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1 min read Nov 25, 2022

3 Best Mortgage Lenders in Hawaii

3 Best Mortgage Lenders in Hawaii

Mortgage lenders finance buyers so that they can buy their dream homes. Let’s look at the best mortgage lenders in Hawaii and assess which is ideal for home buyers amidst sporadically rising interest rates.

Reviews: 3 Best Mortgage Lenders in Hawaii

1. Chase Bank, Hawaii

Best for Existing Customers

Chase Bank

  • Min. Credit Score: 620
  • πŸ“ Coverage: 45 markets
  • 4.5 Stars 4.5/5 (2,121 reviews)

Chase Bank is a division of JPMorgan Chase, a financial services conglomerate. The mortgage application process at Chase can be started in person or online, and there’s a powerful mobile app for monitoring and managing customer accounts.

Existing Chase customers have a good chance of qualifying for a lower interest rate on their mortgage.

  • Pre-Approval Speed: Undisclosed
  • Credit Score:620
  • Interest Rate: Same as National Average (7%)
  • Days to Close: 35-45 days
  • Types of Loans:
      • Conventional mortgages
      • Jumbo
      • FHA mortgages
      • VA mortgages

What You Need to Know about Applying for a Mortgage from Chase.com

  • How to apply: To apply for a Chase mortgage, you can fill out an application in person at a local branch or you can complete a digital application. According to Chase, nearly 75% of its mortgage applications in 2021 were submitted online.

Chase Bank has 4.5 out of 5 stars on Consumer Affairs.

Nationwide Coverage: Chase mortgages are available in all 50 states.

2. Bank of America, Hawaii

Best National Bank

BOA

  • Min. Credit Score: 620
  • πŸ“ Coverage: 45 markets
  • 4 Stars 4/5 (2,204 reviews)

Bank of America is the biggest national bank and has processed over thousands of home mortgages.

  • Pre-Approval Speed: 20 minutes
  • Credit Score: 620
  • Interest Rate: Lower than National Average (7%)
  • Days to Close: 30 to 45 days
  • Types of Loans:
    • Offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
    • Doesn’t offer USDA loans

What You Need to Know about Getting a Mortgage from Bank of America

  • How to apply: online via bankofamerica.com

Bank of America Mortgage has 4Β out of 5 stars on Consumer Affairs.

Near-Nationwide Coverage: Bank of America processes mortgages in 42 states.

3. Rocket Mortgage, Hawaii

Best for Refinances

Rocket

  • Min. Credit Score: 620
  • πŸ“ Coverage: 45 markets
  • 4 Stars 4/5 (2,031 reviews)

Rocket Mortgage is an online mortgage lender and is quite popular for refinances. In 2021, Rocket Mortgage achieved $1 billion in annual closed loan volume and became the biggest mortgage lender in the U.S.

  • Pre-Approval Speed: 8 minutes
  • Credit Scores against Loan Types:
    • 580 – FHA, VA
    • 620 – Conventional
    • 680 – Jumbo
  • Interest Rate: Same as National Average (7%)
  • Days to Close: 47 days
  • Types of Loans:
    • Offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
    • Doesn’t offer USDA, home equity, HELOCs, land loans, or loans to purchase foreclosures

What You Need to Know about Applying for a Mortgage from Rocketmortgage.com

  • How to apply: Online via rocketmortgage.com website or in-person at one of the 4 branch offices in Charlotte, Cleveland, Detroit and Phoenix.

Rocket Mortgage has 4 out of 5 stars on Consumer Affairs.

Nationwide Coverage: Rocketmortgage.com is available in 50 states.

What is a Mortgage?

A loan taken to buy a house is a mortgage. The borrower will make payments to the mortgage lender periodically, and the property serves as the collateral. The common types of mortgages are:

  • Fixed-rate mortages: Interest rate remains constant throughout the term of the loan
    • 5-year fixed-rate mortgages
    • 15-year fixed-rate mortgages
  • Adjustable-rate mortgages: Interest rate is fixed for a period of time, and then changes based on the prevailing interest rates once a year.

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