We citizens of the United States are lucky to have Hawaii as a member of our country. Hawaii is considered to be paradise. It has some of the most breathtaking beaches in the known world, and it is home to a few of the world’s remaining live volcanoes. In addition, Hawaii has managed to retain much of its rich Polynesian culture, which is a unique and exciting attribute to this already amazing place. It is also a well-known fact that Hawaii is one of the most expensive places in the country in which to purchase a home. This means that current residents are likely strapped for cash as a result of paying their monthly mortgage payment. For some, this may be the proper time at which to refinance their current mortgage. Refinancing your mortgage means that you obtain a new loan for the remaining balance on your existing home. This allows homeowners access to recently created loan options and flexible terms and conditions that allow for them to save thousands of dollars.
Quick Hawaii Housing Facts:
- Percent of homeowners in Hawaii: 56.5%
- Percent of renters in Hawaii: 43.5%
- Median annual income in Hawaii: $50,110
- Average credit score in Hawaii: 688
- Best Hawaii city to live in: Aiea, HI
- Median Hawaii home value: $272,700
When to Refinance in Hawaii
As soon as you consider refinancing, be sure to do the necessary research to ensure that you maximize the benefits available to you through refinancing your current mortgage. This research includes asking yourself a series of questions about your existing mortgage and about current interest rates. What is your current rate and term for the loan you have been paying? Are there penalties or charges associated with paying your mortgage before the end of its term? What percentage are these fees or charges? What does the real estate marketplace in Hawaii look like right now? Are current interest rates at least 2% lower than what I am paying today? In addition to asking yourself these questions, it is important to weigh your options carefully. Be sure to do a long-term estimate of how much you will pay over the life of your current loan. Then do a comparison between that amount and the amount you would pay if you were to begin refinancing today with a new rate. If the amount of your current loan is lower, it may be prudent to continue with that loan; otherwise, it may be a good time to refinance.
How much house can I afford in Hawaii
Because of the high cost of housing, one of the biggest problems facing Hawaii homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Don’t forget there are many other home options out there specifically for Hawaii residences. We work with local and national lenders to make sure that you get the best rate possible.
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