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VA Loans: Debunking Common Myths and Misconceptions Clarified
Picture yourself as a war veteran returning from active duty with dreams of owning a Hawaiian home to bask in the sun’s warm glow. Sounds tempting, doesn’t it? Well, achieving this dream may be easier than you think – thanks to VA loans. But wait, before plunging into this arena of homeownership advantages, there are some myths and misconceptions about…
Understanding the Impact of Federal Reserve Announcements on Mortgage Rates
Ever wondered why there’s a sudden drop or spike in your mortgage rate? It may be the invisible hand of the Federal Reserve at work! The complex relationship between the Fed’s announcements and mortgage rates can influence everything from how much you pay each month to the overall cost of buying a home in Hawaii. Dive into our latest insightful…
Tips on How to Support Maui – President’s Message August 2023
Maui is weighing heavy on our hearts. The Smart Money ohana sends our love and aloha to all affected by this tragic event. Although the last few days have been heartbreaking, it has also been awe-inspiring to see locals take swift action by donating their time, belongings, and money to those who are in desperate need. Please be careful about…
Demystifying Mortgage Insurance: Understanding PMI, MIP, and Other Insurance Options
For too long, PMI (Private Mortgage Insurance), MIP (Mortgage Insurance Premium), and Mortgage Insurance have been the monsters under the bed for many homeowners—largely misunderstood and often feared. But fret no more, as we are here to turn on the light and banish those beasts. Join us as we strip away the confusion and mystery surrounding these essential risk-management tools.…
Understanding the Rise in Mortgage Rates and Home Prices – President’s Message July 2023
If you’ve been watching the housing market lately, you may have noticed that both mortgage rates and home prices are rising. As someone interested in buying a home, you might wonder why this is happening. In this newsletter, I’ll break down the key factors behind these trends, helping you make sense of the current housing market. Economic Factors: The…
How to Qualify for an FHA Loan: A Step-by-Step Guide
Are you struggling to afford your dream home in Hawaii’s picturesque paradise due to thoughts of overwhelming down payment or costly mortgage insurance demands? Fret not, as the Federal Housing Administration (FHA) Loan may be the answer to fulfilling your aspirations without breaking the bank. With easy qualification processes and significant financial advantages, securing your island haven is no longer…
Why Would A USDA Loan Get Denied?
Today, we’re diving into the world of USDA loans: what they are, why they’re a great option for some borrowers, and—lest we forget—the reasons why your loan could get denied. There’s a lot of back-end stuff to pay attention to when it comes to navigating the loan system, and this blog post will provide a clear and concise guide to…
All About Trigger Leads
Have you ever applied for a mortgage only to have a bunch of lenders call you right after your credit is pulled? If so, the experience you had was caused by a trigger lead. A mortgage trigger lead is a type of lead generated by credit bureaus, which indicates that a consumer has recently applied for a mortgage or has…
What is a Fixed Rate Mortgage: All You Need to Know
Navigating the world of mortgages and banking can seem complex, if not downright intimidating. Even people who know a lot about money might have trouble understanding how a fixed-rate mortgage works. You likely already understand some basics but might not be fully informed on all its details and nuances. That’s why we’re here: taking the time to comprehend these important…
Who Qualifies for VA Home Loans? Find Out Here!
Millions of veterans and their families are eligible for some of the most generous loan programs available in the U.S. today – VA home loans. But if you want to take advantage of these great benefits, you want to know the qualifications and consider all your options beforehand. That’s why we’re diving into the details of VA loan eligibility, so…
Mortgage Credit Certificate
What is MCC The Mortgage Credit Certificate (MCC) is one of the most underutilized programs. This program is available to homebuyers in Hawaii, providing a unique opportunity to save money on their federal income taxes. The program is administered by the Hawaii Housing Finance and Development Corporation (HHFDC) and is designed to help low-to-moderate-income homebuyers afford their mortgage payments. Under…
The Top 5 Differences Between Annual Percentage Rate (APR) and Interest Rate
Are you confused by the distinction between APR and interest rates? Don’t feel bad! You’re not alone! People have been puzzled over this concept for years as credit cards and mortgages became commonplace in our society. So let’s tackle this age-old question: What is the difference between an APR and an interest rate? Understanding APR An annual percentage rate (APR)…
How Long Does It Take To Get An FHA Loan
Buying a house is an achievement that almost everyone looks forward to. The process is a lot easier with many different types of loans to choose from. An FHA loan is one of the most common types to choose from, and it is backed by the Federal Housing Administration. It is basically designed to help individuals who are first-time home…
President’s Message – January 2023
Aloha and Happy New Year! Entering 2023, many of us have made New Year’s resolutions. Here at Smart Money Hawaii, one of our New Year’s resolutions is to be 1% better every day. Through education, we hope to engage and make you a little more informed about one of your most significant investments, your home. Whether looking for your first…
9 Steps In The Mortgage Process
While purchasing a new home can be exciting, some people may struggle with the mortgage process. Obtaining a mortgage loan can be a complicated and intimidating process, especially if you are a novice. It can, however, go more smoothly if you know what steps to take. As a result, this post will go over the steps in the mortgage process…
President’s Message – December 2022
Aloha, Smart Peeps! I can’t believe I’m saying this, but Merry Christmas and Happy New Year. I’m surprised how quickly 2022 just blew by, and we’ve made another trip around the sun. This is the last newsletter for 2022, and I hope you all find value in these updates. For most of this year, we have spoken about inflation, as…
President’s Message – November 2022
Aloha Smart Peeps! The year is just blazing by, and it is that time of the year when it is extra important to have that attitude of gratitude. When I go to the stores the Christmas displays are already up, and it feels like we skipped Thanksgiving altogether. Well despite the lackluster performance of the stock market and high inflation…
10 Advantages Of VA Loans
Loans are necessary assets that can be extremely valuable at specific life events. People usually don’t enjoy taking out loans, but when critical needs arise, a loan is the best option to meet those needs. On the other hand, taking out a loan always entails meeting specific requirements, which vary from lender to lender. Some lenders impose obnoxious, terrifying, unfriendly,…
Getting Your House Ready to List
By Jessica Mok Realtor-Associate (RS-75246) November 2022 You have decided that you want to list your house! It may be time to upgrade, relocate for a job transfer, for personal reasons, or it is just time to move on. Well… the market is not like it was before, not even like it was just a few short months ago. It…
How Do Adjustable Rate Mortgages Work? A Comprehensive Guide
As a homeowner, there are always decisions and information to consider when making home loan decisions. While you likely already understand some basics about adjustable rate mortgages (ARM), let’s dig deeper to see why they should be considered as a home loan option. An adjustable-rate mortgage (ARM) can be an attractive choice for financially astute homeowners who value flexibility with…
Will My House Still Sell in Today’s Market
by Micah Grafsgaard, Paradise Brokers (RB-23305) October 2022 If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your chance to sell, here’s what you need to know. Buyer demand hasn’t disappeared, it’s just eased from the peak intensity we saw over the past two years.Buyer Demand Then and NowDuring the pandemic, mortgage…
Home Buyer Checklist: What to Look for in an Open House
August 2022 It is Sunday afternoon, the signs and balloons are on every street corner – time to head to open houses! You walk into a freshly air-conditioned home, the smell of vanilla candles, light music playing. It is easy to get distracted by the glamorous staging and cute decor of the home. But don’t be so easily fooled. You…
