The most common type of mortgage program here in Hawaii where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable.

Hawaii Fixed-rate mortgages are available for 30 years, 20 years, 15 years 10 years and even 5 year mortgage loans. There are also "bi-weekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year.)

Hawaii Fixed rate fully amortizing home loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Secondly, the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. The most common hawaii fixed rate loans are 15 year and 30 year mortgages. During the early amortization period, a large percentage of the monthly payment is used for paying the interest . As the loan is paid down, more of the monthly payment is applied to principal . A typical 30 year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount.

As you can see, this option would be the most common type of loan here in hawaii, but there are several advantages of choosing other types of hawaii home loans, please give us a call and we can go over all the options for you and find the home loan program that fits your mortgage goals and keeps you financially liquid. Call 24 hours a day, Hawaii Home and Loan toll free 888.694.0455 Ext. 85