If you live in the beautiful state of Hawaii and need to get a mortgage, the American Savings Bank will provide you with the various mortgage options you need. Buying your home, or refinancing one, is easy and there are many options available for getting a mortgage.
The American Savings Bank provides mortgages up to $2 million for all sorts of real estate purchases. This includes homes, resort condominiums, and condo hotels (condo-tels). If you are getting ready to build a new home, you can also get a vacant lot loan or a construction loan.
Conforming Loans
Conforming mortgages can be obtained as either a fixed rate mortgage or as an adjustable rate mortgage. Depending on the economy – and your needs – one type will be better than the other. At present, because mortgage rates are so low, most people are financing their homes with fixed rate mortgages, which ensures that their payments will stay low and uniform as long as they are still paying off the mortgage.
The American Savings Bank website mentions that getting a home loan for a shorter term has a couple of advantages. The first is that a shorter term mortgage will usually enable you to get lower interest rates, and the second advantage is that equity builds up faster and considerably less money is actually paid over the life of the loan.
VA Loans Are Available
If you are a qualifying veteran or spouse of a veteran, you may be eligible to get a VA loan. These loans are government-backed and have some excellent benefits, such as being fixed rate, do not require a down payment, have no reserve requirements, and have no prepayment penalty. These loans are available for VA approved dwellings, such as 1-unit dwellings, some condos, and planned unit developments (PUDs).
Loans for Building a New Home
Financing can be obtained from the American Savings Bank to buy a lot to eventually build your home on, or for getting a construction loan to build your home on property you already own. Loans are only for lots that are zoned residential and already have infrastructure. Construction loans are given for owner-occupied homes or second homes that are 1-4 single unit family residences, and these are interest-only based on the amount of money actually dispersed toward construction costs, but permanent financing is available as either conforming or non-conforming mortgages.
Jumbo and Non-Conforming Loans
If you are not eligible to get a conforming loan, such as one that you could get from either Fannie Mae (FNMA) or Freddie Mac (FHLMC), you may be able to qualify for a Jumbo or a non-conforming loan. These are available as fixed rate or adjustable rate mortgages.
Getting a mortgage through American Savings Bank to build your Hawaiian dream home can be accomplished easily. The Bank has many branches throughout the islands. Mortgages include options such as a free rate lock, no prepayment penalties for amortizing your mortgage early, and an AutoPay option to make payments directly from your checking account. Special offers on mortgages are available occasionally that can make getting one attractive.
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