Real estate is all about having the funds to purchase your dream home or condo. Understanding the loan process and your purchasing ability can make your life simpler and happier.
The most crucial step in buying a property is deciding if you are paying cash or using a mortgage lender. Hawaii has many cash buyers. Almost 40% of all homes are purchased with cash. If you are going to use a mortgage lender and compete in today’s seller’s market, having an excellent cash deposit will help you compete with multiple offers. Finding a dependable lender that knows the area, subdivision, and lava zones will ensure your loan process goes smoothly.
The Big Island has some unique properties. Having a lender who specializes in those properties will not only save you stress and time but ensure a successful closing. For example, I was working with qualified clients recently, and as we viewed homes, we talked about the standard and specialty loan process needed for the Big Island.
Eventually, they fell in love with a condo at Hali’i Kai, located within Waikoloa Beach Resort. Hali’i Kai is a very popular subdivision, yet it’s considered a condotel by mainland banks and requires at least a 20% cash deposit. Hali’i Kai and other unique properties on the island require a local lender who has a successful track record with these types of loans. It was essential to connect them to the right lender.
With historic low interest rates, many people are buying seconds homes, especially here on the islands. With the low interest rates, many cash buyers take advantage of these low interest rates and take out a partial loan. Speaking to a loan officer can help you look at your debt ratio and provide insights you may not see.
Poor Lenders vs. a Great Lender
I have seen lenders who make the client’s life a living ****. Buying a home is already one of the most stressful things one can do. You don’t want added stress and the constant fear of losing your dream home or investment property.
A great lender will have the right amount of communication, not too much and not too little. They will take the time to review your income documents thoroughly. Then they will provide a pre-approval letter, so you feel confident during escrow.
West Hawaii Real Estate Specialist
Working with a real estate agent that knows the community’s pros and cons will help you feel more confident with your real estate decisions. As a West Hawaii real estate specialist, I bring professionalism, honesty, and dedication. I utilize technology and marketing to the fullest while maintaining strong communication.
If you are curious about Real Estate on the Big Island or need a great lender to work with, I welcome the opportunity to connect with you.