Buying a home in Hawaii
- Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
- Develop your Oahu home wish list. Then, prioritize the features on your list.
- Select where you want to live. Compile a list of three or four neighborhoods on Oahu you’d like to live in, taking into account items such as schools, recreational facilities & area expansion plans.
- Plan financially. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. You can estimate your closing costs with this closing costs estimator from Title Guaranty Hawaii - click here. There are also mortgage programs available that will allow down payments of less than 20%.
- Obtain a copy of your credit report to make sure it is accurate and correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
- Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options and decide what’s best for you.
- Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
Negotiation
Buying real estate is a negotiation process. Here are 5 characteristics of a successful negotiation:
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Both sides feel a sense of accomplishment.
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Both sides feel the other side cared.
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Both sides feel the other side was fair.
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Each side would deal again with the other.
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Each side feels the other side will keep their agreement.
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