THANK YOU BILL LAMPKIN FOR THIS ECONOMIC REPORT.

Here is the most recent Wells Fargo Economic Update.  We received this link from Bill.  Be sure to contact him with any questions.  Here’s the link and Bill’s info.  Call the Hansen Ohana for your other real estate needs!

https://www.wellsfargo.com/com/research/economics/economic_commentary

Bill Lamkin

Private Mortgage Banker 1

Wells Fargo Home Mortgage of Hawaii, LLC MAC M2203-011 70 E Kaahumanu Ave, Ste A12 Kahului,  HI  96732

(808) 873-3715 Tel

(808) 344-6344 Cell

(866) 471-9084 Fax

William.P.Lamkin@wellsfargo.com

It’s out there, the house of your dreams. And quite possibly, it is the first time you are buying a home. Consider this Mortgage Rates 101.

“Mortgage rates vary from lender to lender, so you’ll want to compare current mortgage rates,” said Wendy Kurosawa a CPB Homeloans consultant. “Ask each lender what its current mortgage interest rates are and whether the rates being quoted are the lowest for that day or week.”

With mortgages, as with many things in life, it’s not “one size fits all.”

“When you start to compare rates, you want to ask if the rate is fixed or adjustable. Keep in mind that when interest rates for adjustable rate loans go up, generally so will your mortgage payment,” said Kurosawa.

You have to know about other “bank” phrases. APR means Annual Percentage Rate and that can figure into the monthly cost of the mortgage.

“Other costs that contribute to the varying APR’s include private mortgage insurance, which is PMI, paid during the term of the loan,” said Kurosawa.

There are other mystical terms when it comes to buying a home, especially if you’re a first time home buyer. You will hear about “points.”

“Points are fees paid to the lender for the loan and often linked to the interest rate. Usually the more points you pay, the lower the interest rate will be,” explains Kurosawa. “So for example, two points charged on a $100,000 loan would equal to $2,000.”

Her “point” is, the more money you pay up front, the lower the monthly mortgage will be, whether it comes to points or a down payment. If you are a first time homebuyer, it’s probably a good idea to talk with a home loan consultant.

(Donna Hansen, Karen Leach, Khon2, Maui News)

You can catch a sneak peak of the premiere episode of the new Hawaii 5-0 before it airs nationally next week.

The remake of the popular television series will be shown at Waikiki’s “Sunset on the Beach” Monday night.

The stars of the new Hawaii 5-0 will be there too, including Daniel Dae Kim, Grace Park, Scott Caan, and Alex O’Loughlin.

(Maui news, Khon, Karen Leach, Donna Hansen)

The median price of a single-family home on Oahu rose for a fourth straight month in August, though sales volumes declined.The median price for homes in Honolulu jumped 15.2 percent to $645,239 last month, the Honolulu Board of Realtors said Wednesday. The gains followed a 1.7 percent rise in July and a slight increase in June.

Sales volume dropped, however, with 224 homes changing hands during the month compared to 239 a year earlier and 269 in July.

Brian Benton, president of the Honolulu Board of Realtors, said the rising median price was a good sign for the market.

”We anticipated the slowdown in sales with the end of the federal tax credit, but the increases in median prices are a sign that the Honolulu market continues to strengthen,” Benton said in a news release.

Benton referred to the federal law that allowed some buyers to claim tax credits of up to $8,000 when buying a home.

The credit boosted sales earlier this year, but sales began to drop as it expired.

Buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale to qualify for the credit. Congress later extended the deadline for closing on a buy to the end of September.

Oahu condominium sales showed a similar results. The median sales price rose 6 percent to $307,500 in August but sales volume plunged 17 percent.

Properties spent fewer days on the market in the month.

Single-family homes were sold an average of 32 days after they were listed, down from 49 days in August last year. Among condominiums, properties remained on the market for an average of 33 days, down from 53 days.

(Maui News, Karen Leach, Khon2)

Thank you Marina Zautner for this important information.  For more info call her or email her directly

100% financing for Maui 

All areas except Kahului & Wailuku 

Rural Development Loans 

Income caps must be: 

$104,500 for a 1-4 person household 

$137,550 for a 5-8 person household 

Owner Occupied 

Credit score must be:  600 

Call Marina Zautner…..   808-269-0981 or 

Email her at marina.zautner@wellsfargo.com