Can I Afford to Live in Hawaii?

Financing Your Hawaii Home

Buying real estate in Hawaii is a step by step process. Most real estate agents and mortgage lenders recommend pre-qualifying for a loan before selecting a home to purchase in Hawaii. You begin by:

    • Determining the price range you can afford
    • Understanding the types of loans you qualify for
    • Determining what your monthly payment will be

The Loan Process
When you're ready to actually apply for the home loan in Hawaii, this is the process you'll follow:

Application:  All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL),itemizing the rates and associated costs for the loan.

You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.

Loan Submission:  Once all the necessary documentation is in, your completed file is submitted to a lender for approval.

Loan Approval (Underwriting):  Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.

Closing:  Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.

Read next about Finding & choosing the right Hawaii home or start using our complete MLS listings search to see Hawaii homes for sale right now.

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Cheryl Dillon, RB-18551, James W. Wright, RB-16206, 1-808-735-7888