Oahu Home Buyer Tips Archives -

I Need to Sell My House in Hawaii and Move to the States

October 23, 2017 by Maureen Fukumoto Leave a Comment

Back and forth. We see it all the time. People moving here from the states and people moving back again. There are numerous reasons for both and one major one is the fact that we are close to the military base so military families and moving and relocating from Mililani quite frequently.

This can be a stressful time – selling in one state, much less overseas technically, and buying in another or the mainland – but having an agent and a brokerage that knows exactly how to do it makes all the difference in the world.

But how? How can one agent sell and buy in two different states?

This is why we do what we do. We have connections and even licenses in other states close to the coast to provide perfect care for our clients. We want to make sure that if you’re here or there, your transaction is being taken care of.

We help you price, manage, and sell your home here on Oahu while connecting you with the right agent on the other side to find and purchase a home on the mainland. It can be stressful doing this at the same time. Buying and selling simultaneously is stressful enough, but when you either have to leave your home in Hawaii before it sells or selling it here while trying to buy there, it almost the icing on the stress-cake. We want to make that easy for you.

Give us a call. Let’s talk about your need and your situation. Everyone’s deal is different so we want to offer advice and suggestions to make the entire process much easier. We want your move and relocation to be successful and stress-free. We have excellent communication with the agent on the other end and make sure everything falls together perfectly.

Let us make your next move an easy one. Call us or leave us a comment below and we’ll get in touch with you right away. Sometimes, time is of the essence and it’s important to get the ball moving quickly and not drop it. We look forward to speaking with you soon.

How to Know You’re Ready to Buy and Leave the Rental Market

March 6, 2017 by Maureen Fukumoto Leave a Comment

You might be on the fence as to whether you think you are ready to buy a house or if renting makes more sense for you right now. Here are some ways to tell if you’re ready to buy a house versus continuing to rent.

#1. You are ready to stand one place for several years.

If you prefer moving around or you have a job that might take you to a new location in the next year or two, buying may not be the right decision at this time. However, if you’re planning on staying in one place for at least five years, buying might make more sense. This is not the only requirement, but it certainly is something to consider. Buying works out better if you stay in the home for several years, preferably a minimum of five years.

#2. Your credit history and report is over 680.

If you’ve been working on improving your credit history and score make sure you get a copy of your credit history by one of the three major corporations; Experian, Trans Union, and Equifax. You should be able to order a report for free once every year. Go over the report and make sure there are no errors or mistakes, delinquent accounts and that your credit score is at least 630, 650 or over 680. A credit score over 680 will ensure you better rates. Anything lower than 680 and you may qualify for certain discounts or distressed programs.

#3. You saved a little bit of money.

Buying a home can be done with a minimum down payment or even a zero down payment, however, you will need certain funds in the bank for inspection costs, appraisals, earnest money, etc. Having at least $5000 in the bank in savings or easily accessible offers a cushion for any emergencies that come along, and it shows the lender that you are responsible with your money.

#4. You’re ready to take on more responsibility.

If you’ve never owned property before and you’ve only rented, you need to understand the responsibility that comes along with owning a piece of property. You no longer will be able to collect the landlord of something breaks, you have a leak, or something needs to be replaced or repaired. You are the only one that is responsible for replacing and repairing any issues that come along. While many homeowners cherish the idea of owning a piece of property and doing whatever the want on it legally, there is the responsibility of maintaining the home and general upkeep. If something breaks, you will be the one to fix it, or you’ll have to pay for someone else to fix it.

3 Devastating Mortgage Mistakes

December 6, 2016 by Maureen Fukumoto Leave a Comment

Whether this is your first time applying for a home loan or you’ve done this before it can be very easy to make a mistake. Here are some of the top mistakes that novice and experienced homebuyers or refinance borrowers have made in the past.

#1. Not checking your credit before showing it to a lender.

Think of it this way: would you go to a job interview without reviewing your own resume or even making sure you look decent in the mirror? Probably not. It’s the same way with your credit history. You should not turn your credit history over to a lender before looking at it yourself. Also, make sure you pull your credit history about six months prior to the home loan process so that you can correct any mistakes, errors, or get things paid off so that the report looks as best as I can.

#2. Not getting pre-approved.

This is basically like going to the mall without bringing your wallet. You have to know how much home you can afford before you can even think about shopping for a property. Yes, shopping for homes is a lot more fun but it also makes more sense once you know how much you can actually afford. There’s nothing more frustrating or discouraging than finding a home you love only to discover it is out of your price range.

#3. Not shopping for a loan.

Like I said before, it’s a lot more fun to shop for a house than a mortgage but not doing so could actually cost you thousands of dollars. Many people don’t even shop at all for a home loan and pay more attention to the rate instead of the fees for the loan itself. You might be getting a good grade but could be paying thousands extra in fees and lender costs. Better yet, let your lender know you are shopping around so that they can give you the best possible rate.

I want you to be a well-informed mortgage or loan borrower and not making these simple mistakes can put you on the road to success. If you’d like to find out how much Oahu home you can afford, give me a call today! I’d love to help you set yourself up for home buying success.

What Happens If You’re Turned Down for a Mortgage?

October 28, 2016 by Maureen Fukumoto Leave a Comment

Nobody likes to admit it but at some point, almost all of us have been declined for a loan at some point. What happens if you’re turned down for a mortgage when you feel leave done everything right, saved a little bit of money and have your credit under control?

Honestly, if you have reserve funds in the bank, you had a stable job for a couple of years, have decent credit and pay all of your bills on time, there’s no reason that you shouldn’t be able to obtain a home loan of some kind. However, you want to do your shopping the right way. A good mortgage broker will help find a solution that will work for you immediately and if not immediately, give you the plan to help you on the road to home ownership within the next 6, 12 or 18 months. Unfortunately, if you are turned down for a loan, most underwriters are not going to tell you exactly why. A mortgage broker or loan officer may be able to give you some hints or tips as to why you might have been turned down and provide you with a good plan of action going forward.

When you apply for a home loan lenders and underwriters look at three major issues: your credit, your income and any assets you may have. Any of these factors could hurt your chances of obtaining a home loan and having too much debt are usually the most common roadblocks. Lenders have been more careful in the last few years about verifying income sources. They want to make sure that you are honest in how much income you receive each month, that you have a stable job with regular income, decent assets and of course a good credit score. The credit score is vital in telling lenders that you pay your bills on time and that you don’t have a lot of debt accumulated. Any major issues can usually be fixed or corrected within just a few months.

One of the best ways to get started and to increase your chances of getting a home loan is to get your credit reports and understand everything that’s on them. If there are mistakes, errors or delinquent accounts, correct them as quickly as possible and if they cannot be corrected, write a letter stating why or why not.

If you are self-employed you want to plan even further ahead by having at least two or three years of tax returns. Lenders will take a look at your net income instead of your gross income and you’ll need to provide some type of verification that you are steadily employed.

If you can, pay off as much debt as possible before applying. The fewer debt responsibilities you have to make lenders feel that you can take on more of a home loan payment.

And finally, having a great mortgage broker or loan officer to help you along the way is really crucial in getting the right loan and program for you. Because I deal personally with each one of my clients I can help connect you to a lender that works for you, a low-interest rate, and speak directly with lenders about how to get the best loan for your needs.

Your First Stop on the Road to Homeownership

October 11, 2016 by Maureen Fukumoto Leave a Comment

Homeownership can be a very exciting and very overwhelming time. If this is your first time purchasing a home there are so many different avenues and nuances to the home buying process that it can be extremely overwhelming. However, as an Oahu home specialist I want to make it as easy as possible and tell you the first step on the road homeownership.

Homeownership can’t be any easier than this; find out how much home you can afford.

When you decide to buy a home it can be exciting to look at homes, browse neighborhoods and tour open houses. While this is exciting it shouldn’t be your first step. The very first step is to find out how much home you can actually afford. I can’t tell you how frustrating and discouraging it is to speak to a buyer that has found the home they love only to discover they have no idea how much they can afford and eventually realize they can afford the home they love. Finding out your price range before looking at homes is really the first stop on the road to homeownership.

This is a little more intricate than putting in your income in an online calendar. These online calendars can only factor in a couple of different figures. A lender or mortgage officer will look over all of your income, assets, liabilities and any debts that you pay on a monthly basis. From there, they can determine how much of your income can go towards the house payments. From there, they determine with taxes and insurance the maximum amount you can spend on a home.

The mortgage lenders will need basic information such as your tax returns, pay stubs, W-2s and any information on debt including car payments, loans, student loans, credit cards, child support and alimony payments. All of these will factor into your debt to income ratio. Lenders like to see no more than 30% of your income going toward housing payment, which also needs to include taxes and any insurance. You may be able to afford the principal and interest payment on a $300,000 house but factor in taxes and insurance and you may be out of that market. Home loan expert is someone that will figure out all of these numbers and give you a final maximum amount.

More: How to Buy a House on Oahu

Once you have this figure your home loan expert will issue a letter of preapproval. This means that you’ve gone through the steps necessary to apply for a home loan and have proof that you can afford the home you may be making an offer on.

Related: FAQs on Moving to Hawaii

If you haven’t begun this process yet give me a call. I would be happy to run some numbers over the phone with you or sit down and go over all of your debt to income ratio to give you an exact figure so that you can go out there and find a great home in Oahu.

What Will My Home Inspector Do?

August 31, 2016 by Maureen Fukumoto Leave a Comment

What exactly does a home inspector do and how long does it take to inspect the home? These are questions often asked of real estate agents and home inspectors. In order to maximize yours and the inspectors time, it is important to understand what to expect from your inspection.

Home inspections can take anywhere from one to four hours depending on the size of the home and the extent of the inspection. Homes that have several outbuildings and have more square footage will naturally take longer. Homes with difficult access may also take longer. It is important homeowners allow access to the attic, crawlspace and any other odd or inconvenient places to help the process. The average home inspection takes about two hours and we always suggest the homebuyer or future homeowner accompany the inspector to ask questions and understand the details of their new home.

A home inspector will inspect the grounds, exterior surfaces, windows, doors, the roof, attic if applicable, interior rooms, basements, crawlspace, plumbing, electrical and heating and cooling systems.

Grounds: The home inspector will inspect the grounds to make sure there is no evidence of standing water, check for proper drainage, leakage and make sure that driveways, sidewalks, walkways, septic tanks and downspouts are all working properly and are in good condition.

Structure: A home inspector will verify the ridge and fascia board lines, siding, foundation, and window and doorframes to verify if they are square, sagging, bold or level.

Exterior surfaces: Home inspectors will verify if there is adequate clearance between the ground and wood siding materials. They will also check for structural integrity of masonry, stucco, vinyl or aluminum siding, exterior paint and all exterior surfaces.

Windows and doors: Your home inspector will check wood frames, frame joints, check for broken glass or seals, and double check the drip caps installed over windows, if applicable.

Roof: A thorough inspection of the roof is generally required, however, if a home inspector suggests an additional inspection with a qualified roof inspector or installer, this is something to consider.

Most home inspectors will check for evidence of leaks, make sure all shingles are intact, check the gutters, flashing around chimneys or skylights, and check for decay or stains.

Attic: If the home has an attic, your home inspector should verify there is no damage inside the attic and that it has adequate ventilation. Your inspector will make sure there is no plumbing, exhaust or appliance vents terminating in the attic and that there is no electrical splices.

Interior rooms: This is where your home inspector will likely spend most of their time. They will check for significant cracks and leaks. They will make sure there are an adequate number of three-pronged electrical outlets in each room, light switches, working vents, appliances in the kitchen, fireplaces, and verify everything is in general working order. They will rate the level of condition for heating and cooling sources in each room and if there is something not working or needing repair, your home inspector will make note of it.

Basement and crawl space: If the home has a basement, the inspector will check for evidence of moisture or exposed foundation. They will also verify proper insulation. Inspectors will check for adequate ventilation in crawl spaces, and make sure there is no evidence of insect or pest damage. They will make sure there is proper insulation between crawl spaces and heating areas with no evidence of moisture.

Plumbing and electricity will be checked on both interior and exterior rooms, verifying everything is up to code. Heating and cooling systems will be checked and items such as smoke detectors and carbon monoxide detectors are checked to make sure they are in good working order and there are enough for the size of the home.

Each home is different but most home inspectors utilize a checklist to ensure quality. For more information or to schedule a home inspection, contact our office today.

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