News Reports Hawaii Mortgage Interest Rates Down a Bit!

Hawaii mortgage rates continue fall
Pacific Business News (Honolulu) - September 7, 2007
"Hawaii's second and third largest banks this week followed First Hawaiian Bank's lead in lowering rates on 30-year, fixed-rate mortgages to 6 percent..." <--Full Story

3 Local Papers Reports on the Local Housing Economy

Oahu home sales, prices up
Pacific Business News (Honolulu) - 9:42 AM HAST Wednesday, September 5, 2007
"Sales of single-family homes on Oahu rose last month to the highest level so far this year, and prices of houses and condominiums also rose when compared with August 2006..." <--Read Full Story.

Oahu home sales, prices up
By Andrew Gomes
Advertiser Staff Writer
"O'ahu's housing market continued to display its stamina last month, with slight increases in median sale prices of existing homes as many Mainland markets are tanking...." <--Read Full Story.

Oahu home sales, prices up
The Honolulu Star-Bulletin By Nina Wu
"The median price of a home on Oahu jumped to $650,000 in August, 2.4 percent higher than it was the same time last year. Compared to July, the price was 1.6 percent higher...." <--Read Full Story.

Pacific Business News report to keep you informed on the mortgage company changes.

Charter Funding will reopen as IndyMac
Pacific Business News (Honolulu) - 11:52 AM HAST Tuesday, September 4, 2007
"Charter Funding of Hawaii offices will reopen under the IndyMac Bank brand next week as the California-based company expands its lending presence in the Hawaii mortgage market..."

A Honolulu Advertiser report on the changes in home mortgages and how it's affecting buyers and sellers.

Down payments soar for Hawaii mortgages
By Andrew Gomes
Advertiser Staff Writer
"Cash.

It used to be that very little, if any, was needed to buy a home, and that helped scores of Hawai'i residents in recent years buy property in one of the nation's costliest housing markets..." <--Read full report.

2 Stories covering Mortgage/Foreclosures and Scams

Hawaii foreclosure rate low in July
Pacific Business News (Honolulu) - 12:53 PM HAST Tuesday, August 21, 2007
"Hawaii had one of the lowest home foreclosure rates in the nation in July, according to a new report..." <--Read full story.

BBB warns of mortgage scams
Puget Sound Business Journal (Seattle) - 9:48 AM PDT Wednesday, August 22, 2007
"Although not as prevalent in the Pacific Northwest compared with the rest of the country, the regional Better Business Bureau (BBB) warned homeowners of possible mortgage foreclosure scams..." <--Read full story.

A more detailed report on Charter Funding's closing of business

Charter Funding, First Magnus close down
Pacific Business News (Honolulu) - 2:55 PM HAST Friday, August 17, 2007
"One of Hawaii's largest privately held mortgage companies has ceased funding loans..."
It's very important to keep track of the daily changes in the real estate financial businesses. For example, if you were purchasing a property with financing from Charter Funding, if they don't fund your loan, you can't close and you'll have to go through the loan process with another lender. If you were selling a property now to a buyer using Charter Funding, your closing will most likely be delayed as the buyer needs to find a new lender. -Rick
<--Read full story.

Countrywide and Charter Funding makes headlines....

Countrywide Borrows, Charter Funding Closes
Howard Dicus - hdicus@kgmb9.com KGMB News
"The rise in mortgage defaults has turned one of the biggest lenders into a borrower, and more local mortgage offices have closed, possibly for good. World stock markets fell, but local banks actually did a little better..."

In times like this, it's important to be aware of the standings of your mortgage bank. Be sure you are up to date. You could default on your transaction if by chance the place that is supposed to be funding your loan suddenly closes operations. -Rick

<--Read full story.