Trying to decide the best condo to purchase in Hawaii. Eric will explain the main differences between short term, long term, best location, and the importance of working with a local Hawaii based lender. Buying a condo whether it's a long term or short term rentable unit in Hawaii is so much different from buying a condo anywhere else in the world. . There are three types of condo classifications that will affect your financing options. That said, the category into which a condo falls will impact your down payment requirements and your interest rate. This is to be mostly accredited to the unique characteristics our condominium projects possess and how they are classified according to the "LIST" Make sure your lender has THAT list. . It is important for you to know that most mainland lenders do not have the experience required to lend on the majority of Hawaii condos which fall into these classifications. In fact, most mainland lenders do not even realize they can't finance a Hawaii condo until about two-thirds of the way through the escrow process!! BY the way, which is well after your loan has been approved! While it is not uncommon for clients to shop an interest rate when shopping for a mortgage, if you're considering purchasing a condo in Hawaii, working with a local lender is absolutely crucial!
PS - I also have a YouTube channel with many informative videos about Hawaii, Maui and Real Estate. Check it Out Here https://www.youtube.com/user/hawaiirealestateorg
For more information call Eric at 808-298-2030