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Buyers GuideThe Time to buy is Now!
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Financing
When your finances are in order and you are ready to start searching for a home, it is time to find a mortgage lender, bank, or mortgage broker. Hawaii Based Local lenders know how to navigate the Hawaii Market. They are aware of all the special requirements for the Hawaii home loan programs available in each area. A mortgage broker has several lenders to whom they can submit your loan application. They often can find the best rates and lowest fees and have better options for people with bad credit. They specialize in mortgages and are typically knowledgeable and work with a variety of loan programs. However, they may not always get you the best deal and sometimes charge higher fees. When you work with banks and direct lenders, you do not have the middleman mortgage broker, so sometimes you can avoid certain broker fees. Get pre-approved. Once you’ve decided on the best lender for you, it’s time for the pre-approval process. In Hawaii, it is highly recommended to have a pre-approval letter before shopping for your first home. This letter will give a buyer an idea of monthly payments, down payment requirements, loan program terms – and it will let everyone involved in the home purchase know how much you can spend on your home, giving the seller more confidence in a purchase offer. How much money will you be able to spend on the home? Your debt-to-income ratio (monthly credit and housing payments divided by monthly income), credit score, down payment amount, property type, and mortgage program all factor into determining your final pre-approval amount. What does a buyer pay versus seller during escrow/Closing? The buyer and the seller both pay for different items during closing. The following are the basic items and could be added or subtracted based on your individual property and circumstance. Title Insurance - This protects a buyer if liens or clouds are discovered on the property after the sale. For example, if someone else says they have title to the property after you have closed, the title insurance would cover the legal fees associated with litigation. In Hawaii, sellers typically pay 60% and buyers pay 40% of the buyer’s chosen title insurance, including additional costs for extended policy coverage. Mortgage/Note Preparation - The buyer pays lender fees, which cover generating and drafting the home loan. Loan Discount Points - Some loans may offer or require you to buy points, which buy down the interest rates. 1-point costs 1% of the loan amount. General Inspection - The buyer will pay for inspections. And while an inspection is highly recommended, it is optional. Termite Inspection - The termite inspection is typically paid for by the seller in Hawaii, and the buyer can choose who they want for their termite inspector. Appraisal - The buyer typically pays for the appraisal, which is important for the lender to secure financing. The appraisal can cost up to $600 or more in Hawaii. Survey - The seller typically pays for the survey, which includes marking the official boundaries of the property. Homeowners Insurance - The buyer will pay the cost of obtaining homeowners insurance, which must be secured by the final closing date. Property Taxes - Property taxes and homeowners association fees, if applicable, will be paid by the buyer. Pre-payment of taxes or HOA fees by the seller will be prorated to them in escrow, so the buyer will only pay for the days you own the home |
Sellers GuideThings you'll need when selling
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Why do you need real estate agent?
While you might want to try to sell your home yourself, it is a much easier task with a real estate agent. If you haven’t bought and sold many properties in Hawaii, aren’t an attorney, or don’t have a lot of spare time or sales personality, then it is highly recommended to have a real estate agent guide you in the home selling process. The "Things you'll need when selling" a home are what a real estate agent does. It's my job. What is my home worth? I can do a Comparative Market Analysis for you. Markets change all the time. Make sure the time you want to sell works for you! Use the search tools on this site to get an idea of the competition. Get your ducks in a row
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Big Island InfoBig Island Community Information and Events
Waikoloa Beach Resort Shops and Restaurants Waikoloa Village Association Newsletter and Information New Shopping Center Coming Soon - Waikoloa Plaza Mauna Lani Resort Shops and Restuarants |
Golf Course InfoThere are 16 golf courses on the Big Island. Each offer its own unique landscape scenery and wildlife. Explore them here
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