Hawaii Home Equity Loan

Good Credit Score

If you have a good or better credit score, we recommend ING Direct as the best source for a home equity loan. They have a knowledgeable staff, and are very pleasant to work with. You can click here for ING DIRECT Orange Mortgage Great home equity loan rates. Easy Online Application.

Lower Credit Score

If your credit score is on the low side, America’s Lending Partners’ can help. Loans to people with weaker credit is one of their specialties. Their free loan request service will match you with up to four lenders to help you lower your interest rate on a home equity loan.

Self-Employed

If you are self-employed, you may be at a handicap when it comes to applying for a home equity loan. This is because small business owners can take many more tax deductions than people who work as employees. Your cellphone, transportation, and part of the use of your home, if taken as legitimate deductions on your tax return will cause the amount of your net income to look low.

Say, for instance, that you make $40,000 per year net, after you've taken your deductions, and your friendly banker makes $40,000 per year gross, as an employee. If each of you had identical outstanding debt, identical equity in your home, and identical home values, in theory you would both be able to qualify for the same loan amount.

However, in reality, you earn a lot more than your banker does. You likely drive a truck and have taken a considerable mileage deduction of about $10,000. Your cellphone bill is deducted from your gross income. Your work clothing has likely been deducted as well. In contrast, none of those items have been deducted from your banker's pay as an employee. Those are all expenses that he pays out of his $40,000 annual earnings, assuming, of course, that he wears clothes, uses a cellphone and drives a vehicle.

Lending regulators, because of the facts just described, created regulation and allowances for a type of loan called a "no documentation" loan. It is also referred to a a "low doc" loan and a "no income verification" loan. With this type of loan, you simply put down what your income is, and the bank or lender doesn't verify the accuracy. Many self-employed people will choose to provide their gross income, rather than their net income when applying for a home equity loan. This increases the chances of an approval because stated income is higher.

If you are looking for a no documentation home equity loan, Green Point Mortgage will likely be the perfect match for you. The friendly folks at Green Point Mortgage specialize in no documentation loans. These are especially attractive to self-employed and business owners. The home equity loan process is less intrusive and more efficient. Click here to apply for their No Documentation Home Equity Loan.

If you have a complaint against a lender in Hawaii and want to report illegal or unethical practices, here is the contact information for the appropriate authorities:

Division of Financial Institutions
Department of Commerce and Consumer Affairs
King Kalakaua Building
335 Merchant Street, Rm. 221
Honolulu, HI 96813
Phone: (808) 586-2820
Fax: (808) 586-2818
Residents on the neighbor islands may call the following numbers followed by 6-2820 and the # sign:
Kauai 274-3141
Maui 984-2400
Hawaii (808) 974-4000
Lanai & Molokai 1-800-468-4644 (toll free)

Other related Hawaii home loan resources:

Hawaii Mortgage Refinancing

Find the best home mortgage refinancing rates available in Hawaii. Many second mortgage articles, second mortgage news, a glossary of mortgage terms, and a comparison of home mortgage refinancing lenders.

Hawaii Home Equity Loan

The equity in your home can be a source of funds in a time of need. If you currently have a low rate on your home mortgage, it is doubtful that you would want to refinance the entire balance just to get additional funds. If so, a home equity loan is the solution for you.

Hawaii Second Mortgage

With rising interest rates, it makes financial sense to simply get a second mortgage rather than refinance your entire home mortgage. If you need to borrow against the equity in your home, a second mortgage is likely the solution you need.

Hawaii Bad Credit Loans

If your credit has been hurt in the past by the loss of a job, a serious medical problem, or many of the other unfortunate events that happen in life, there is hope. You can still get a second mortgage even with bad credit. This site provides you with the necessary resources.

Hawaii Credit Score

If you would like to raise your credit score to qualify for the best home mortgage rates, this site provides all the necessary information. You'll find advice on improving your credit score, contact information for the 3 major credit bureaus, an explanation of how the credit scoring formula effects your second mortgage application, and lots of valuable loan and mortgage information.

Hawaii First Time Home Buyer Programs

If you have never owned a home, and this will be your first, you need to research the resources available to you. For most first time home buyers, the required down payment and closing costs are the biggest hurdle in qualifying for a home mortgage. There are low-interest loans and outright grants of free money to help first time home buyers qualify for a home mortgage. These programs are available right here in Hawaii. Definitely worth your time to investigate the possibilities if you are a first time home buyer.

Hawaii Government Resources

The official website of the State Government of Hawaii. Contact your governor, state representatives, and congressmen and senators any time you read in the news a proposed law that will have negative impacts on your home or home mortgage.

National Association of Realtors

You'll find information about the most current top real estate news stories, the current trends in the national and local real estate markets, information on upcoming proposed laws and changes in regulations relating to real estate, a research section, and piles and piles of information pertaining to home mortgages.

Hawaii Home Mortgage

The best site for home mortgage information in Hawaii. Articles on home mortgages and real estate lending, comparisons of the different home mortgage lenders in Hawaii, home mortgage news, and all the resources you need to find the best home mortgage available to you.

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