Ready to Buy a Hawaii Property? Benefits of Working with a Local Lender
One of the most important steps of becoming a homeowner is knowing what you can and possibly cannot afford to buy. I recommend working with a local lender to help aid in the process.
The procedures are easier now than they once were. You don’t have to supply every piece of supporting documentation initially to get an idea of what is possible. Normally, you can have a general conversation with a lender and they can look at your situation and roughly give you a range and scenario for purchasing.
In Hawaii, you also need to be aware of any HOA and Association dues as this will affect the amount you can qualify to purchase. I work with many local lenders and certainly can help point you in the right direction.
I also strongly advise my clients to use a local lending source. A mainland bank can do business in Hawaii and can close a deal, but it is usually twice the work. Many mainland banks simply do not understand our market, the HOA, and associations, and with time zone differences, it can be exhausting. When a lender is leaving for the day on the East Coast, it’s only lunchtime in Hawaii. This makes requests and communications more challenging.
Of course, a buyer always wants to get the best rates, but I think many would be surprised that the local lenders typically beat anyone on the mainland. The process does not need to be made more difficult or strenuous on any of the parties. This should be an exciting and joyous time in someone’s life.
If you have more questions on Hawaii homeownership or want to talk with a lender to see what is possible, please contact me.