HONOLULU (HI Now) - Recently, the housing market has started to cool off but supply is still short and buyers are still having to compete with multiple offers on properties. Interest rates are starting to rise which can change what homebuyers can be qualified for. In this tough market, it’s helpful for buyers to start a conversation with a mortgage loan officer to understand what their options are. At First Hawaiian, they’re all about you, your budget, and your life. They have a variety of mortgage types for every homebuyer, like our First Step Home Loan for those looking to buy their first home.
The First Step Home Loan is a great option for first time homebuyers looking at purchasing a residential property in Hawaii. With the First Step Home Loan, you don’t need to put as much money down as a conventional mortgage. Part of the down payment can even come from family which is great for younger people looking to buy their first place. The program also has competitive rates, lower closing costs and mortgage insurance is waived.
Another option for homebuyers who want to save on mortgage insurance costs is a stacked mortgage. A stacked mortgage combines a conventional mortgage with a home equity line of credit. It allows a homebuyer to put less money down by financing through two loans instead of one. This is a great option for those who aren’t first time homebuyers but want to put less money towards the down payment and avoid paying mortgage insurance.
Buying a home can be complicated but First Hawaiian bank is here to help make the process of applying for a mortgage as simple for you as possible. You can visit any branch or call them at 643-HOME (4663) and they’ll put you in contact with a mortgage specialist who will be happy to help you understand which mortgage is right for you. You can also visit fhb.com/digitalhome to learn more!
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