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Home Mortgages

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Owning your home is the first step toward building a solid financial future. The equity you build will help with other major purchases and secure your retirement.

Whether you’re just getting started or looking to upgrade, we can help you save money and realize your dreams with a variety of home loan and realty solutions:

Conventional Mortgages

These are long-term mortgages with fixed rates and monthly payments for the stated period of the loan. To qualify, you may need a down payment and the loan balance may not exceed the federal guidelines, which is currently $625,500 for Hawaii residents.

The main benefit of a fixed-rate loan is to have the same principal and interest payment over the life of the loan. If this is going to be your primary residence and you do not plan to move for at least 5 years, you should consider this option.

Jumbo Mortgages

Some home purchases may require a larger loan balance. If the loan amount exceeds federal guidelines, it is considered a Jumbo Mortgage. This type of loan offers the same terms as Conventional Mortgages but may require higher rates.

Adjustable Rate Mortgages (ARM)

These are mortgages that have an introductory rate that will vary after the initial period based on a rate index. There is a limit on how much the rate can vary in any given year as well as a lifetime limit.

ARM terms are quoted as 1/1, 3/1, 5/1, etc. The first number represents how long the stated interest is fixed. For example, a 5/1 ARM has a fixed interest rate for the first five years, then adjusts annually for the remaining term of the loan.

The main advantage of an ARM is that rates are typically lower than a fixed-rate mortgage. If you plan to move in five years or make major renovations, this may be a better option.

First-Time Homebuyer Program

When purchasing your first home, you may need a little help with the initial down payment and loan points. We can help with a program that reduces out of pocket closing costs and initial down payment.

Investor Property Mortgage

Designed for residential real estate investors, we offer investor and investor balloon loans. Because the loan amortizes over many years, it helps improve with cash flow.

Key Terms:

  • Amortization – equal monthly payments of principal and interest over the life of the loan.
  • Annual Percentage Rate (APR) – annual loan cost that includes other loan fees.
  • Closing Costs – fees paid by the mortgage borrower (loan fees, discount points, title insurance, appraisal fees, credit report, recording fees, etc.).
  • Escrow – third party that ensures the buyer and seller meet their contractual commitments.
  • Loan Origination Fee – one-time fee imposed by the lender to cover their administrative costs.
  • Loan-to-Value (LTV) – percentage of the loan amount divided by the market price.
  • Mortgage – claim against the property given by the borrower to the lender as security for a loan.
  • Private Mortgage Insurance (PMI) – insurance paid by the borrower when LTV is above 80%.
  • Points – percentage of the loan paid by the borrower to reduce the rate.
  • Principal – remaining balance or amount borrowed on a loan.
  • Title Insurance– policy that covers losses from a legal defect in the title.
  • Title Search – process that checks if a property has liens and other claims.

Membership ($100 in Savings) may be required for service. Loans require credit approval. See branch for schedule of fees & other promotions. Mortgage loans are provide through CUSO of Hawaii Services LLC, a wholly owned subsidiary of Aloha Pacific FCU, Equal Housing Lender.
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