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5 Ways to Save Money on Your Mortgage

Mortgage interest rates have been near rock-bottom lows for many years but are likely to increase over the next few years. Even though you can no longer count on record low interest rates, there are plenty of things you can do to make sure you save money on your mortgage loan. Here are the top five: 1. Increase Your Down Payment By saving a little longer, getting money gifted to you by relatives, or selling off big assets, you could pull together a larger down payment. If you can bump up your down payment to 20% or more, you will avoid paying for private mortgage insurance, saving yourse...

March 27th, 2019 | Mortgages, Savings, Credit, 5 Ways to Save Money on Your Mortgage

Best Time of the Year to Buy a Home

Whether you have been saving up for your first home or you are ready to upgrade to a bigger place, you may be wondering if there is a “best” time to buy a home. While it depends on your priorities and your local market, there are some general home buying trends that could help you make your decision. Spring & Summer These are typically the hot home buying and selling months. That means there will be more listings to choose from as a buyer. However, that also means there will probably be lots of other buyers looking at those listings and the competition could heat up. You ...

March 20th, 2019 | First-time Homebuyers, Purchasing a Home, Best Time of the Year to Buy a Home

5 Things to Do After Your Mortgage Closes

After sitting down at the mortgage closing table to sign all the paperwork, you get the keys and can breathe a sigh of relief. But before you tuck all those mortgage papers away for good, there are at least 5 things you still need to do after closing to make sure everything is on track. 1. Figure Out the Start Date of the First Payment Your lender or title company should have let you know this important fact before or at closing, but with so many papers and numbers being thrown at you, it might get missed. Your escrow account often requires enough money from you at closing to cover ...

March 13th, 2019 | First-time Homebuyers, Purchasing a Home, Refinancing a Home, 5 Things to Do After Your Mortgage Closes

How Does My Credit Score Affect My Mortgage Rate?

How much you will pay for a mortgage loan and even whether you can qualify for a mortgage will have a lot to do with your credit score. Higher credit scores will help you get the best terms possible while lower scores could keep you from your dream of homeownership. What Makes Up a Credit Score? Most lenders use FICO scores to determine creditworthiness. These are three-digit numbers put together using data from the Fair Isaac Co. that are supposed to determine the likelihood of you keeping up with your financial obligations. The most important factor in your credit score is your payment...

March 6th, 2019 | Interest Rates, Purchasing a Home, How Does My Credit Score Affect My Mortgage Rate?

How Long after Bankruptcy should I wait before Applying for a Mortgage?

Going through a bankruptcy, either personally or with your business, can affect your ability to qualify for a mortgage. Your credit score may drop, and you may need to wait before applying for a home loan. It all depends on the size of your down payment and how high of an interest rate you can tolerate. Here’s what you need to know if you have been through a bankruptcy: Types of Bankruptcy There are three common types of bankruptcy: Chapter 7, Chapter 11 and Chapter 13. Chapter 7 and 13 are for personal debts while Chapter 11 is for business debts. With Chapter 7, most of your asse...

February 27th, 2019 | Mortgages, Bankruptcy, Apply, How Long after Bankruptcy should I wait before Applying for a Mortgage?

Should I Choose a Cash-Out Refi or HELOC?

When you need a chunk of cash for a project, your home may be the best source of funding. Fortunately, you do not need to sell your home to take advantage of your equity. There are two popular and practical ways to pull cash out of your home: a cash-out refinance mortgage and a home equity line of credit (HELOC). Cash-Out Refi’s A cash-out refinance loan replaces your existing mortgage with a new, larger loan, allowing you to take out cash in exchange for some of your existing equity. Lenders typically cap your cash-out refi at 80% of the home’s value. For example, let’...

February 20th, 2019 | Refinancing a Home, HELOC, Should I Choose a Cash-Out Refi or HELOC?

Island Home Capital, Inc.

NMLS# 42942
65-1291 Kawaihae Road Suite 101,
Kamuela, Hawaii 96743
Toll Free: 888-926-2444
Phone: 808-326-2444
Fax: 808-885-6350

Hours: Monday - Friday 9:00AM - 5:00PM HST