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Hawaii Mortgage Loans

Hawaii was formed by volcanic activity on the bottom of the ocean. Over thousands of years those volcanoes broke the surface of the water and became the lush tropical islands they are today. Thankfully many people don’t have to wait years to own a piece of these surreal islands; because of great mortgage loans anyone can own a piece of paradise. Many people dream of the chance to live in a tropical wonderland, but far too few of them actually realize that dream.

Weather they live in Hawaii or on the mainland many people own property in this beautiful state. As a matter of fact I have many friends that own real estate in Hawaii, but spend over half the year living in the continental states. These industrious individuals took advantage of some of the dozens of great low interest mortgage loans available to buy a second home in Hawaii, living there for only half the year, the other half of the year they rent out their piece of paradise for hundreds of dollars a day. Talk about a great investment, not only are the tourists paying for the mortgage, this investment has created passive income for my friends.

I myself enjoy a living as a real estate investor, and with interest rates on mortgage loans lower than they have been in over four decades, I decided that next month I’ll be taking a trip to Hawaii to purchase a cute little house on the beach. With interest rates this low you can’t go wrong investing in real estate. Hawaii also offers quite a few different types of mortgage loans that are not offered in some other states. For instance local options include what are known as Flex-100 mortgage loans or the many different kinds of 103% mortgage loans available.

Flex-100 mortgage loans are offered by Fannie Mae, these mortgage loans can be ether fixed rate or adjustable rate mortgages, depending on which type you’d prefer. Fixed rate mortgage loans can have terms of fifteen or thirty years, and the adjustable rate loans have terms of five, seven or ten years with the interest rate changing on these when the initial terms are up. The best part of the Flex-100 mortgage loans is that there is no down payment; you only have to come up with five hundred dollars for closing. Flex-100 mortgage loans are specially designed for first time home buyers looking to take advantage of all that home ownership provides.

The 103% mortgage loans are for individuals that can’t afford a down payment or the closing cost generally required for most mortgage loans. With the 103% mortgage loans the house that is being purchased has to be the primary residence, though the purchaser can still own other pieces of real estate. If the home being purchased isn’t going to be the buyer’s primary residence there are other alternatives such as 100% Finance Home Purchase or the 107% Finance Home Purchase. With a little drive and determination many people are currently realizing their dreams and taking advantage of the many great low interest mortgage loans available in this tropical getaway, and you can to.