7 best mortgage lenders in Hawaii

Over 1.4 million people call tropical Hawaii home, with about 58% of residents owning their own property. The typical value of a home in Hawaii as of January 2021 is $667,005, with an average monthly owner cost of $2,418, which includes loan payments, taxes, insurance and utilities.

According to Zillow, home prices in the Aloha State have gone up 3% over the past year and are expected to rise 9.3% over the next 12 months. So, whether you’re a first-time homebuyer, an investor or a retiree, our best 7 lenders in Hawaii can help you reach your homebuying goals.

Best for refinancing

LoanDepot

Finder Rating: 3 / 5

★★★★★

Go to site at Loan Depot's secure site Read review

620
Min. credit score

3.5%
Min. down payment

• Overview
• Pros & cons
• Details

Founded in 2010, LoanDepot is one of the country’s largest nontraditional lenders. The main LoanDepot difference is its proprietary “mello software” platform — it handles every step of the loan process electronically, right from application to closing. The company offers a range of refinance products, including a high limit $2-million Jumbo loan and programs for refinancers with less-than-perfect credit.

• Unbiased advice. LoanDepot holds its loan officers to a &ldquo
• no steering&rdquo
• policy, which means they&rsquo
• re expected to provide impartial guidance when helping you find a loan.
• No prepayment fee. With LoanDepot, you can pay off your loan early without fees or penalties.
• Excellent customer ratings. LoanDepot has a 5 out of 5 rating on Zillow, where customers report being very happy with the service provided.

• High origination fees. Customers can expect to pay as much as 5% of the total loan amount in origination fees.
• No home equity products. If you&rsquo
• re after a HELOC or home equity loan, you&rsquo
• ll have to look elsewhere.
• Mortgage rates not advertised. With LoanDepot, you&rsquo
• re required to go through the preapproval process to see your available rates.

Loan types	Conventional, Jumbo, FHA, VA, USDA, Home Equity, Refinance
Minimum credit score	Conventional: 620 FHA: 580 VA: 620
Minimum down payment (Conventional)	3.5%
States available	Available in all states

Best marketplace

LendingTree

Go to site at LendingTree's secure site Read review

620
Min. credit score

3%
Min. down payment

• Overview
• Pros & cons
• Details

Want help finding the best home loan in Hawaii? Enter LendingTree.

LendingTree is a free third-party service that searches and matches the best lenders for you from its database of over 1,500 partners. All you need to do is sign up with LendingTree and provide some basic information about your homebuying goals and credit score, and you’ll start receiving competitive offers.

• Won&rsquo
• t lower your credit score. You&rsquo
• ll need to give LendingTree permission to pull your credit score, but it won&rsquo
• t affect your credit rating.
• Competitive loan offers. Because LendingTree works with multiple lenders, you may get more competitive offers than if you searched on your own.
• Keeps tabs on rates. LendingTree automatically searches for the lowest rates and notifies you when a better rate comes up.

• You may receive multiple calls. You may be inundated with phone calls and emails after signing up with the service.
• Your information is shared. Your contact information will be sent to various companies after signing up with LendingTree.

Loan types	Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Minimum credit score	Conventional: 620 FHA: 500 VA: 620 USDA: 640 Jumbo: 800
Minimum down payment (Conventional)	3%
States available	Available in all states

Best online experience

Guaranteed Rate

Read review

620
Min. credit score

3%
Min. down payment

• Overview
• Pros & cons
• Details

If you’re looking for a lender with a well-designed website and excellent customer service, Guaranteed Rate could fit the bill. The company features an intuitive website and a fast, 15-minute online application process.

Whether you’re buying a home or refinancing, simply fill out the online application to view your loan options and rates. If at any point you need assistance, you can call the company for help.

• Intuitive website. Unlike traditional lenders, Guaranteed Rate&rsquo
• s website and application is built for a straightforward digital experience across devices.
• Mobile app available. Allows you to apply for a home loan from anywhere and compare loan rates and payments.
• Good reviews. The company has a 4.96 out of 5-star rating on Zillow, with customers reporting excellent service.

• Doesn&rsquo
• t list rates. The website doesn&rsquo
• t list rates, so you&rsquo
• ll have to fill out the application or call to get your interest rate options.
• Loans are sold. Because Guaranteed Rate is a correspondent lender, your loan will be sold after closing.

Loan types	Conventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance
Minimum credit score	Conventional: 620 Other mortgages: As low as 580, depending on type
Minimum down payment (Conventional)	3%
States available	Available in all states

Best regional lender

American Savings Bank

620
Min. credit score

3%
Min. down payment

• Overview
• Pros & cons
• Details

Would you prefer a Hawaii-based lender with local branches? Since 1925, American Savings Bank (ASB) has been serving Hawaii’s communities and offers a full range of financial products, including home loans, first-time homebuyer programs and HELOCs. It also lists its current mortgage rates online.

ASB has e-banking services and branch locations throughout Hawaii with extended evening, weekend and holiday hours — offering more convenience and flexibility than other similarly sized banks in the state.

• Intuitive website. The ASB bank website is well-designed and straightforward to use for most mortgage customers.
• Multiple loan officers. ASB has several home loan officers to choose from on Oahu, Maui, Hawaii and Kauai.
• Rates available online. Unlike many lenders, ASB advertises its current mortgage rates on its website.

• Mixed reviews. The bank has a 3.5- out of 5-star review on Yelp, with most complaints centering on customer service issues.
• Fees not listed. While ASB lists its mortgage rates online, it doesn&rsquo
• t list its mortgage fees or closing costs.

Loan types	Conventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance
Minimum credit score	Conventional: 620
Minimum down payment (Conventional)	3%
States available	Only available in: HI

Most popular

Bank of Hawaii

620
Min. credit score

3%
Min. down payment

• Overview
• Pros & cons
• Details

Bank of Hawaii has been servicing customers since 1897 and is rated one of America’s safest banks by Moody’s Investors Service. Bank of Hawaii offers a wide range of home loan options, including first-time homebuyer programs, refinance loans and construction loans with current interest rates listed. It also has the most ATMs and branches of any bank in Hawaii, making it a convenient choice for mortgage customers who want in-person service.

• Periodic promotions. As of January 15 2021, Bank of Hawaii will take 0.50% off closing costs on new mortgages or refinances from another bank through March 31, 2021. Contact the bank for its current or upcoming promotions.
• Compare rates online. Unlike other lenders, Bank of Hawaii makes it easy to view current mortgage rates on its website.
• SimpliFi Mortgage. Bank of Hawaii&rsquo
• s SimpliFi Mortgage process allows you to electronically apply for a mortgage while keeping track of your progress.

• Fees not listed. Bank of Hawaii doesn&rsquo
• t list its mortgage fees and closing costs online.
• Mixed reviews. While Bank of Hawaii has a respectable 4.5 out of 5 rating on Wallethub, some customers complain of poor service.

Loan types	Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Minimum credit score	Conventional: 620
Minimum down payment (Conventional)	3%
States available	Only available in: HI

Best for first-time homebuyers

HomeStreet Bank

620
Min. credit score

3%
Min. down payment

• Overview
• Pros & cons
• Details

Since 1921, HomeStreet Bank has been offering a range of financial products and home loans on the West Coast and Hawaii. The highly rated bank is one of the top lending partners we found for first-time homebuyers in the state, offering a bigger selection of construction, first-time homebuyer and down payment assistance programs than most lenders, including the Section 184A Native Hawaiian Housing Loan Guarantee Program.

• Excellent reviews. HomeStreet Bank has a 5 out of 5 rating on Zillow from over 2,500 customers, who report being thrilled with the service provided.
• First-time homebuyer help. HomeStreet Bank offers a range of online educational materials for first-time homebuyers.
• 184A Native Hawaiian Housing Loan Guarantee Program. Provides access to private financing on Hawaiian home lands and permits HUD to guarantee 100% of the unpaid principal and interest.

• Doesn&rsquo
• t list interest rates. While informative, the HomeStreet Bank website doesn&rsquo
• t list current interest rates.
• Limited loan offices. The bank only has loan officers in three cities in Hawaii.

Loan types	Conventional, Jumbo, FHA, VA, USDA, HELOC, Refinance
Minimum credit score	Conventional: 620
Minimum down payment (Conventional)	3%
States available	Only available in: CA, HI, OR, WA

Best for customer service

HFS Federal Credit Union

620
Min. credit score

3%
Min. down payment

• Overview
• Pros & cons
• Details

Founded in 1937, HFS Federal Credit Union is Hawaii’s largest credit union and aims to provide friendly service in an efficient and personal manner. The credit union has a useful range of home loan options, including first and second mortgages, HELOCs, vacant land and solar water heating loans. HFS Federal Credit Union’s stated mission is to ensure that the values of ‘Ohana (family), Kūpono (honesty) and Kuleana (responsibility) underlies all its operations.

• Offers an inclusive membership. Anyone who lives or works on the island of Hawaii can become a member of the credit union.
• Intuitive website. HFS&rsquo
• s website is clear and straightforward to navigate, enabling you to quickly find information about specific loan types and calculate payments.
• Interest rates available. Interest rates for certain types of loans are available online.

• Hawaii only. The credit union only has branches on the island of Hawaii.
• High employee turnover. Some customer reviews complain of employees frequently leaving the company, which may lead to lower quality customer service.

Loan types	Conventional, Home Equity/HELOC, Refinance
Minimum credit score	Conventional: 620
Minimum down payment (Conventional)	3%
States available	Only available in: HI

Compare mortgage lenders and brokers

Sort by:

Name	Product	Loan products offered	State availability	Min. credit score
Morty (NMLS #1429243)		Conventional, Jumbo, Refinance	AL, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MD, ME, MI, MN, MS, MT, NC, NE, NJ, NM, OH, OK, OR, PA, SC, TN, VA, WA, WI, WV	660	Preapproval in minutes and closing in as little as 3 weeks with no origination fees.	See rates More Info		loading Fetching your data...
SoFi (NMLS #1121636)		Conventional, Home equity, Refinance	Not available in: HI, MO, NM, NY, WV	620	No hidden fees, multiple loan terms, and member discounts available.	See rates More Info		loading Fetching your data...
Rocket Mortgage (NMLS #3030)		Conventional, Jumbo, FHA, VA, Refinance	Available in all states	620	Streamline your mortgage from quote to final payment — all from your computer or phone.	See rates More Info		loading Fetching your data...
Better (NMLS #330511)		Conventional, Jumbo, FHA, Refinance	Not available in: HI, MA, MN, NV, NH, VT, VA	620	Online preapproval in minutes and no origination fees with this direct lender.	See rates More Info		loading Fetching your data...
LendingTree (NMLS #1136)		Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance	Available in all states	620	Connect with vetted home loan lenders quickly through this online marketplace.	See rates More Info		loading Fetching your data...

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Average rates and fees in Hawaii

As of January 7, 2020, the benchmark 30-year fixed mortgage rate in the US is 2.85% and the 15-year fixed rate is 2.49%. Most Hawaii lenders are offering interest rates around 2.75%, with rates ranging from 2.125% to 4.25%, according to data from the Consumer Financial Protection Bureau (CFPB).

Additionally, average mortgage closing costs in Hawaii is $6,746 after taxes, or approximately 0.96% to 1.12% of a home’s sales price, based on data from ClosingCorp. Research mortgage rates in Hawaii or view Hawaii closing costs for more details on what you can expect to pay.

What about brokers?

Besides LendingTree and Home Point Financial, this list of the top seven Hawaii lenders are companies that underwrite mortgages directly to borrowers. But if you don’t want to research lenders yourself or you want a loan through a mortgage wholesaling company instead, a mortgage broker may be the right choice for you.

You’ll have to pay about .5% to 2% of your loan’s value to use a mortgage broker, but watch out for unnecessary or excessive fees. Take the time to research brokers, ask what their fees are and read online reviews.

Bottom line

If you’re after the best loan in Hawaii, we’re here to help. Regardless of your lifestyle, credit score and finances, there are a wide range of lenders and mortgages to choose from. While these seven Hawaii lenders will be perfect for many borrowers, feel free to compare more lenders in Hawaii to find the right fit.