FAQ
Some questions Asked Often
Below, you will find a selection of questions that we get asked often. Feel free to scroll through them. Have more questions? Contact Us at any time. Thank you.
There is no simple formula to determine which single mortgage program is best for you. Our loan officer will provide you with options for different loan programs based on your qualifications while taking into consideration your personal wants and needs. There is no charge or obligation for consultations.
We can provide mortgage financing on any of the following residential loan transactions: purchase, cash-out, rate and term refinance, lease-to-fee purchase, vacant lot purchase, and fixed-rate equity loans.
The amount of down payment required to purchase a home is determined by the loan program for which the borrower can qualify. In today’s lending environment, certain first-time homebuyer programs require zero or as little as 3% for a down payment based on qualifications. Eligible borrowers can utilize HHOC Mortgage’s Deferred Closing Cost Assistance Loan to assist with closing costs. Contact Us for a no-obligation consultation.
Origination and discount fees are referred to as “loan fees or points.” They are both one-time loan fees that the borrower usually pays. In a purchase transaction, the borrower pays for the points as part of their closing costs. Generally, when the borrower receives a lower interest rate, they pay more points, and when they receive a higher interest rate, they pay less or no points.
A mortgage pre-qualification involves the loan officer asking you for only basic information (or verbal information) to determine how much you qualify for. When your loan officer gets you pre-approved for a mortgage loan, they pull your credit report, ask you for your income and asset documents, and submit the information to the underwriter for a credit decision.
As a non-profit lender, HHOC Mortgage’s mission is to provide borrowers with the most affordable and/or flexible financing options they can qualify for. First-time homebuyers also benefit from our working knowledge of grants, special government loan programs, tax credit programs, or available financial assistance for qualified borrowers
HHOC Mortgage’s office is located in Honolulu, but we can serve borrowers statewide. Loan officers can take your loan application online or over the telephone. You may also apply through this link. When inquiring online, you may choose to complete the long-form or short-form application. Once we receive your online inquiry, a loan officer will follow up with you.
Hawaii HomeOwnership Center created HHOC Mortgage. We are separate non-profit entities that share the common goal of creating new homeowners for Hawaii communities, “one family at a time.” HHOC Mortgage focuses on making financing affordable, while Hawaii HomeOwnership Center provides pre-purchase education and counseling.