Hawaii Mortgage Refinances

A popular reason for home refinance is to change the interest rate paid on the loan. But did you know that you can refinance to change your loan type, or to obtain money to consolidate debt or to pay for home remodeling projects? You can even refinance to change to a type of loan that will better suit your current needs.

Things to consider:

There are different loans available to you when considering a refinance: Fixed Rate Mortgage, Adjustable Rate Mortgage, Interest Only Mortgage and LIBOR loans are several that are available to you. But what does each mean and how should you determine which best suites you? A Fixed Rate Mortgage is a mortgage that allows for your interest rate to remain fixed during the life of your loan. This is an ideal loan if you plan to stay in your home for a long period of time. An Adjustable Rate Mortgage is a mortgage where the interest rate of your loan adjusts to the changes in the market. This is a good loan to consider if you plan on selling your home within a short period of time. An Interest Only Loan is a loan where you pay the interest on your loan first (allowing for lower payments). This is a good loan to consider if you are refinancing for an amount normally outside of your budget range. A LIBOR Mortgage is a loan that is similar to an Adjustable Rate Mortgage, where the interest rates are typically lower. The fluctuations of interest rate are not as wide as with an Adjustable Rate Mortgage.

Loan Options In Hawaii

It is important as you investigate different loans, that you also investigate the Hawaii state laws regarding loans. The laws in Hawaii cover Mortgage Satisfaction and Foreclosure. Research what these laws mean and the different situations they cover. Once you have done your homework on loans and Hawaii laws, it is time to select a broker. A good broker will:
  • Present you with all of your loan options
  • Be familiar with the Hawaii law
  • Take the time to work with you on the details of each
  • LIBOR Mortgage Loans - usually have a lower rate than Adjustable Rate Mortgages and can protect you from interest rate fluctuations.
  • Be prepared to answer your questions and provide you with opportunities that fit you

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