The Hawaii Mortgage business is one of the fastest growing businesses in the state. The sector has made a record growth in the recent years and has drawn the Government to adopt new policies for the mortgage brokers in the state.

From estimation it is found that the number of peoples selling mortgages in the state has jumped 5,026 from the earlier 2,166 in the year 2000.

A recent study on the mortgage market of the state has shown that home buying in the state made a record of $24 billion worth residential mortgage loans in the year 2005.

Hawaii Mortgage Types

Generally two types of mortgages are used in the state as follows:

Fixed Rate Mortgages

Adjustable Rate Mortgages

In case of a fixed rate mortgage the same payment structure is made for all the installments of the loan. Here the interest rate is same through out the term. The common terms in such types are 15 years and 30 years.

In an Adjustable rate mortgages (ARM), the rate can be changed. The rate change brings a corresponding change in the monthly payments to increase or to decrease. Fully Amortizing ARM is the most common type of ARM used.

Hawaii Mortgage Rates

The mortgage market in the state is very competitive and has resulted a lower rate in the state. Depending upon the mortgage types the rate varies in the state, which are as follows:

Fixed (Years)	Rates
10 Year Fixed	5.75%
15 Year Fixed	5.75%
20 Year Fixed	6.00%
30 Year Fixed	6.13%
Adjustable	Rates
1/1 Adjustable	6.00%
3/1 Adjustable	6.00%
5/1 Adjustable	6.13%
7/1 Adjustable	6.25%
10/1 Adjustable	6.38%

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