Hawaii Home Mortgages: What's Out There? 

Home Purchase Programs

Fixed-Rate Mortgages 

Prospect Mortgage offer borrowers fixed-rate mortgages with a choice of several repayment periods. These loan programs have the same interest rate for the life of the loan and monthly payments (principal and interest) that never change. If you escrow your property taxes and insurance, those expenses can change, which will affect your monthly payments. Fixed-rate mortgages may be a good choice if you plan to stay in your home for a long time or if you feel more comfortable knowing your payment cannot change. 

They also offer a fixed rate product with an interest-only option. This allows you to pay interest only during this initial period. After the interest-only period the loan will fully amortize over the remaining loan period. This option will be more costly as you are paying interest on the total loan amount for the interest-only period. Additionally, if you have mortgage insurance, you will pay mortgage insurance for a longer period of time. Finally, the principal balance will not be reduced unless you pay more than interest only amounts during the interest-only period.

Adjustable-Rate Mortgages (3/1, 5/1, 7/1, and 10/1 ARM Programs)

An ARM is a mortgage in which the interest rate and payments are adjusted periodically based on a pre-selected index. Subject to certain limitations, the rate and payments on an ARM loan rise and fall with the market. 

3/1, 5/1, 7/1, and 10/1 ARMs allow you to pay a lower introductory interest rate than many fixed-rate mortgages offer. Your interest rate and payment are fixed for the initial fixed rate period of 3, 5, 7, or 10 years, depending on the program you select. After the initial fixed period, your interest rate and payment will follow the movement of the index up and down, with certain limits. ARMs are among the most popular loans because they help you qualify for a larger home, there is no negative amortization, and your loan may be assumable after the fixed rate period of the loan. An interest-only option is available for these products. It is important to note that with an ARM, you may have a substantial increase in payment after the fixed-rate period and the interest rate over the life of the loan can typically increase five to six percentage points above the initial interest rate. 

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Government Loans

FHA

The Federal Housing Administration (FHA) insured loans offer many benefits, including lower costs, smaller down payments, easier qualification, and more protection to keep your home.

The FHA Renovation Loan Program provides you with the money to purchase a home and renovate it, all with one convenient loan. This program is ideal for purchasing foreclosures and improving their value with needed repairs and upgrades.

VA Mortgage Loan Program

The VA loan program can make it much easier for veterans to secure a home loan by requiring little or no down payment. This home loan is available to veterans and guaranteed by the U.S. Veteran's Administration, and it frequently offers lower interest rates than ordinarily available. In addition, with a VA-guaranteed loan, there is no private mortgage insurance requirement.

GSE Conforming-Jumbo 

Government Sponsored Entities, Fannie Mae and Freddie Mac, new conforming-jumbo loan limits make it easier and more affordable for more buyers to "move up" and purchase higher-value homes, or save substantially by refinancing their jumbo loan. Lower FICO score and down payment requirements, lower-than-jumbo rates, and loans amounts of up to $729,750 in some areas create a powerful alternative to a traditional jumbo loan. 

State and Local Bond Programs 

Many municipalities have established bond programs to help first-time home buyers with down payment assistance, obtaining a lower rate, and qualifying more easily for a home loan. 

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Jumbo & Super Jumbo Mortgage Loans

As an experienced jumbo and super jumbo mortgage lender, Prospect Mortgage offer a variety of programs with competitive rates and beneficial features. Fixed rate, adjustable rate, and interest-only payment options are available. They also provide jumbo and super jumbo loans for investment properties and second homes, as well as cash-out refinancing.

Private Mortgage Lending

For the sophisticated borrower seeking total financial integration, and leverage for wealth maximization, there is only one name to know: Private Mortgage Lending. With direct access to private capital, Prospect Mortgage specializes in delivering personalized, advantageous solutions that can’t be found anywhere else.

The Prospect Private Mortgage Lending Mission

The Prospect Mortgage Private Mortgage Lending Division consists of structured financing and lending professionals who expertly facilitate Estate-Level lending requests. PML carefully assesses each client’s liquidity, net worth, and cash flow to craft the ideal mortgage financing solution, illustrating our role in a comprehensive wealth management strategy.

PML provides the highest-quality, concierge-level service to loan officers and their clientele, as it arranges and smoothly closes the most complex financing. Through their multi-lender platform and special relationships in the world’s financial markets, PML has exclusive access to preferred pricing and portfolio programs.

Private Mortgage Lending Program Highlights:

  • Adjustable and Fixed Rate Jumbo loans
  • Pledged Asset Loan Program
  • Lend to Corporations, LLC, and variety of Trusts including Blind Trusts
  • No maximum loan amounts or No Cash Out Limits
  • Lending nationwide
  • Refinancing
  • Equity cash-out with no maximum ceiling
  • Relationship Based Pricing Options available on case-by-case
  • Lending for Foreign Nationals on case-by-case basis

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Prospect Mortgage: Home Loan Solutions

An entrepreneurial company, Prospect Mortgage is growing at a time when other lenders are shrinking and closing. Their business model was formed during a challenging market, so they know what it takes to survive and meet customer needs during these tough times.

Prospect Mortgage is backed by Sterling Partners, a leading private equity firm with over 25 years of experience partnering with companies to build market-leading businesses and generate superior returns.

With approximately $4 billion of assets under management, Sterling invests growth capital in industries with positive, long-term trends and provides ongoing support to management through a dedicated team of industry veterans, operators, strategy experts and human capital professionals. Sterling Partners is a leader in education, healthcare and business services and is co-headquartered in Chicago and Baltimore.

Prospect Mortgage is safe, sound and secure, and they are one of the largest independent retail residential mortgage lenders in the United States. They believe their new model in mortgage banking, and we think you’ll agree after experiencing their outstanding services. 

Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice.

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