How To Apply For Bank Of Hawaii Personal Mortgage

The Bank of Hawaii is a trusted regional commercial bank that is headquartered in the Honolulu, Hawaii. The bank is serving personal, small business, and corporate & commercial clients with a range of financial services. They offer mortgages, checking, savings, credit cards, and loans with the assurance that the customers will be served beyond their expectations. There is a full range of mortgage programs that you can access at the Bank of Hawaii. Today, we are going to show you how you can apply for a personal mortgage, but before that, let’s take a look at the different mortgage and programs that bank offers.

Bank Of Hawaii Mortgage Products And Programs

There is always diversity when it comes to mortgage demand from the service takers’ end. Therefore, the bank comes with an extensive range of products & programs to meet those diverse needs. Here are the mortgage options that you can get from the Bank of Hawaii.

1. Fixed-Rate Mortgage

The Bank of Hawaii FRM (Fixed-Rate Mortgage) is the fixed-rate type of loan that has level principal & interest payments throughout the loan period. This program offers you the fixed principal & interest monthly payments for the loan’s term. There is no penalty for the prepayment. Some of the other features of this program include a second home, investment, and owner-occupant purchases.

2. Adjustable-Rate Mortgage

The interest rates on this type of mortgage may be changed, annually, after the 10th, 7th, 5th, or 3rd year that depends on the loan that you choose. It will also base on the index. This program offers you the lowest monthly payments at the start. There will be no penalty for the prepayment and the other features are investor purchases, second home, and the owner-occupant purchases.

3. First-Time Home Buyer

If you are a first time home buyer, then this program is suitable for you. This program will make the process of first-time home purchase convenient, easy, and hassle-free. This type of mortgage helps you reduce the closing costs and there is no penalty for prepayment. There are various terms available, and the program has adjustable or fixed interest rates. Homeownership counseling is also available.

4. Jumbo Loans

If you are looking for a Jumbo or Super Jumbo loan of $679,650 for the second home, owner-occupant, or investor purchases, then you can apply for this loan. This program has no penalty for prepayment and available for the refinancing. You can apply for this mortgage for up to four unit properties.

5. New Project Financing

A new home can be built in the shape of the latest high-rise condominiums, beautiful townhouses, or growing subdivisions. The Bank of Hawaii is here to support such developments for enhancing the local landscapes. Whether you are looking for a single family unit or you need to build a high-rise home, there are different loan programs available for you to choose from.

6. Government Loan Programs

Do you need a brand new second home? Or, you are going to purchase your first home? The bank offers you a number of government loan programs with flexible guidelines and reasonable down payment options. Here is the list of government loan programs that you can access at the Bank of Hawaii:

·         VA Home Loans

·         FHA Loans

·         Mortgage Credit Certificate

·         Rural Housing Programs

To learn about these government programs, you can visit the official website of the bank and refer to the Mortgage section.

7. Financing Options For The DHHL Lessees

For the Native Hawaiian communities, the bank offers a variety of financing options. These options are designed for providing DHHL lessees with the expanded financing programs. High loan-to-values are available and there is a purchase, rate term refinances, and the cash-out refinance. This program also has the flexibility, when it comes to down payment. Only fixed-rate mortgages are available and there is flexibility on the credit histories and reserves. For further details on the DHHL homeownership terms, rates, and opportunities, you can get in touch with the bank.

Apart from the above-discussed programs, there are also some other mortgage programs available, such as construction loans, etc. Before we show you how to apply for a mortgage on the bank’s website, let’s take a look at the mortgage document checklist.

Mortgage Documents Checklist

To submit the mortgage loan application, there are some important documents that you just need to gather before starting the process. Here are the documents that you need to have before you begin the online application for a mortgage loan:

·         Pay Stubs

·         W-2 Forms

·         Tax Returns

·         P&L Statement & Balance Sheet

·         Bank Statements

·         Landlord Information

·         Rental Agreements

·         Closing Statement

·         Sales Contract

After gathering the above-listed documents, you can proceed to the online mortgage loan application.

Instructions To Apply For The Bank Of Hawaii Personal Mortgage Loan

You only need to have a PC that must be connected to the internet. Here is what you need to do in order to apply for the personal mortgage loan online:

1. Initiate the online application process by accessing the official Bank of Hawaii website.

2. On their website, take a look at the website banner where you will find an “Apply Online Now” button. You need to click this button to start the process.

 

After clicking that button, a new page will open where you should log in using your username and password. So, enter your login details and click “Log In” button to access your account. After that, you can move to the “Mortgages” section and apply for the mortgage loan that you want to get. If you don’t have the online account on their website, then create an account first by clicking the “Create Account” button on the login screen.