Mortgage Questions Answered

Starting is simple! All of our loan officers at House of Finance Inc. can tailor the process to your unique needs, whether a first-time home buyer or seasoned investor. Contact one of our officers for a mortgage consultation where they will have a conversation with you about your home financing needs and answer your questions about loan programs and how much you are qualified to borrow. We will help navigate you through your options and complete a loan application.

We typically request documents that verify your income and debt and these may include paystubs, W2s, federal tax returns, bank statements, 1099s, profit & loss statements, alimony or child support documentation. Everyone’s situation is unique so speaking to one of our loan officers first is a best practice, they will help pinpoint what documents are needed.

House of Finance Inc. offers several low or no down payment options including conventional loans and government loans. We have helped many families purchase their homes with zero-down loan programs as well as conventional, fixed-rate loans with down payments as low as 3%.

A Fixed Rate Mortgage will charge an interest rate set at the beginning of the loan, that rate will not change for the life of the loan. An Adjustable-Rate Mortgage typically sees an initial interest rate set below market rate, but that rate may rise or lower as time goes on. Adjustable-Rate Mortgages are typically more complicated than Fixed Rate Mortgages.

The interest rate is simply the cost of borrowing the principal amount. Whereas the Annual Percentage Rate includes the interest expense on the loan and all fees and costs involved in the loan. The APR is the more effective rate to consider when comparing loans and the federal Truth in Lending Act requires all consumer loan agreements list both rates.

Your monthly payment will typically include a portion that pays the principal and interest due, and the rest of the payment due is set aside in an escrow account. The escrow account collects and disperses payments for real property taxes and insurance premiums (like homeowners insurance, mortgage insurance, hurricane insurance or flood insurance). When your insurance policies are up for renewal or when real property taxes are due, your escrow account will disperse the payments on behalf of you.

No. House of Finance Inc. is solely licensed in Hawaiʻi, serving Hawaiʻi’s unique real estate needs.