Getting the Best Mortgage Rate in Hawaii (10-15-30-Year Fixed, 5/1, 7/1 ARM)

With pristine beaches, beautiful weather, and a vibrant local culture, living on the shores of the Hawaiian Islands sounds like a dream come true.

Anyone considering purchasing a home or refinancing an existing Hawaii mortgage, however, will have to be prepared to pay rising Hawaii mortgage rates and staggering home costs. 

Perhaps not surprisingly, Hawaii is the priciest state to own a home. According to HawaiiNewsNow, the average listing price of a four-bedroom, two-bath home in Hawaii was $904,954 in 2016.

While home values in Hawaii have increased by 5.8 percent over the past year, Zillow predicts an additional increase of 2.3 percent in 2018.

With home values skyrocketing, homeowners will face a number of financial challenges when looking for a competitive mortgage rate in Hawaii.

As such, it’s crucial for homeowners to understand current mortgage rates in Hawaii and Hawaii refinance rates to ensure that homeownership remains affordable over the long-term.

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Which Hawaii City Are You Located in?

When it comes to finding the best Hawaii mortgage rates, there are plenty of factors to consider. Mortgage rates in Hawaii will depend on the initial down payment amount, property value, the borrower’s credit score, and location.

For many Hawaii mortgage lenders in Honolulu, Pearl City, Waipahu, Kaneohe, Wahiawa, and other cities, individual property locations will play a large role in Hawaii mortgage rates.

This means that homes could have varying Hawaii mortgage rates based on the individual city, neighborhood, and the condition of the home itself.

While you are searching for the best mortgage rates in Hawaii, it may be worthwhile to check the rates for neighboring cities to explore other Hawaii mortgage rates that could potentially be more affordable over the long run.

See the table below for a list of some of the largest cities in Hawaii offering a wide range of Hawaii mortgages.

Top Hawaii CitiesPopulation (2009-2016)
Honolulu County998,714
East Honolulu49,914
Pearl City47,698
Ewa Gentry22,690
Mililani Mauka21,039
Ewa Beach14,955
Royal Kunia14,525

Source: Google

Key Requirements for Getting a Great Mortgage Rate in Hawaii

Before you apply for a Hawaii mortgage loan, you’ll want to complete the below list of requirements.

  • Get your down payment ready (~20% of the loan amount)
  • Maintain good to excellent credit
  • Save some extra funds for your closing cost
  • Maintain a low debt balance
  • Demonstrate sufficient income
  • Gather your financial documents
  • Get a home appraisal on the home

You’ll also need to examine your options for conventional Hawaii mortgages (10, 15, 20, or 30-year mortgage) or adjustable Hawaii mortgages (5/1, 3/1, 7/1 ARM) before choosing between the best mortgage rates in Hawaii for you.

Current Mortgage Rates in Hawaii

Maui, Hawaii

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Different Types of Hawaii Mortgages Available

Lenders that provide mortgage loans in Hawaii provide a wide range of conventional and adjustable rate loan types, including those listed below.

Conventional Hawaii mortgages include:

  • 10-year mortgage loans
  • 15-year mortgage loans
  • 20-year mortgage loans
  • 30-year mortgage loans

A conventional mortgage rate in Hawaii is a loan that has a fixed-interest rate that won’t change throughout the life of the loan.

These types of Hawaii mortgage rates conform to established industry and regulatory guidelines based on size of the loan and your financial situation. Terms for conventional Hawaii mortgages typically range between 10 to 30 years.

Hawaii mortgage rates with shorter terms (10, 15, or 20 years) tend to have lower interest rates than a mortgage rate in Hawaii with a 30-year timespan.

These shorter-termed Hawaii mortgages can help you pay off your home faster and build equity more quickly.

However, your monthly payments (interest and principal) will be higher than with a 30-year loan. The 10-, 15-, and 20-year mortgage rates in Hawaii with fixed terms are especially popular for their favorable Hawaii refinance rates.

Mortgages with an adjustable Hawaii mortgage rate include:

  • 5/1 ARM
  • 7/1 ARM
  • 3/1 ARM

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Conclusion – Finding a Top Mortgage Loan for a Home in Hawaii

When searching for the best Hawaii mortgage rate for you, there are a few additional pieces of information to keep in mind.

If you have a good, great, or excellent credit history and you are seeking a Hawaii mortgage rate for a loan totaling over $424,100, some lenders may be able to provide different terms and a different mortgage rate in Hawaii.

For this reason, it’s important to confirm any Hawaii mortgage rates and terms for specific amounts before making a commitment.

Additionally, it’s also important to keep in mind that APR and payment information for a mortgage does not include state-specific taxes or required insurance premiums.

As such, you should expect that monthly payments on Hawaii mortgages will be greater when taxes and insurance products are added.

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