Hawaii’s median home price of $615,300 is over twice the national average median and more than $100,000 over the second-most expensive state, California. Whether you’re buying or renting, living in Hawaii will cost you a lot of money. And since there’s not much room for error when looking for a new home in Hawaii, you need a good mortgage lender that can give you the best deals.
In this article, we’ll provide a complete rundown on the five best Hawaii mortgage lenders. We also provide the five main criteria of a good mortgage lender so you can conduct your own research.
Like shopping for any other product and service, your search for the best mortgage lender needs a proper set of criteria. Here are the five main criteria that we use in picking our best mortgage lenders.
Different loan options cater to different needs, which means a loan that’s good for someone else isn't necessarily good for you. To ensure you choose the right loan, you need to learn how the most common loan types work.
Mortgage rates aren’t a good measure of affordability since rates change all the time. That’s why we use four criteria to measure how easy it is to qualify for a mortgage loan:
Convenience is an important part of the mortgage application process. Three factors make up this criterion:
Mortgage issues can be stressful and expensive, which is why you need a lender with great customer service. We use two rating organizations to quantify the quality of a lender’s customer service: The Better Business Bureau (BBB) and J.D. Power.
The Better Business Bureau reviews the trustworthiness of a business and assigns it a letter grade, ranging from F to A+. The factors it examines include the handling of customer complaints and transparency of business processes.
Meanwhile, J.D. Power mostly concentrates on customer feedback and satisfaction. It publishes an annual study that ranks mortgage lenders according to its study results.
We measure a lender’s accessibility by examining how many states it serves. As an additional metric, we also examine the number of branches it operates and whether there’s an equal distribution of branches nationwide.
If a lender doesn’t serve consumers in your state, there’s no option but to search for other lenders. Meanwhile, a lender that operates many branches in multiple states makes it easier for people to talk to a loan officer or mortgage broker in person.
With the five criteria above, we’ve picked out the five best mortgage lenders in Hawaii. Each of these picks specializes in one aspect of the process, so choose the one that can best cater to your needs.
Credit score requirement: 620 (5780 for FHA)
Down payment requirement: 3%
Loan products offered:
BBB Rating: A+
JD Power rating: 883 (first place in 2020 study)
Overview: Rocket Mortgage is the online lending arm of mortgage giant Quicken Loans. Similar to major non-bank lenders like Wells Fargo and LoanDepot, it offers a wide variety of conventional and government-backed loans.
It offers a fully online mortgage experience from start to finish, meaning consumers can apply online and finalize a loan without leaving the home. You don’t have to worry if this is your first time taking out a mortgage – you’ll be guided by hints and instructional videos throughout the entire process.
While you can’t visit a branch office for assistance from a mortgage loan officer or mortgage broker, it does offer customer support via phone. You can also contact your loan officer anytime if you have questions.
Lender availability: Rocket services loans nationwide with no branch offices.
Credit score requirement: 620
Down payment requirement: 3%
Loan products offered:
BBB Rating: A+
JD Power rating: N/A
Overview: Despite its name standing for “National Bank of Kansas City”, NBKC offers mortgages nationwide. However, consumers outside Kansas City, Missouri can only apply online or by making a phone call to a mortgage banker. All online applications are monitored by a loan officer who you can directly contact if you have any questions.
NBKC also boasts competitive rates, and it isn’t afraid to show it. The bank allows you to calculate your sample mortgage rates by answering simple questions about your purchase, meaning you don’t have to provide any financial details or contact a loan officer yet if you’re just rate-shopping.
Lender availability: NBKC only has branches in Kansas City, but loans are available nationwide.
Credit score requirement: 620
Down payment requirement: 3%
Loan products offered:
BBB Rating: B+
JD Power rating: 803 in 2020 study
Overview: California-based Guild Mortgage’s variety of loan types is its greatest strength. In addition to the usual suite of government and conventional loan products, Guild also offers the low-down-payment Fannie Mae MH Advantage loan program for manufactured homes, as well as renovation or construction loans for those looking to remodel their house.
Guild offers a paperless loan application process that allows you to contact its mortgage banker online. It also offers quick closing times to consumers. If the entire process takes more than 17 days from application to closing, Guild will provide you with a $500 closing cost discount.
Lender availability: Guild offers mortgages nationwide and operates branch offices across 31 states.
Credit score requirement: N/A
Down payment requirement: 0%
Loan products offered:
BBB Rating: N/A
JD Power rating: 867
Overview: With almost 90 years of experience serving military consumers, Navy Federal has become one of the largest credit unions worldwide. In addition to originating VA mortgages, it also offers conventional home loans and refinancing for its members.
Navy Federal has two signature loan programs on its menu: the HomeBuyers Choice and the Military Choice loans. Both are zero-down loans for first-time homebuyers, veterans, and active military members. You can save even more upfront with this loan by folding the closing costs into your interest payments.
Navy Federal accepts loan applications online, by phone, or with a loan officer at one of its branches. In some cases, a Navy Federal loan officer can also review the borrower’s financial situation through their rent and bill payments – meaning people with less-than-perfect credit scores and relatively low income can still qualify for loans.
Lender availability: Navy Federal offers mortgages nationwide and operates over 240 branch offices.
Credit score requirement: 620
Down payment requirement: 3%
Loan products offered:
BBB Rating: A+
JD Power rating: 860 (second place in 2020 study)
Overview: As expected from its status as one of the world’s largest banks, Bank of America (BofA) offers a wide variety of financial products to its consumers. This lender offers almost all the loans that a homebuyer could need, save for a USDA loan, with an easy-to-understand online application process.
Existing BofA consumers can get up to $600 in closing cost discounts. Your application process will also be made easier if you already have a BofA account since the form will auto-fill with your contact information, employment details, and other essential data.
You can also apply for America’s Home Grant program that offers up to $7,500 worth of closing cost discounts.
Lender availability: Bank of America services loans and operates over 4,300 branch offices nationwide.
The high home prices in Hawaii mean you need to choose the right lender. Having a good mortgage lender at your side can help you get the best rates and receive timely customer support when trouble arises with your loan.
If you’re looking for additional mortgage resources to help your search for the best Hawaii mortgage company, Wesley Mortgage, LLC is here for you! Contact our team today for professional assistance and advice on how to realize your new dream home in Hawaii.