The next step is finding a mortgage lender and getting preapproved for a mortgage loan. You can – and should – shop around different lenders to ensure you’re paired with the right one for your situation. Doing your research can make a big difference. Getting different loan estimates there are often variations in qualification guidelines, interest rates and closing costs between lenders, which is why it’s essential to do your homework. When comparing lenders , ask each one to provide you with a loan estimate, which will spell out the loan terms, projected payments and closing costs for your potential mortgage.

Getting preapproved for a mortgage will help you determine how much you can afford, which will then inform your home search. It’s always smart to shop around for the best rates and terms , so be sure to research a few different lenders during this process. You can also ask family, friends, your buyer’s agent, and attorneys for mortgage lender recommendations. When choosing a mortgage lender, ask for a detailed cost breakdown, review the terms you are being offered, and compare loan types. According to the us consumer financial protection bureau (cfpb), there are three general categories of mortgage :.

2. Hire a Real Estate Agent

Halelani village bb102, lihue – this is a great condo for the first time home buyer! application – this is the first step that gives the loan officer the information they need to help pick the loan program for the buyers needs and goals. It is vitally important that this information is accurate to prevent the loan from being denied later in the process. Pre-qualification – once the application has been completed, and the credit report pulled, a pre-qual can be issued to the real estate agent. If  self-employed, the last two year’s federal tax returns will be needed prior to issuing a pre-qual.

It's a good idea to know your buying power before diving into hawaii's real estate market, which is why you should get prequalified for a mortgage before you start to shop around. This will give you an idea of your price range and will also help your realtor guide you when making an offer. And with hawaii's fast-moving real estate market, getting prequalified also means that when you find the right home, you'll be able to put in an offer right away. When looking for a home loan, local lenders are often the best choice because they understand hawaii, the local housing market, and available resources.

Property taxes: buying a house in hawaii may be expensive, but property taxes here are actually quite affordable. Relative to tax rates in other states, hawaii’s property tax rate is very low. According to the tax foundation , you can expect to pay an average of 0. 31 percent of your property’s value each year. Dual agency: in hawaii, your real estate agent might potentially also represent the seller of the home you are trying to purchase. It’s called dual agency , and it’s legal throughout the state — but if it’s the case, your agent is required to inform you prior to signing a contract.

3. Research the Neighborhood

Aloha & e komo mai (welcome). To the hawaii condo guide – whether you’re buying or selling, i’ll guide you through your hawaii real estate transactions with the expertise that results in on time closings. What i offer buyers: no required registration. You can search for available properties in complete privacy and anonymity, contacting me when you want to take the next step. Using my online condo guide you can research all of hawaii’s condos to find the properties that best fit your lifestyle: location, size, floor plans and amenities. Looking for a new home or investment property ?  use our custom google maps to view neighborhoods for schools, playgrounds, beach parks and facilities.

Once you start visiting homes in person, be sure to consider the home’s “health” so you’ll have an idea of any major challenges that might be coming your way if you decide to make an offer. Ultimately, the inspection will give you an official report on the home’s quality and condition, but while you’re touring, keep an eye out for the following: structural defects and cracking noise from neighbors or traffic.

Prior to starting your monthly mortgage payments, property tax payments and homeowners insurance, you’ll need to pay a number of costs during the home-buying process. One of the first is a home inspection for the property you plan to purchase. While not a mandatory step, it’s what smart homebuyers do to ensure that the house doesn’t have any major issues. Most home inspections in hawaii average between $227 to $400, while the cost may be less for a condo or smaller home. A typical home inspection includes an assessment of the roof, attic, plumbing, electric, appliances, heating and cooling, foundations, walls and ceilings.

Consider the value of the property: a slow market is the buyer’s market. There is a high chance that the home values may decrease before it starts to increase again. Don’t buy at the lowest price: sellers can conceal major defects and sell a hawaii house fast or for cheap. Get a home inspection report before you buy any house that’s too cheap to be true. Otherwise, you can end up with a bad investment. Don’t invest in properties for the short run: if you’re not planning to stay in a real estate property for a long time, do not buy it.