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current mortgage rates - Hawaii HI: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

Delinquent Loans What can I do if I am experiencing problems paying my loan? If you are experiencing difficulty making your mortgage payments, please phone our office at 1.800.962.4450 immediately. Our experienced staff handles situations like this daily, and they can offer options that are available to you to help you through this difficult time. Depending on the reason for the delinquency, your future financial outlook, and the type of mortgage you have, some or all of the following options may be available to you.

Mortgage Insurance

What Is A Loan To Value (LTV) And How Does It Determine The Size Of The Loan? The loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing. Each loan has a specific LTV limit. For example: With a 95% LTV loan on a home priced at $50,000, you could borrow up to $47,500 (95% of $50,000), and would have to pay $2,500 as a down payment. The LTV ratio reflects the amount of equity borrowers have in their homes. The higher the LTV the less cash homebuyers are required to payout of their own funds. So, to protect lenders against potential loss in case of default, higher LTV loans (80% or more) usually require mortgage insurance policy.

Mortgage Insurance This is an insurance policy that pays mortgage lenders for part of their financial losses if a borrower fails to fully repay a loan. Mortgage insurance makes it possible to buy a home with a low down payment. What types of insurance do I need to know about?

This adjustment is based on changes in a pre-selected index, and will take place according to a pre-defined schedule (generally every six months or every year). Your interest rate and monthly payment will fluctuate based on changes in your index. The most common indices are the Treasury Bill, Certificate of Deposit (CD), LIBOR and COFI.

You and an attorney (if you choose to have an attorney represent you) should review the loan commitment carefully. Make sure the terms are acceptable to you. Assuming you and the lender come to terms, your agreement with the lender is now complete.

Simple Assumptions - Loans which allow a simple assumption are also referred to as freely assumable, and this type of loan can be assumed with minimal work and cost. The buyer is allowed to take ownership of the property and begin making the loan payments without providing any information on their credit history or income. Since we do not require any information from the buyer to confirm they have the means to repay the loan, the seller of the property remains liable to us for the repayment of the loan. This means if the buyer who assumed the loan fails to make mortgage payments in accordance with the Note and Mortgage, the seller as well as the buyer may be foreclosed upon, because the seller is still liable for the loan.

Can I cancel my mortgage insurance? If you have an FHA loan - FHA mortgage insurance protects the investor who owns the loan in the event of default. One reason investors may choose to purchase FHA loans is because of this protection. They know the mortgage agreement is written to allow this insurance to be maintained for the life of the loan, and expect this insurance protection until the loan is paid in full. Therefore, we must continue to collect and remit premiums to FHA as required to maintain this insurance. There may be some circumstances where premiums can be discontinued prior to the maturity of your loan.

Benefits of Refinancing

What does the application consist of? The typical application is basically an outline of who you are, the property you want to buy or refinance, and your financial assets and liabilities.

A home equity line of credit is a set amount of money you are approved to use whenever you like. You access your funds by writing checks. As you repay the balance, you can reuse it up to your approved credit limit. You are charged interest based on the unpaid balance. A line of credit gives you the flexibility to borrow funds when you need them. When the line of credit expires, you need to renew or pay your outstanding balance.

Recording and Transfer Charges A record of your home purchase will be on file with your local government , and there is a small fee to cover the cost of paperwork.

Realtors have differing opinions and, as a group, their opinions have changed over time. In the past, most would often recommend portfolio lenders - because they almost always closed the deal. As time passed, mortgage bankers and mortgage brokers became more important, and agents switched along with the changing times.

What is involved in the closing? This is the day you’ve been waiting for, the final step before you own your new home or complete the refinancing of your current home. At the closing you, the seller, the lender and the attorneys for all involved validate, review and sign all documents relating to the purchase or refinance. The lender provides the check for the loan amount. You receive the title to your property and the keys to your new home.