The Hawaiian Islands are home to thousands of active and retired military service members who choose to make it their permanent residence. All are eligible to apply for VA home loans which come with many advantages, including some of the lowest Hawaii mortgage rates. If you're eligible to apply and haven't investigated the possibilities, you owe it to yourself to do so. Homeownership is a wise investment for most people and offers practical tax advantages. When you can secure VA financing at especially favorable rates, it becomes even more advantageous to buy a home.
If you're not ready to take on the responsibility of maintaining a single-family home, you can purchase a condominium. It allows you to enjoy many of the benefits of homeownership without the outdoor responsibilities – which are year-round in a tropical climate. You will pay homeowner's association fees in a condo development, but they bring convenience and freedom from yard work responsibilities. Think through what would make you happiest and work the best for your family in the long run. If you sincerely want a backyard and don't mind the upkeep, take a look at single-family homes for sale.
Many home buyers choose to pre-qualify for financing before putting an offer on a property. It simplifies the process and makes it easier to understand what is in your price range – in other words; it doesn't go over your maximum loan amount. You may choose to be more conservative and buy something under your maximum, but you'll understand it either way. Depending on where you look, you may have the option of a new construction property. They often appreciate considerably during the first several years and can be an excellent investment. You can also customize it to suit your needs.
If you're living in a condo or starter home and want to upgrade to a larger house, you'll also do well sticking with a VA loan. If your income has increased since your first purchase and you have some equity in your current home, it can be the basis for something more significant and at a higher price. With interest rates soon to rise as a check on inflation, now could be an excellent time to shop if they stay higher for a period. It never hurts to inquire, and if you apply for pre-approval, you'll quickly have an idea of the numbers. The bottom line is your quality of life and enjoying the home where you live.
