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Buying a home in Hawaii? You’ll need a favorable mortgage rate to afford your new home. Lenders in Hawaii look at your income, credit score, debt-to-income ratio, and ability to make a down payment before giving you your final mortgage rate.
To set yourself up for the best mortgage rate in Hawaii, start with a self credit check and fix any issue if you can. Then make sure your documents are ready for submission, and ask a reputable lender to preapprove you for a home loan before you start jumping from island to island to find your ideal bungalow.
Here’s a quick look at current Hawaii mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||4.77%||4.84%||-0.09%|
|Conventional 15 year fixed||4.344%||4.468%||Unchanged|
|Conventional 10 year fixed||4.073%||4.246%||Unchanged|
|Conventional 5 year ARM||4.823%||3.924%||Unchanged|
|FHA 30 year fixed||3.955%||4.711%||-0.01%|
|VA 30 year fixed||4.286%||4.633%||+0.09%|
Dreaming of sun and sand year round if you buy a home in Hawaii? People love the Aloha State, and for good reason. Here’s what you need to know:
Hawaii is possibly one of the most enjoyable states to live in, although it can be extremely expensive. 1.4 million people live in Hawaii, and more than one in five cluster in the state’s five biggest cities:
The cost of a Hawaiian home skews high. Hawaii ranks 1st in US homes for sale at average price, and 15th for homes over $1,000,000. Get preapproved before dipping your toe into Hawaii’s competitive residential real estate market!
There aren’t as many advantages for first-time home buyers in Hawaii as in other states. However, you may qualify for help through a program administered by the Hawaii Housing Finance & Development Corporation (HHFDC.)
The HHFDC Affordable Resale Program is run as a lottery. Lucky recipients can benefit from assistance finding an affordable home, but be aware you’ll have to live in it for at least ten years, or the program has buy back rights. If the home appreciates, up to 30% of the proceeds from its sale will also go back into the program.
You’ll need to meet certain income limits (sufficient for you to be able to afford the loan for the home on your own, but not so high that you exceed the HHFDC’s annual household income limit.)
There may come a time when it makes sense to refinance a home in Hawaii, especially if there’s a chance to secure a lower Hawaii mortgage rate. You can do any of the following:
You might be able to get a streamlined refinance if your loan is of the right type. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.