Pacific Home Loans offers Conventional, Government, Portfolio and Alternative Document fixed rate mortgage programs throughout the states of Hawaii and California.
Conventional Fixed Rate
Government Fixed Rate
Self-employed Bank Statement Loan
Some Benefits of a Fixed Rate Mortgage:
One of the most popular ways to finance a home or condo in Hawaii or California is with a 15-year or 30-year fixed rate mortgage. The fixed rate offers payment security in that the payment will never increase. Monthly payments will only adjust if a change is made to your homeowners’ insurance and property taxes, provided those items are paid with your mortgage each month.
Custom Loan Term
PHL offers Fixed Rate mortgages from 1 to 30 years. PHL makes it possible to select a loan term that best suits your payoff strategy. For example: If you plan to retire in 19 years, you may want to consider a 19-year fixed rate – please note, the custom loan term is not available for all the Hawaii and California fixed rate mortgage programs that PHL offers.
The Fixed Rate Alternative
The decision to go with a fixed rate should be considered very carefully. Not every borrower should go with a fixed rate. For example: If you are an investor and plan to sell the home in 7-years. You may want to go with a 7-year ARM. The 7-year ARM will have a lower interest rate and lower payment, with an initial fixed rate for 7-years. The monthly savings can be significant. Email us or see our adjustable rate mortgage to determine if a fixed rate is right for you.
The main disadvantage of the 30-year fixed-rate loan is that if interest rates decrease, the homeowner cannot take advantage of reduced rates without refinancing into a new loan, which can be costly. In addition, a 30-year fixed mortgage will usually have a slightly higher interest rate than loans with a shorter term or an adjustable rate.