What is the Relationship Between Hawaii HomeOwnership Center and HHOC Mortgage?
We are separate non-profit entities who 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.
Does HHOC Mortgage Serve the Neighbor Islands?
HHOC Mortgage’s office is located in Honolulu, however, we are able to serve all islands statewide through telephone, internet, and other electronic means. Centralization enables us to pass on cost savings to our borrowers. Our loan officers are able to take your loan application over the telephone or by mail. You may also apply online by visiting us at: www.hihomeownership.org/pages/hhocmortgage. When inquiring online, you may either complete the long form or short form application. Applying online is available 7 days a week and 24 hours a day. Once you inquire online, our loan officer will follow up with your loan request.
What Are the Benefits of Applying for a Mortgage Loan With HHOC Mortgage?
As a non-profit lender, HHOC Mortgage seeks the most favorable loan program for our clients at very competitive pricing. 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.
What is the Difference Between Pre-Qualification and Pre-Approval?
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 are pulling your credit report, asking you for your income and asset documents, and submitting the information to the underwriter for a credit decision.
What is an Origination Fee and Discount Fee?
Origination and discount fees are referred to as "loan fees or points." They are both one time loan fees that the borrower usually pays. On a purchase transaction, the borrower pays for the points as part of their closing costs. Generally when the borrower is receiving a lower interest rate, they are paying more points; and when they receive a higher interest rate, they are paying less or no points.
How Much Down Payment and Closing Costs Will I Need to Purchase a Home?
The amount of down payment required to purchase a home is determined on the loan program for which the borrower can qualify. In today's lending environment, certain first-time home buyer programs require as little as 3% for a down payment. The borrower will also need cash to pay for closing costs. Some of our loan programs offer discounts on the loan fee and other closing costs to a first-time home buyer. Contact our loan officer so they can provide you an estimate of closing costs needed.
What Type of Mortgage Lending Does HHOC Mortgage Provide?
We're able to be provide mortgage financing on any of the following residential loan transactions: purchase, cash-out and rate and term refinance, lease-to-fee purchase, vacant lot purchase, construction lending and fixed-rate equity loans.
How Do I Know Which Mortgage Program is Best For Me?
There is no simple formula to determine which single mortgage program is best for you. Our loan officer will provide you options to different loan programs based on your financial picture, while taking into consideration your personal wants and needs.