Today I noticed that the Hawaii mortgage rates have been creeping up in costs over the last couple of days. Before I get to that, I’d like to also let you in on a note I got from First Hawaiian Bank.
The Honolulu mortgage rates they sent me today came with an interesting note stating:
Effective immediately: No up-front rate locks will be allowed. Approvals may take up to 30 days. 45 day locks are the only period offered and will be granted only after final approval. In addition, all conditions must be in within 5 days of final approval.
That’s basically saying that you cannot lock a rate with First Hawaiian Bank until your Hawaii mortgage has been approved through their underwriting department. However, you can lock a rate for 45 days upfront and that rate will be honored after your loan has reached final approval.
No other explanations were given, which just keeps me curious more than anything why they would do that. I personally never try to lock a rate for 30 days since most loans will go the ‘standard’ 45 days to close.
Well, finally we move on to the Hawaii mortgage rates for January 23, 2009. While rates are still available as low as 4.5% for a 30 year fixed, the costs are over 3 points so for today I decided to display rates with an average cost but great benefit to lower your monthly payments.
If you’d like to see any other Honolulu mortgage rates, options, or scenario’s – call me at (808) 381-9812
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