# #
#

Hawaii MORTGAGE PROCESS

We have broken the Loan Process of getting a Hawaii Home Loan into 4 easy to understand steps.

 
Hawaii Pre-approval:  Apply Online, in person at one of our offices statewide, or by phone 855-529-5222. We will Pre Approve you within 15 minutes. If needed, we will present you with a letter of pre-approval that you can give to your real estate agent or to the sellers, this is what we recommend as sellers will know your serious since you have a local bank approva letter with an actual loan number.

Hawaii Loan Processing:  A Title Commitment / Appraisal & Survey may  be required here in Hawaii. Out in house processing team will ensure that everything get done on time and without any suprises. Once we have received the necessary documentation (paystubs, bank statements, rental history, etc....) from you, we will check to ensure everything is in order for expedient final loan approval.  We have many reduced documentation loans.

Hawaii Final Approval:  The loan is then reviewed by our Underwriter for final Approval and closing instructions are sent to the title company.

Hawaii Close/Funding:  This is where you will meet at the Title company to sign final documents, since about 30% of out loans are done for borrowers that are out of state, we will overnight the loan docs to you for signing. After closing, it takes 1-4 hours to fund purchases and 1-3 days for refinances.

Generally Required Documentation for hawaii home loans
Refinances require less / Better credit requires less

Bank Statements
Last three (3) months of consecutive statements (when cash reserves are required) If were going the Stated/Verfied route
Sales Contract
Sales contract on purchase.
Pay Check Stubs (last full month)
IRA, 401K, Stocks, Bonds, Etc.
Most recent statements showing balances for the last three (3) months or two (2) quarters (when cash reserves are required) Again documanetion changes from loan program to loan program.
Insurance Agent
Name, company, and telephone number
Appraisal Application Fee
$325(most homes)
W-2's and/or 1099's (last two years)

Supplemental Information
[needed when applicable]

Complete Tax Returns (last two years) Cancelled Rent Checks (last 12 months)
Final Judgement
Divorce and/or child support, fully executed.
Landlord
Name and phone number(s).
Final Bankruptcy
Discharge List and copies of all included debt.
Leases
Current copies on each property.

What is a mortgage?
A mortgage is a loan secured by real property (permanently affixed to the ground house). There are 3 main types of mortgages: Conventional, FHA, & VA.

Hawaii Conventional Loans
This type of mortgage is insured by private corporations. If you conform to the private insurer's lending guidelines, you will be eligible for the best market interest rates, and the best mortgage rates in Hawaii.  You can also get a conventional mortgage without insurance. There are  many conventional programs for W2 employees, self-employed, stated income and jumbo borrowers.  This is the most flexible type of mortgage.

Hawaii FHA Loans
These are loans funded by the government's Fair Housing Administration department.

Hawaii VA Loans
A mortgage that is insured by the Veteran's Administration. If you are a veteran or properly related to one, you can apply for this type of mortgage. These mortgages allow you to finance 100% of the purchase price of a home with less income and/or less-than-perfect credit.

 

 

 

 


 
© copyright 2001-2012 Hawaiihomeandloan.com

Site Map - Hawaii home loans - Contact