Hawaii Community Federal Credit Union: Dreams of homeownership within reach
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At a time when Hawaii’s housing market puts dreams of homeownership out of reach for so many local families, financial institutions like Hawaii Community Federal Credit Union (HCFCU) are living up to the most important part of their name—community—by providing mortgage loan options that keep our families here at home.
Historically, credit unions were the “go to” for auto loans, signature loans, and credit cards. They still are, but now, because of demand and the desire for better options, HCFCU is also the “go to” on Hawaii Island for its full spectrum of real estate loan options—helping to make dreams of owning and keeping a home a reality for generations of Hawaii Island families.
“This last economic downturn all but eliminated the value of community banks,” said businessman David De Luz, Jr. who also serves on the HCFCU board. “I truly believe we are a true community lending resource—especially because in the last downturn, the banks were not there for us small businesses and individuals, including me and my wife. Our cash flow was impacted and HCFCU was the only institution that took the time to really understand our needs. They customized a refinance package that did not force us to sell off our assets and preserved our credit worthiness into the future.”
The Benefits
HCFCU offers competitive rates and low payments for all its real estate loan options. With the exception of the 30-year fixed rate mortgage, there are no points—fees paid directly to the lender in exchange for a lower interest rate—because the credit union services the loans itself. That means, every loan except the 30-year fixed rate mortgage stays with the credit union and is not sold to another financial institution. If something goes wrong, or if you’re having trouble paying, you call HCFCU to talk to a real person—someone who knows your name and your family. Personalized service makes all the difference. Because HCFCU will be servicing the loans, it has a wide range of acceptance standards that other lenders may not have.
“We are able to be a lot more flexible with different property and borrowing situations because we are going to own the loan,” said Mel Ventura, Executive Vice President of Member Services. “We’re the ones who are going to have to live with the loan. I’m proud we can look at each member’s loan application individually and not against a standard checklist.”
What are your options?
Sometimes, buying your dream home comes in phases, and HCFCU is there for each step to find something that works for you.
Vacant Land Loans
Vacant land loans typically have lower closing costs and good rates. They help people secure the land they need for their homes and require less of a financial obligation. Learn more about this option here.
Construction Loans
These loans are available once you have your land secured and have hired a contractor and draw up plans. Again, they have no points. Learn more about construction loans here.
Adjustable Rate Mortgages (ARM)
HCFCU services all its ARM loans itself. These lower loan rates are fixed for a set amount of time and have no points. This allows borrowers to get the loan they need with low closing costs and affordable payments. At the end of the fixed rate period, the rate will be adjusted. For more on these adjustable rate mortgages, click here.
Home Equity Line of Credit (HELOC)
The HCFCU HELOC comes with four options for low rates. With credit lines up to $500,000, these loans can be used for remodeling, education expenses, debt consolidation, and more. For details on conditions, click here.
Providing members with flexible, personalized lending options can take the stress out of the mortgage loan experience and promise security and support when times are tough—something HCFCU knows very well. The credit union, founded by coffee farmers, was created out of a need and sustained by the belief that community comes together in times of need.
“When the mortgage industry crumbled around 2008, HCFCU worked with our members to keep them in their homes,” said Ventura. “When COVID hit, we knew it was potentially going to be worse, so we put in relief programs that were unlike any others in the past to help our members through the economic difficulties. Our credit union had enjoyed tremendous prosperity in the last few years before the pandemic, and it was the right time for us to give back to our community—our ohana.”
For Minerva Villanueva, whose home is under construction, her sacrifice, commitment, and efforts to save are paying off. “I feel at ease when I go there. They help me every time, and it is easy to reach them,” explained the single mom of two. “I see myself right now in 2021, and I fulfilled one of my dreams.”
“I’m about relationships as opposed to the best deal,” said De Luz. “At the end of the day, I feel more comfortable calling someone who knows me. My money is safe, you give me options based on what you know of me. You value me and know me. That’s important.”
Ready to apply for a real estate loan or to explore your options? HCFCU’s team of experts are available to help find you options that fit. Visit www.hicommfcu.com today.
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