In this market, it’s essential to select the right partner to help you with the process.The news for Maui real estate is good. Values are holding, prices are moderating, sellers are motivated and buyers are looking.
In this market, selecting the right partner to help you with the mortgage loan process can be essential in getting your loan approved. Work with a local broker/banker with local experience. and one who is FHA & VA approved and has developed trusted relationships with both local banks and lenders on the Mainland.
A mortgage professional with experience in all types of market conditions can be your champion, one who will find the best lender and loan for your financial needs. In addition, working with a banker/broker can help you respond correctly, and in a timely manner, if additional information is requested by the lending institution.
One good step to take if you are planning to apply for a loan is to sit down with a partner who can access many lenders and can help you avoid mistakes that could keep you from getting your loan.
Don’t be discouraged if you have been turned down before. That does not mean you cannot get a loan. It does mean, however, that pre-planning before you apply is an increasingly important element in buying your home.
Another good step to take is to have a reputable local mortgage professional pre-approve you so that you can obtain a pre-approval letter to show to a potential seller. This lets the seller know you can afford the home and that you are a ready buyer.
At Premiere Mortgage, we have seen a dramatic increase in the amount of escrows for purchases and refinances this past month. Loans are available for buyers who can verify down payment and income. By working with our lenders, we can facilitate loans with as little as 3.5 percent down. Having the ability to put 20 percent down, of course, makes a loan easier to do. We can do 20 percent-down loans up to $1 million and 25 percent down over a million. Loans are also available for people without income verification, but these loans may become more difficult to obtain over time.
Premiere Mortgage is a broker and banker with over 20 years of experience in the Maui market. Please give us a call or drop by and see how we can help you with your refinancing needs for a home, construction or land purchase loan.
Premiere Mortgage has offices on Maui and Kaua‘i and provides a wide range of services to the real estate community. Tricia Morris may be reached on Maui, in Kihei, at 874-8800, Wailea, at 891-8900, West Maui at 665-8800, on Kaua‘i at (808) 822-2300, or toll-free at (800) 813-7711.