Honolulu Condos: Loan Rates at 60 Year Lows!

Loan Rates at 60 Year Lows!

You have to go back 60 years to find a time when interest rates were this low.  As of this morning, here is a sampling of several key rates.

• 30 year fixed rate at 4.25%  APR = 4.453%
• 15 year fixed rate at 3.75%  APR = 4.064%
• 5/1 ARM rate at 3.375%  APR = 3.838% (Actually better than 3/1 ARM)
  

The above rates are for conforming loans, which are $625K or less for single family in Hawaii.  They also assume a 60 day rate lock, and are based on an excellent credit rating.  These rates were taken from U.S.A. Bank's website.  Please refer to it for a more complete description of terms and conditions as well as other loan programs.

Rates are also incredibly low for Jumbo loans up to $10 Million.  If you are looking to refinance a Jumbo loan, call us and we will hook you up with two lenders where you will be able to compare rates.  

If you need to lower your interest rate, but cannot qualify for refinancing, then you may be eligible for a loan modification.  We are working with a reputable local attorney who will give you a free consultation and let you know whether or not you might be eligible.

If neither refinancing nor loan modifications will work, then you may wish to consider a short sale.  We have been successful in closing a number of short sales for our clients.  Let us know if you'd like to explore this avenue. Lastly, if you are looking to purchase, take advantage of these historically low interest rates, which when factored in with lower prices and motivated sellers, makes for an unbeatable combination.