Liliha - Kapalama, Hawaii
1138 North King Street
Honolulu, HI 96817
8088328700

How to Pick the Best Mortgage Loan for Your First House June 7, 2018

Liliha - Kapalama, Honolulu
How to Pick the Best Mortgage Loan for Your First House, Honolulu, Hawaii

Buying your first home is an exciting milestone. However, if you’ve never purchased a house before, finding the right loan to finance the investment can be a challenge. Fortunately, mortgages are fairly straightforward, and the team at Honolulu’s Hawaiian Tel Federal Credit Union is happy to guide you through the selection process. Here, they explain how to find the best mortgage to finance your new home.

Choosing a Mortgage Loan

Be Realistic About What You Can Afford

When you first start viewing houses, you’ll likely see those that are well within and far outside of your budget. Though it’s important to understand what homes at each price point offer, only purchase a house you can reasonably afford. Consider how large of a down payment you can make before applying for financing. The average down payment for first-time homebuyers is 20% of the asking price. Then, make sure you can afford the monthly payments on the mortgages you qualify for. If the payments are too high, you may need to look for a different property. The last thing any homeowner wants is to get in over their head from the beginning.

Look at the Financing Options

LoansMortgages can be broken down into two main types: fixed and variable interest rate loans. Fixed mortgages have interest rates that are guaranteed for the life of the loan. Variable-rate mortgages often start with lower interest rates than fixed loans, but those rates can fluctuate over time. Ultimately, the best option for your needs is the one you’re most comfortable with.

Don’t Be Afraid to Compare Offers

Just like any major purchase, you’ll want to compare offers on home loans and mortgages. One financial institution’s offer may be overshadowed by an offer from a local credit union. Rather than settling for the first deal, compare additional mortgages. You don’t have to rush out to every lender and get quotes from each—just make sure you have a few offers to compare before making a decision.

If you’re looking to buy a home, let the mortgage specialists at Hawaiian Tel Federal Credit Union help you find the best loans for your new house. Their friendly staff will secure the financing you need to buy the home of your dreams. Learn more about their services by visiting the website and take the first step in becoming a homeowner. To schedule a consultation with a lending specialist, call (808) 832-8700 today, and follow their FacebookTwitter, and Instagram pages for news and updates.

Other Announcements, Events and Deals from Hawaiian Financial Federal Credit Union
How to Identify and Avoid Phishing Scams, Honolulu, Hawaii
What is Phishing? Not to be mistaken for the recreational hobby of fishing, Phishing is an act of sending fraudulent e-mails in an attempt to capture sensitive personal information. ...read more
3 Benefits of Opening Savings Accounts for Your Children, Honolulu, Hawaii
The financial habits people develop in childhood can have a significant impact on their ability to responsibly manage finances as adults. Because it’s never too early to teach your k...read more
Win 2 Tickets to Eminem, Honolulu, Hawaii
EMINEM LIVE CONCERT WIN 2 TICKETS + PARKING FRIDAY, FEBRUARY 15, 2019 HOW TO ENTER: Follow Hawaiian Financial FCU on Facebook/Instagram Like our post Tag a friend in the c...read more
The Phantom Of the Opera, Honolulu, Hawaii
Exclusive Hawaiian Financial FCU Presale Code: “HIFI” Starting February 5th  Get your tickets here! read more
Tis the Season for Savings, Honolulu, Hawaii
The holiday season is without a doubt the most wonderful time of the year…and also the most expensive.  Whether you’re trying to be the spookiest mansion on the hill or the brig...read more