Buying a home in Hawaii
- Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
- Develop your Oahu home wish list. Then, prioritize the features on your list.
- Select where you want to live. Compile a list of three or four neighborhoods on Oahu you’d like to live in, taking into account items such as schools, recreational facilities & area expansion plans.
- Plan financially. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. You can estimate your closing costs with this closing costs estimator from Title Guaranty Hawaii - click here. There are also mortgage programs available that will allow down payments of less than 20%.
- Obtain a copy of your credit report to make sure it is accurate and correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
- Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options and decide what’s best for you. The Honolulu Board of REALTORS® tracks local up-to-date mortgage rates - click here.
- Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
Negotiation
Buying real estate is a negotiation process. Here are 5 characteristics of a successful negotiation:
Both sides feel a sense of accomplishment.
Both sides feel the other side cared.
Both sides feel the other side was fair.
Each side would deal again with the other.
Each side feels the other side will keep their agreement.
Search Oahu, Hawaii real estate and homes for sale by Google™ map