Nick Kawakami

Real Estate Service Powered by Innovation

mortgage

Fed Rate Hikes Affect Non-Homebuyers Too: Here’s How

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Whenever I talk about the federal funds rate (or fed rate), it’s usually in response to the affect it has on mortgage interest rates. In most of the news outlets as well, this angle usually spurs the most interest from potential homebuyers as they try to time the market for their home purchase. However, there is a group of people that this change could affect more, and they might have nothing to do with the home buying demographic. [Read more…] about Fed Rate Hikes Affect Non-Homebuyers Too: Here’s How

Hawaii Mortgage Application Defects Fall 6.67% in 2015

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The First American Loan Application Defect Index, which estimates the frequency of fraudulence and defects in mortgage applications, shows Hawai‘i defects fell in 2015. Good news for those in and around the mortgage market! [Read more…] about Hawaii Mortgage Application Defects Fall 6.67% in 2015

What’s The Difference Between a Mortgage Broker and a Mortgage Lender?

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Applying for a mortgage can be a task and a lot of people ask realtor’s for help. For today’s Question & Answer, I will explain the difference between a direct lender (like a bank or credit union) and a mortgage broker (like Lokahi HomeLoans).

Ultimately, the decision to go with either a lender and a broker is up to you. At its basic level, both will help you get an idea of what you can afford, gather your personal financial information to see what type of loan you can qualify for, provide service and help you understand any legal disclosures during the transaction, and eventually get you a mortgage for your transaction. The differences between the two focus on the process each uses to get you that loan. [Read more…] about What’s The Difference Between a Mortgage Broker and a Mortgage Lender?

Reports: Obama to Cut FHA Mortgage Premium Rates

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According to both the Star-Advertiser and Bloomberg Business News, President Obama plans to have the FHA reduce its annual mortgage insurance premiums by 0.5 percentage points, to 0.85 percent.

What does this mean? If you are a first-time homebuyer or able to refinance into a government-backed FHA loan, you could see a great reduction in your costs. Each mortgage needs to be covered by mortgage insurance, in case of problems, and that cost is usually added to your monthly payment. With this announcement, the government hopes to spur more buying by making the insurance premium more affordable.

Of course, with any of these loan products, there are positive and negatives to each. If you are thinking about buying or refinancing, I recommend contacting your lending agent for more complete information. If you need help finding a qualified agent or have any other questions, please feel free to contact me!