+- Punaweb Forum (http://punaweb.org/forum)
+-- Forum: Punaweb Forums (http://punaweb.org/forum/forumdisplay.php?fid=3)
+--- Forum: Punatalk (http://punaweb.org/forum/forumdisplay.php?fid=10)
+--- Thread: Big Island mortgage situation (/showthread.php?tid=1784)
Pages:
1
2
Big Island mortgage situation - csgray - 01-22-2008
Can anyone tell me how the national/global credit crunch is affecting mortgages here on the Big Island, especially on the East side? Specifically, I wondered if it is getting harder to get a mortgage and if mortgage companies are trying to make up for their sub prime losses by jacking up the fees on new loans. And is there much difference between how hard it is to get home loans vs. construction loans. We are talking about good to excellent credit, steady income, and a loan amount in proportion to our income. Thanks for any insight from those of you who deal with this stuff every day.
carol
RE: Big Island mortgage situation - John S. Rabi - 01-22-2008
You shouldn't have any problem getting a loan if you have good cradit history and credit score.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
RE: Big Island mortgage situation - Beachboy - 01-23-2008
with the 3/4 reduction in interest by the feds yesterday I'm wondering if people are running to refianace their mortgages?
Handle every situation like a dog,If you can't eat it or hump it,piss on it and walk away...
RE: Big Island mortgage situation - csgray - 01-23-2008
Thanks for the reply John. Have fees on new loans here in Hawaii been raised to cover the losses on sub prime loans that have gone bad? I have heard some horror stories from friends in other places on loan origination fees which have gone WAY up after the defaults started mounting up.
carol
RE: Big Island mortgage situation - punafish - 01-23-2008
I heard it's tough to get a loan if you're self employed, even with a good credit record and score...?
RE: Big Island mortgage situation - Merd - 01-23-2008
John, I've heard that no one offers 100% financing anymore, is that true? We have heard that from a few different places here in AZ.
RE: Big Island mortgage situation - Merd - 01-23-2008
Punafish - we are having difficulty getting a loan and yet we have outstanding credit and an impecable credit record. Everyone is telling us it's because we don't have a job on the island yet and once we do, we won't have a problem.
RE: Big Island mortgage situation - Kelena - 01-23-2008
Many lenders are cutting back on the LTV (loan to value ratio), to about 80%. That is to say, a party must put up 20% to purchase a property. I am sure there are exceptions, and a few lenders may do piggy-backs (two loans to equal 90% of appraisal value, for example). You should contact a professional, but it appears that lenders want a nice equity cushion in the loan -- they know where property values are headed.....down. I think it will go in reverse, with the lowest priced areas of the state taking the hit first, and then proceeding up the food chain until you get to Maui/Honolulu. Some are saying Hawaii will hold out, but I don't think so. The US has an economic cold, and it appears to be highly contagious. The patient is already on intensive life support, with the Junta trying to nurse things along until November.
Having a job on island? I can't see that being much of a factor. One thing I would recommend though is having an on island mortgage consultant. Hawaii is a unique market.
And please ignore everything I just said. It is not advice.
RE: Big Island mortgage situation - John S. Rabi - 01-23-2008
I don't know what mortgage broker you work with guys, but here is the data I got from the broker I work with this morning.
Conforming:
30 year fixed 4.875%
15 year fixed 4.500%
Stated Income:
Min FICO 680 - to 90% LTV
Min FICO 700 - to 95% LTV
Super Jumbo:
Land loan up to $10M - 80% LTV 6.250% (3 year Interest Only)
Construction loan up to $10M - 75% LTC 7.250% (3 year Interest Only)
It means there are still 95% loans available and the loan fees did not increase at all. Just remember, these loan companies are fighting for clients now, they are not stupid to raise the loan fees.
As to the "One thing I would recommend though is having an on island mortgage consultant. Hawaii is a unique market" recommendation by Glen, it couldn't have been said better. I do not represent clients who plan to get a loan from a mainland mortgage broker. I have seen way too many such loan promises fail.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
RE: Big Island mortgage situation - james weatherford - 01-23-2008
Mo betta you figu' how you gonna repay da loan, befo' you even think 'bout how easy is for get
[
]James Weatherford, Ph.D.
15-1888 Hialoa
Hawaiian Paradise Park