Hawaii is the newest U.S. state, the only state made completely of islands, the only state that grows coffee, and the only state with no Daylight Saving Time. Famous for its tropical climate, clear waters, and active volcanoes, Hawaii attracts all types of visitors (families, couples, surfers, and biologists).
Hawaii has nearly 1.3 million permanent residents, as well as many tourists and U.S. military personnel. The state preserves its Polynesian influence through ceremonies and cultural events such as luaus and hula. Hawaii also boasts numerous golf courses, white sand beaches, waterfalls, endangered species, and nationally protected areas. Homebuyers and homeowners in the Aloha State should be aware of current housing market conditions and stay informed about Hawaii mortgage rates.
Hawaii mortgage rates, like national mortgage rates, have been on the decline since the financial crisis that began several years ago. Awaiting homebuyers may learn that Hawaii mortgage rates have reached record-low levels. On the other hand, current homeowners may be able to take advantage of low Hawaii mortgage rates by refinancing their mortgage loans.
Your Hawaii mortgage rate will be shaped by a number of factors ― including your income, debt, credit history, and employment status. Hawaii mortgage rates may be fixed or adjustable, depending on the type of loan you get. Be mindful of extra costs that may come with your loan (such as mortgage application fees and closing costs).
The drop in Hawaii mortgage rates has encouraged many homeowners to consider mortgage refinancing. A refinance basically replaces your old home loan (and balance) with a new loan. To qualify for a refinance, you must provide the mortgage lender with proof of your income, assets, debt obligations, credit score, and home equity.
Low Hawaii mortgage rates have prompted many homeowners to refinance. However, you must be sure that this is the right tactic for you. In general, it’s advised that you refinance only if the new Hawaii mortgage rate offered is at least 1% lower than your current mortgage rate. Otherwise, once you add in lender fees and settlement costs, a refinance is probably not worth it.
The chart below provides Hawaii mortgage rates for refinancing a home loan. It’s highly recommended that you shop around and compare offers from different lenders before making any final decisions. Keep in mind, Hawaii mortgage rates are constantly changing and it’s in your best interest to stay informed.