable for home purchase transactions financed through American Savings Bank residential mortgage programs. Promotion is not applicable for brokered out loans or VA Loans. Offer good only with a completed loan application submitted to American Savings Bank and loan locked through 02/29/2020 and closed/funded by American Savings Bank by 04/30/2020. Promotion is subject to automatic payment from a new or existing ASB checking account for this offer of one-quarter (0.25) point off loan origination points. The ASB checking account number with the intent to establish automatic payments for the mortgage must be provided prior to final approval. The establishment of automatic payment must be signed at mortgage closing. If the borrower opts out of automatic payment or the ASB checking account is not established at loan closing, this promotion will not apply. See the Personal Deposit Account Terms and Conditions, Disclosures and Fees section, for details about Kalo checking accounts. This offer cannot be combined with any other promotional discounts, long-term rate lock specials, or new project financing rates unless otherwise specified. This offer is subject to change or discontinuation without notice. Offer good for 1-4 unit single-family dwellings, condotels, condos, and land purchase only. Applicant(s) is/are subject to loan qualification, underwriting guidelines, and credit policy of American Savings Bank. Offer valid for Hawaii properties only. Certain terms and restrictions apply. For more information, please contact an American Savings Bank Residential Loan Officer.
**Get $100 when you 1) set up a new direct deposit to the ASB checking account you use to automatically pay your mortgage from and 2) have a minimum of 2 consecutive calendar months of direct deposit totaling $1,000 each month, and 3) qualifying direct deposit must post to your account within 3 months after the month of your mortgage note date but no later than 5/31/2020 to receive the $100 "gift". Direct deposit means electronic government or payroll deposits made to the account. Gift will be deposited into the account used for automatic payment and where the direct deposits have posted. For Mortgage Note dates in December 2019, gift will be credited on April 10, 2020, for Mortgage Note dates in January 2020, gift will be credited on May 8, 2020, and for Mortgage Note dates in February 2020, gift will be credited on June 5, 2020. Eligible ASB checking account must not have any direct deposit posted to the account for a minimum of 3 months prior to the start of the promotion. Value of the gift is considered interest and may be reported to the IRS. Limit of one gift per customer and only one account per customer is eligible. Limit of one gift per customer for any 12 month period. Cannot be combined with any other promotional offer. Fees could reduce the earnings on the checking account.