Hawaii Loan Options
Hawaii Fixed Rate Mortgage
Pacific Home Loans offers fixed rate mortgages for Conventional, Government, Portfolio and Alternative Document programs throughout the state of Hawaii.
Conventional Fixed Rate
Fannie Mae
Freddie Mac
Portfolio
Government Fixed Rate
FHA
VA
Alternative Document
Self-employed Bank Statement Loan
Investor Cash-Flow Loan
Some Benefits of a Fixed Rate Mortgage:
Security:
One of the most popular ways to finance a home or condo in Hawaii or California is with a 15-year or 30-year fixed rate mortgage. The fixed rate offers payment security in that the payment will never increase. Monthly payments will only adjust if a change is made to your homeowners’ insurance and property taxes, provided those items are paid with your mortgage each month.
Custom Loan Terms:
PHL offers Fixed Rate mortgages from 1 to 30 years. PHL makes it possible to select a loan term that best suits your payoff strategy. For example: If you plan to retire in 19 years, you may want to consider a 19-year fixed rate – please note, the custom loan term is not available for all the Hawaii and California fixed rate mortgage programs that PHL offers.
The Fixed Rate Alternative
The decision to go with a fixed rate should be considered very carefully. Not every borrower should go with a fixed rate. For example: If you are an investor and plan to sell the home in 7-years. You may want to go with a 7-year ARM. The 7-year ARM will have a lower interest rate and lower payment, with an initial fixed rate for 7-years. The monthly savings can be significant. Email us or see our adjustable rate mortgage to determine if a fixed rate is right for you.
Possible disadvantage:
The main disadvantage of the 30-year fixed-rate loan is that if interest rates decrease, the homeowner cannot take advantage of reduced rates without refinancing into a new loan, which can be costly. In addition, a 30-year fixed mortgage will usually have a slightly higher interest rate than loans with a shorter term or an adjustable rate.
Information and self-help tools are provided for your independent use and are not intended to provide investment advice. We cannot and do not guarantee loan eligibility or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to speak with one of our experienced loan officers for a loan eligibility analysis and custom rate and payment estimate.
