The Best Mortgage Lenders in Hilo, HI
Compare verified mortgage lenders serving Hilo, Hawaii. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Hilo
Featured Mortgage Lenders
Hawaii Community Federal Credit Union
Hawaii Community Federal Credit Union
As Hawaii Island's largest locally-based credit union with deep roots in the Hilo community, Hawaii Community FCU offers exceptional mortgage services with personalized local underwriting. Their mortgage specialists have extensive knowledge of Hawaii's unique real estate market and offer competitive rates with flexible terms. The credit union consistently receives outstanding customer satisfaction ratings for their responsive service and community-focused approach to lending.
Loan Types:
First Hawaiian Bank Mortgage Center
First Hawaiian Bank
As Hawaii's oldest and largest bank, First Hawaiian Bank has a strong Hilo presence with dedicated mortgage specialists who understand the local market intricacies. They offer comprehensive mortgage solutions with competitive rates and have earned high customer satisfaction ratings for their professional service and local decision-making capabilities. Their experienced loan officers provide personalized guidance through the entire mortgage process.
Loan Types:
Bank of Hawaii Mortgage Loan Center
Bank of Hawaii
Bank of Hawaii maintains a significant presence in Hilo with dedicated mortgage professionals who specialize in Hawaii's unique real estate landscape. They offer a wide range of mortgage products with competitive pricing and have built a strong reputation for reliability and customer service. Their local underwriting team understands the specific challenges and opportunities of Big Island property financing, making them a trusted choice for Hilo homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Hilo, HI
What are the current mortgage rates like in Hilo compared to the national average?
Mortgage rates in Hilo are typically very close to the national average, but can be slightly influenced by Hawaii's unique market and higher cost of living. It's wise to compare rates from both local Hawaii-based lenders and national institutions, as local lenders may have more experience with the specific challenges of financing property on the Big Island. Getting pre-approved with multiple lenders will help you secure the most competitive rate.
Are there any special loan programs for first-time homebuyers in Hilo?
Yes, the Hawaii HomeOwnership Center (HHOC) offers education and down payment assistance programs specifically for residents of Hawaii, including Hilo. Additionally, the HUD Good Neighbor Next Door program can be applicable for certain public servants buying in Hilo's revitalization areas. These programs are designed to help offset the high initial costs of purchasing a home in Hawaii.
How does Hilo's volcanic activity and lava zones affect the mortgage process?
Lava zones significantly impact mortgage lending in Hilo. Lenders are often hesitant or may refuse to finance properties in Lava Zone 1 or 2 due to the high risk. If a loan is approved in these zones, you will likely be required to have specialized (and more expensive) lava hazard insurance, which can affect your overall monthly payment and loan eligibility.
What is the typical down payment required for a home in Hilo?
While standard down payments range from 3% to 20%, the high median home price in Hilo means the cash amount required can be substantial. Many buyers utilize FHA loans (3.5% down) or VA loans (0% down for eligible veterans) to manage the initial cost. Exploring local down payment assistance programs is highly recommended to make homeownership more accessible.
Are there any unique closing costs I should be aware of when getting a mortgage in Hilo?
Yes, in addition to standard fees, you may encounter Hawaii-specific costs like a Mortgage Recording Tax and a Transient Accommodations Tax review for certain properties. Furthermore, pest inspections for termites and other wood-destroying organisms are crucial and common in Hilo's humid climate, adding an essential, and sometimes costly, step to the closing process.
Why Choose a Mortgage Lender in Hilo?
Local Market Knowledge
Lenders who understand Hilo's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Hawaii.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Hilo and get competitive rates on your home loan.