Mortgage
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Mortgage Rates
- Fixed-rate
- Fixed-rate Jumbo
- Fixed-rate VA
- Fixed-rate in Guam
- Adjustable-rate (ARM)
- Adjustable-rate (ARM) Jumbo
- Adjustable-rate (ARM) in Guam
| Interest Rate |
|
Annual Percentage Rate |
|
Points |
|
Down Payment |
|
Monthly Principal & Interest Payment per $100,000 borrowed |
|
|---|---|---|---|---|---|---|---|---|---|
|
30 year |
6.125% |
6.280% |
1.625% |
20% |
$607.61 1 |
||||
|
15 year |
5.875% |
6.012% |
0.875% |
20% |
$837.12 1 |
Rates as of 10/09/2024 and can change without notice. Rate is based on 45-day lock for purchase transaction.
Maximum loan amount $1,149,825. The information provided on this page is for informational and comparative purposes only. Your actual rate, payment, terms, and costs could be different. Get an official Loan Estimate before choosing a loan. Your rate, fees, and terms may differ based on various factors such as: when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, loan to value ratio, etc.
1 Payment examples are principal and interest only and do not include mortgage insurance, taxes and other property insurance. The actual payment will be higher if mortgage insurance is required on your loan. Your actual payment obligation will be greater considering taxes and insurance premiums.
| Interest Rate |
|
Annual Percentage Rate |
|
Points |
|
Down Payment |
|
Monthly Principal & Interest Payment per $100,000 borrowed | |
|---|---|---|---|---|---|---|---|---|---|
|
30 year |
6.500% |
6.573% |
0.750% |
20% |
$632.071 |
||||
|
20 year |
6.125% |
6.219% |
0.750% |
20% |
$723.661 |
||||
|
15 year |
5.875% |
6.012% |
0.875% |
20% |
$837.121 |
Rates as of 10/09/2024 and can change without notice. Rate is based on 45-day lock for purchase transaction.
For loan amounts greater than $970,800. The information provided on this page is for informational and comparative purposes only. Your actual rate, payment, terms, and costs could be different. Get an official Loan Estimate before choosing a loan. Your rate, fees, and terms may differ based on various factors such as: when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, loan to value ratio, etc.
1Payment examples are principal and interest only and do not include mortgage insurance, taxes and other property insurance. The actual payment will be higher if mortgage insurance is required on your loan. Your actual payment obligation will be greater considering taxes and insurance premiums.
| Interest Rate |
|
Annual Percentage Rate |
|
Points |
|
Down Payment |
|
Monthly Principal & Interest Payment per $100,000 borrowed |
|
|---|---|---|---|---|---|---|---|---|---|
|
30 Year - Hawaii |
6.500% |
6.856% 1 |
0.000% |
0% |
$632.07 2 |
||||
|
30 Year - Guam |
6.500% |
6.856% 1 |
0.000% |
0% |
$632.07 2 |
Rates for Hawaii as of 10/09/2024 and for Guam as of 10/10/2024 and can change without notice. Rate is based on a 45-day lock period for purchase transactions.
The information provided on this page is for informational and comparative purposes only. Your actual rate, payment, terms, and costs could be different. Get an official Loan Estimate before choosing a loan. Your rate, fees, and terms may differ based on various factors such as: when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, loan to value ratio, etc.
1 APR includes a 3.60% VA funding fee.
2 Payment examples are principal and interest only and do not include mortgage insurance, taxes and other property insurance. The actual payment will be higher if mortgage insurance is required on your loan. Your actual payment obligation will be greater considering taxes and insurance premiums.
| Interest Rate |
|
Annual Percentage Rate |
|
Points |
|
Down payment |
|
Monthly Principal & Interest Payment per $100,000 borrowed |
|
|---|---|---|---|---|---|---|---|---|---|
|
30 year |
6.125% |
6.304% |
1.875% |
20% |
$607.61 1 |
||||
|
15 year |
5.875% |
6.052% |
1.125% |
20% |
$837.12 1 |
Rates as of 10/10/2024 and can change without notice. Rate is based on 45-day lock for purchase transaction.
Maximum loan amount $1,149,825. The information provided on this page is for informational and comparative purposes only. Your actual rate, payment, terms, and costs could be different. Get an official Loan Estimate before choosing a loan. Your rate, fees, and terms may differ based on various factors such as: when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, loan to value ratio, etc.
1Payment examples are principal and interest only and do not include mortgage insurance, taxes and other property insurance. The actual payment will be higher if mortgage insurance is required on your loan. Your actual payment obligation will be greater considering taxes and insurance premiums.
| Interest Rate |
|
Annual Percentage Rate |
|
Time Initial Rate is Fixed |
|
Points |
|
Monthly Principal & Interest Payment per $100,000 borrowed |
|
Current Adjusted Rate |
|
Current Adjusted Payment |
|
Reset Period |
|
First Change Cap |
|
Subsequent Change Cap |
|
Maximum Life Time Caps Over Initial Interest Rate |
|
Floor Rate | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
5/6 ARM1 |
6.375% |
7.264% |
5 years |
1.000% |
$623.87 2 |
7.750% 3 |
$716.41 3 |
6 months |
+2% / -2% |
+1% / -1% |
5% |
2.75% |
|||||||||||
|
7/6 ARM1 |
6.625% |
7.235% |
7 years |
0.875% |
$640.31 2 |
7.750% 3 |
$716.41 3 |
6 months |
+5% / -5% |
+1% / -1% |
5% |
2.75% |
|||||||||||
|
10/6 ARM1 |
7.000% |
7.343% |
10 years |
1.000% |
$665.30 2 |
7.750% 3 |
$716.41 3 |
6 months |
+5% / -5% |
+1% / -1% |
5% |
2.75% |
Interest Rates effective 10/09/2024 and are based on a 45-day lock period for purchase transactions.
1 Maximum loan amount $1,149,825. Interest rates and payments may increase after consummation. After the initial fixed-rate period, your interest rate can increase or decrease every 6 months according to the then current index. The information provided on this page is for informational and comparative purposes only. Your actual rate, payment, terms, and costs could be different. Get an official Loan Estimate before choosing a loan. Your rate, fees, and terms may differ based on various factors such as: when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, loan to value ratio, etc.
2 Monthly payments are per $100,000 borrowed and do not include additional costs such as taxes and insurance. Actual monthly payment will be greater.
3 Since the index in the future is unknown, the Current Adjusted Interest Rate and Current Adjusted Payment are based on the current index plus the margin at the time of the effective date shown above, and are only an example of what your rate and payment would be if your loan adjustment date was the date shown above. The Adjusted Interest Rate and Adjusted Payment may differ when the term for your initial rate expires. Your mortgage will change on the adjustment dates and will be equal to an index, which is based on the 30 Day Average of the Secured Overnight Funding Rate (SOFR) as published daily by the Federal Reserve Bank of New York, plus a margin of 2.75%. For more information on the SOFR index, please visit the Federal Reserve Bank of New York.
| Interest Rate |
|
Annual Percentage Rate |
|
Time Initial Rate is Fixed |
|
Points |
|
Monthly Principal & Interest Payment |
|
Current Adjusted Rate |
|
Current Adjusted Payment |
|
Reset Period |
|
First Change Cap |
|
Subsequent Change cap |
|
Maximum Life Time Caps Over Initial Interest Rate |
|
Floor Rate | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
5/6 ARM 1 |
6.125% |
7.124% |
5 Years |
0.750% |
$607.61 2 |
7.750%3 |
$716.413 |
6 months |
+2% / -2% |
+1% / -1% |
5% |
2.75% |
|||||||||||
|
7/6 ARM 1 |
6.250% |
7.010% |
7 Years |
0.750% |
$615.72 2 |
7.750%3 |
$716.413 |
6 months |
+5% / -5% |
+1% / -1% |
5% |
2.75% |
|||||||||||
|
10/6 ARM 1 |
6.375% |
6.889% |
10 Years |
0.750% |
$623.87 2 |
7.750%3 |
$716.413 |
6 months |
+5% / -5% |
+1% / -1% |
5% |
2.75% |
Interest Rates effective 10/09/2024 and are based on a 45-day lock period for purchase transactions.
1 For loan amounts greater than $970,800. Interest rates and payments may increase after consummation. After the initial fixed-rate period, your interest rate can increase or decrease every 6 months according to the then current index. The information provided on this page is for informational and comparative purposes only. Your actual rate, payment, terms, and costs could be different. Get an official Loan Estimate before choosing a loan. Your rate, fees, and terms may differ based on various factors such as: when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, loan to value ratio, etc.
2 Monthly payments are per $100,000 borrowed and do not include additional costs such as taxes and insurance. Actual monthly payment will be greater.
3 Since the index in the future is unknown, the Current Adjusted Interest Rate and Current Adjusted Payment are based on the current index plus the margin at the time of the effective date shown above, and are only an example of what your rate and payment would be if your loan adjustment date was the date shown above. The Adjusted Interest Rate and Adjusted Payment may differ when the term for your initial rate expires. Your mortgage will change on the adjustment dates and will be equal to an index, which is based on the 30 Day Average of the Secured Overnight Funding Rate (SOFR) as published daily by the Federal Reserve Bank of New York, plus a margin of 2.75%. For more information on the SOFR index, please visit the Federal Reserve Bank of New York.
| Interest Rate |
|
Annual Percentage Rate |
|
Time Initial Rate is Fixed |
|
Points |
|
Monthly Principal & Interest payment per $100,000 borrowed |
|
Current Adjusted Rate |
|
Current Adjusted Payment |
|
Reset Period |
|
First Change Cap |
|
Subsequent Change Cap |
|
Maximum Life Time Caps Over Initial Interest Rate |
|
Floor Rate | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
5/6 ARM 1 |
6.375% |
7.264% |
5 years |
1.000% |
$623.87 2 |
7.750%3 |
$716.413 |
6 months |
+2% / -2% |
+1% / -1% |
5% |
2.75% |
|||||||||||
|
7/6 ARM 1 |
6.625% |
7.235% |
7 years |
0.875% |
$640.31 2 |
7.750%3 |
$716.413 |
6 months |
+5% / -5% |
+1% / -1% |
5% |
2.75% |
|||||||||||
|
10/6 ARM 1 |
7.000% |
7.343% |
10 years |
1.000% |
$665.30 2 |
7.750%3 |
$716.413 |
6 months |
+5% / -5% |
+1% / -1% |
5% |
2.75% |
Interest Rates effective 10/10/2024 and are based on a 45-day lock period for purchase transactions.
1 Maximum loan amount $1,149,825. Interest rates and payments may increase after consummation. After the initial fixed-rate period, your interest rate can increase or decrease every 6 months according to the then current index. The information provided on this page is for informational and comparative purposes only. Your actual rate, payment, terms, and costs could be different. Get an official Loan Estimate before choosing a loan. Your rate, fees, and terms may differ based on various factors such as: when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, loan to value ratio, etc.
2 Monthly payments are per $100,000 borrowed and do not include additional costs such as taxes and insurance. Actual monthly payment will be greater.
3 Since the index in the future is unknown, the Current Adjusted Interest Rate and Current Adjusted Payment are based on the current index plus the margin at the time of the effective date shown above, and are only an example of what your rate and payment would be if your loan adjustment date was the date shown above. The Adjusted Interest Rate and Adjusted Payment may differ when the term for your initial rate expires. Your mortgage will change on the adjustment dates and will be equal to an index, which is based on the 30 Day Average of the Secured Overnight Funding Rate (SOFR) as published daily by the Federal Reserve Bank of New York, plus a margin of 2.75%. For more information on the SOFR index, please visit the Federal Reserve Bank of New York .
Local, digital, personal
Convenient online tools and trusted local experts to help guide you through the mortgage application process.
Why you need a mortgage prequalification
Getting prequalified allows you to have a better understanding of your financial health. It also saves you time and frustration in the long run.
- Search for homes in the right price range. Set realistic expectations by assessing your current finances.
- Ensure your offer will be taken seriously. Sellers have more confidence when you’ve taken the time to prequalify.
- Gain an advantage over other buyers. Get a leg up on other bidders in a competitive housing market.
- Get visibility into your financial health. You may need to lower your debt, save for a larger down payment or fix errors on your credit report.
Also, if you’re wondering how much house (and how big of a mortgage) you can afford, a good start is to figure out what your debt-to-income (DTI) ratio would be. This measurement compares how much debt you're paying against how much income you're making. Banks and mortgage lending companies typically use the DTI ratio as a way to measure your ability to pay a monthly mortgage payment.
Your DTI ratio is the percentage of your gross monthly income, before taxes, that goes toward your current rent (or potential mortgage), credit cards, student loans and other debt.
Begin by adding up your monthly debt and housing payments, then divide that total by your gross monthly income (generally, the total amount of money you earn in a month before taxes and deductions are taken out).
Traditionally, lenders prefer DTI ratios lower than 36 percent. In most cases, the highest DTI ratio a potential borrower can have to still qualify for a mortgage is 43 percent, although there are exceptions.
See our Insights article How much house can I afford?
Applying with SimpliFi
With SimpliFiSM by Bank of Hawaii...
- Start your application from the comfort of home
- Speak with our local lending experts anytime throughout the process
- Use your mobile, tablet or desktop device to apply
- Upload your financial documents safely and securely
When you first click to apply, you'll need to create an account. Once you've created your account, you can begin your application. You can save your information and come back at any time to resume your application, provide follow up information and sign documents.
What you'll need initially:
- Pay stubs for most recent 30-day period.
- W-2s for the last 2 years.
- Tax returns for the last 2 years.
- Bank statements for most recent 2-month period or quarter.
Understanding mortgage rates and points
With fixed-rate mortgages, the interest rate, and thus the monthly payment, is set at the time you take out the mortgage, and both remain constant throughout the course of your loan.
Adjustable-rate mortgages (or ARMs) usually have lower starting interest rates, compared with fixed-rate mortgages. However, with an adjustable-rate mortgage, your interest rate—and monthly payments—can change as interest rates fluctuate.
See our Insights article Adjustable-Rate or Fixed-Rate: Which Type of Mortgage is Right for You?
Mortgage points, sometimes known as discount fees or “paying down the rate,” are fees you pay your mortgage lender up front in exchange for a lower interest rate on your new mortgage. Paying points to your lender now allows you to pay less interest on your loan over time.
First-time Home Buyer's Loan Program
We’ve walked thousands of first-time home buyers through the mortgage process. From start to finish, we’re here to help you every step of the way. In addition to our great fixed or adjustable interest rate options and variety of terms with no prepayment penalties, our first-time home buyers receive 0.50% discount off mortgage points.**
When you're ready to apply, you'll need:
- Recent pay stubs within 30 days
- IRS Form W2 for the last 2 years
- State and federal personal income tax returns for the last 2 years
- Current bank statements for the most recent 2-month period or quarter.
- Landlord information or rental agreements
**Mortgage points, or discount points, are fees you can pay to the lender at closing in exchange for a lower interest rate, potentially reducing your monthly mortgage payments. Typically, each point costs 1 percent of your mortgage amount.
Jumbo loans
When a borrower needs to take out a loan that exceeds the standard loan limit set by the Federal Housing Finance Agency (FHFA), it is considered to be a nonconforming "jumbo loan." In Hawaii, a loan that exceeds the limit of $970,800 is considered a jumbo loan.
If you have bigger borrowing needs, we have great rates and options to help get you into your dream home.
Construction loans
Looking to build a custom home? Our interest-only payments during construction help make building your custom home more affordable.
- Low interest-only monthly payments during construction that convert to your permanent mortgage after construction
- Easy one-step financing with one-time closing
- Available for owner-occupants, second home buyers, and State of Hawaii resident investors
- Owner-occupant loans up to $2,000,000
- Interest reserve payment option available
- No pre-payment penalty
VA home loans and other mortgage programs
VA home loans are available to service members, veterans and qualifying family members.
- For owner-occupied, single family homes (1-4 units), planned unit developments or condominiums
- No down payment, with a 100% financing option
- Low interest rates
- Limited closing costs
- No need for Private Mortgage Insurance (PMI)
- Finance your VA funding fee
If you’re looking for other mortgage programs, contact us regarding these options:
- FHA Loans
- Mortgage Credit Certificate
- Rural Housing Programs
- Financing options for DHHL Lessees (Department of Hawaiian Home Lands)
How to Prepare Financially for Buying a New Home
The Complete Guide to Buying a Home in Hawaii
Connect with a specialist
We’re here to help with all of your banking needs. Schedule a call at a time that’s convenient for you.
Trusted Lender
In 2023, Bank of Hawaii was the No. 1 local bank in mortgage loans.+
+#1 Residential Lender ranking is for total number of residential loans and total dollars made by a lender in the State of Hawaii in 2023. Information compiled by Title Guaranty derived from Hawaii Bureau of Conveyances tax data recorded information for 2023. Information is deemed reliable but not guaranteed.
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