Hawaii VA Loans | Hawaii Loan Calculator | Hawaii Home Loan
Sally Cheeseman

 Hawaii Home Loan Information, Calculator, Home Buyer Process and More!

Hawaii Loan Calculator- Figure out your payment for different loan amounts, interest rates, and amortization terms.

 Hawaii VA Loans and Hawaii Military Relocations | This Realtors® Process  My step by step process on the real estate transaction home buying process and your Hawaii VA Loan.

READ MORE HERE

If you are going to buy your Hawaii Home when you Relocate to Hawaii it is always advisable to seek a Hawaii local lender who will be right by your side, face to face during the loan process and real estate transaction. A professional will be there for any questions you may have and will address your concerns promptly as well as be there face to face to walk you through every step of the process.

Hawaii Loan Process

  • Pre-Qualification  happens before the loan process actually begins, and it's the first step after initial contact is made. The lender gathers information about the income and debts of the borrower and makes a determination about how much house the borrower can afford. Different types of loan programs may lead to different values so be sure to get a program you are suited for. Let the Loan Officer know what kind of monthly payment is in your "budget".

  • Application The application is actually the beginning of the loan process and usually happens between day one and three of the loan. The buyer (borrower) completes a mortgage application with the loan officer and supplies all of the required documentation for processing. The borrower will receive a Good Faith Estimate (GFE) and a Truth-In-Lending statement (TIL) within three days that itemizes the rates and associated costs for obtaining the loan.

  • Processing happens between 5 and 20 days of the loan. The "processor" reviews the credit reports and verifies the borrower's debts and payment histories as the VODs and VOEs are returned. If there are unacceptable late payments, collections for judgment, etc., a written explanation is required from the borrower. The processor also reviews the appraisal and survey and checks for property issues that may require further explanation or remedies. The processor's job is to put together an entire package that may be underwritten by the lender.

  • Underwriting happens between 21 and 30 days or sooner. The underwriter is responsible for determining whether the package passed over by the processor is an acceptable loan. If more information is needed the borrower is contacted to supply more documentation.

  • Mortgage insurance underwriting happens when the borrower has less than 20% of the loan amount to put towards a down payment. At this time, the loan is submitted to a private mortgage guaranty insurer, who provides extra insurance to the lender in case of default. As above, if more information is needed the loan goes into suspense. Otherwise it is usually returned back to the mortgage company within 48 hours.

  • Pre-Closing happens between days 25 and 30. During this time the title insurance is ordered, all approval contingencies, if any, are met, and a closing time is scheduled for the loan.

  • Signing usually happens between days 25 and 45 of the loan (depending upon the designated length of your escrow) and where the buyer signs all loan and escrow documents and the loan officer takes all documents back for review. Two to three days later the lender "funds" the loan with a wire to escrow and in turn they submit documents to the Bureau of Conveyances for Recording.

  •  

  • Recordation (Closing) happens 48 hours after "funding" and at which point your Hawaii Home is actually yours. For liability purposes, in Hawaii we do not hand over the keys until we get word that the transaction has recorded with the Bureau of Conveyances.

If you are a Veteran of the US Armed Forces you may be able to utilize your Hawaii VA Loan Benefits. There is a required VA Funding Fee of 2.125% (100% Financing), 1.5% (5% down), 1.25% (10% down) to add onto your loan amount. If you are a disabled veteran you may be able to waive the funding fee so make sure and ask your Loan Officer! 

HAWAII HOMES FOR SALE

CONTACT "SALLY" for more information!