Financing Options: Mortgage Information
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If you're like most buyers, you'll probably need, or want, some form of financing. I personally recommend working with a local, on-island, mortgage broker. There are many nuances and requirements to financing here on Maui that a local broker is aware of and can address, saving valuable time in the transaction. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price. I would be happy to refer you to those mortgage brokers my clients have worked with successfully here on Maui, or to help you in any other way I can to secure the best possible rate for your purchase. |
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Use the mortgage calculators below to assist you in making some decisions around financing your new property.
Mortgage Qualification Calculator
This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.
Mortgage Payment Calculator & Amortization Table
This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage. Please remember that some properties here on Maui can be considered "non-conforming," which may impact the interest rate and down-payment structure. Examples of "non-conforming" properties include those which have a vacation rental program on-site or exceed certain heights. Most local brokers have found lenders that have the necessary documents on file and have lent on the property in the past, making the process much easier.