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How to Start Saving Money for a House

ASB November 17, 2022 | 4 MIN read Personal

When you spend your leisure time flipping through Zillow® and scrolling around decor inspo on Instagram, it can seem like actually saving up enough money to buy a house is more of a fantasy than the celebrity vacation vibes popping up in your feed. House prices are high here, and gathering up a down payment can look intimidating.

But putting in the effort is more than just a nice idea. Owning a house in Hawaiʻi is so meaningful for us kamaʻāina - a foundation for long-term financial stability, a place for our family to feel safe and secure, a path for our future generations to hold on to a piece of our island home in an uncertain world. So how do you get started?

Couple on computer

Set your goal

A few questions to think through, or talk over with your family, should start with:

  • What kind of house do I want to buy, and how much do those homes usually cost?
  • When do I want to buy it?

Knowing where the end zone is - and being able to see it clearly - makes it much more likely that you’ll be equipped with a realistic, achievable plan to get there.

Make it bite-sized

Use a savings calculator like this one to figure out what you’ll need ready to go, for your down payment and closing costs. You can calculate the total amount, plus what the monthly savings schedule needs to look like to get you there.

If the kind of house I want usually costs around $800,000, I want to give myself five years to get ready, and I want to have a 15% down payment on hand, the calculator will tell me to expect a total of $168,500 in up front costs (down payment plus other expected things like closing costs and home maintenance costs). To get there over five years, the calculator says I’d better save $808.33 per month, or $186.54 per week.

Get the tools for success

A few questions to think through, or talk over with your family, should start with:

  • Set up a designated savings account and connect automatic transfers from your checking account each month. Out of sight, out of mind, into your homeownership goals!
  • Look around for current budget items you can trim, and point those dollars toward the House Fund instead. Dreaming about lunch on your new lanai makes home-made mac salad taste much better than a $20 plate lunch any day. Budget calculators can help you get a fresh perspective and are free, really useful tools.
  • Keep an eye out for opportunities to make a bigger dent. Bonus at work? House fund! What to get for my birthday? House fund! Side hustle doing well? House fund!

Find your blind spots

One really effective way to find all the blind spots in your financial picture is to go through the process of getting pre-qualified for a mortgage with a trustworthy home loan officer. As part of the pre-qualification exercise, they’ll run your credit score, talk with you about your particular situation, and walk you through what else you might need to think about as you’re preparing to buy your home. Often it’s worthwhile to get guidance on your credit-to-debt ratio (finding the right mix!) or how to improve your credit score, to make sure you can get the best possible deal on your mortgage rate when it’s finally time to buy.

There are lots of really great free tools online to help you get smart about budgeting, finance and setting yourself up for success, starting right here with the ASB Financial Education resources; these are perfect for curious clicking with a bowl of popcorn on the couch. But for really getting into the details, nothing beats a person-to-person meeting with an advisor right down the road, which is why ASB’s mortgage experts and neighborhood bankers are ready to talk story.

Mark James, vice president and executive residential loan officer, has worked with countless families to help them chart a path to their home ownership goals.

“Every person has a unique story, which is why building a relationship with a trusted expert is so important; from our seats here at the bank, we can talk through all the different tools and levers available to you, and customize a game plan that is right for your life, for your family’s plans.”

Buying your home might be closer within reach than you think. Set your goal, make your saving plan bite-sized, use good tools to help you along the way, and get smart about your big picture financial health - and you’ll be in your new home before you know it. We’re here to help.

MAKE AN APPOINTMENT

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What Are Mortgage Points?

ASB November 08, 2022 | 3 MIN read Personal

Mortgage points are one of the most often-referenced (and most confusing) parts of the mortgage conversation.

Mark James, vice president and executive residential loan officer, has lots of experience making sense of mortgage points and helping families use them as tools to meet their financial goals. We sat Mark down for a conversation to get the full brief on mortgage points: what they are, how they work, and how to use them to your advantage.

Mortgage loan officer talking to customer

What are mortgage points?

One mortgage point is equal to one percent of the loan amount.

What Are Points Used For?

Mortgage points are a way to lower your interest rate percentage by paying a set amount upfront, as part of your closing costs. This upfront payment is commonly known as “buying point(s).” When you see mortgage rates advertised, you may see them described as a set percentage (which controls your monthly payment amounts over time) plus a point or two (which you’d pay for once, up front, when your loan closes).

How much does a mortgage point cost?

A mortgage point costs one percent of your loan amount. So if you’re getting a loan for $500,000, you could buy a point on that loan for $5,000.

How do points work with mortgage rate percentages?

Loan costs depend on lots of factors - from your credit score to your loan amount to your down payment amount - and points are often how loan officers will calculate the increases and discounts they calculate based on a person’s unique situation.

You can also choose to use mortgage points to “buy down” your interest rate, which you’d want to do if a lower interest rate - which can mean lower monthly payments - is important to you.

How many points should I buy?

Points we buy often add up to the biggest chunk of closing costs, so it’s worth thinking carefully about what makes sense for your situation. The most important calculation: when will you hit the break-even point?

Let’s go back to the example of the $500,000 loan. If the base loan rate is 8% on a 30-year fixed-rate mortgage, then payments would work out to about $3,669 each month. If you buy two points for $5,000 each (total $10,000) as part of your closing costs up front, then your new interest rate is 6%... which puts your monthly payments at $2,998.

At a monthly difference of $671, it’ll take about 15 months until the amount you’ve saved on a monthly basis adds up to the amount extra you paid up front when you bought the points to lower your rate. So, if you plan to keep the financing in place for more than 15 months, then you’ll save much more money over time than you spent up front.

Are there situations where buying extra points wouldn’t be helpful?

If you think you’ll make a change before the break-even point on the timeline - like refinancing your loan or reselling the property - then the math may not work in your favor. It’s also a consideration if your closing costs are stacking up beyond the budget you’d put aside in savings.

In any case, there are also other tools that can also help lower your rates and get the best possible monthly payment. A few examples - having a good credit score will help qualify you for the best possible rate; if you can put 20% or more of the purchase price in as a down payment, you can usually get out of paying for mortgage insurance, which also tacks onto your monthly totals.

Our takeaway: each person’s mortgage package is as unique as their individual situations, so the best way to sort out the best path forward is to meet person-to-person with a loan officer you can trust. Make an appointment for a practical, low-stakes conversation about building the mortgage deal that works for you.

MAKE AN APPOINTMENT

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Banking is Easy and Convenient with ASB’s ATMs

ASB October 27, 2022 | 1 MIN read Personal

At American Savings Bank (ASB), we’re always looking for ways to make banking easy and convenient for customers. Valerie Wada, branch manager at the Kaimuki Shopping Center Branch, shares quick tips on how to utilize and maximize ASB’s easy-to-use ATMs.

 

Tip #1: Bank Safely, Anytime, Anywhere

With ASB, you can bank on the go, anytime, anywhere at 90 of our upgraded ATMs! Your information will remain safe and secure with our large touch screens that appear dim to anyone standing next to or behind you.

Tip #2: Withdrawals and Deposits Have Never Been Easier

Skip the line when you use ASB’s full-service ATMs! Available at select locations, customers can choose to receive their withdrawals in $20 or $100 bills – perfect for birthday and holiday gifts, weddings, graduation lei or tips.

You can also deposit a combination of up to 99 bills and 30 checks in a single transaction without using a deposit slip or envelope.

Tip #3: Receive Your Receipts Instantly

Go paperless and receive your receipt instantly by visiting the preferences menu and selecting one of the options on the ATM touch screen.

At select ASB ATM, you’ll be able to deposit and withdraw money, check your balance and more – all within minutes. Visit asbhawaii.com/locations to find the most convenient ATM for you!

FIND AN ATM NEAR YOU

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Tips on Taking Out Private Loans for College

ASB November 01, 2022 | 6 MIN read Personal

Resources and content provided by College Ave Student Loans

If you’re planning on going to college, you might need to take out private student loans to pay for it. In fact, many college students use private loans for college to fill in the gap to pay for their education.

If you’re planning on taking out private loans for college, there are some things you should know before applying.

When private loans for college make sense

Once you’ve filed your FAFSA, you will receive individual financial aid award letters from each school you’ve applied to with your specific financial aid package. The package usually includes a mix of scholarships, grants, and federal student loans.

In most cases, the school will highlight federal student loan options. Unfortunately, the financial aid package and federal student loans may not be enough to cover the total cost of attendance. You may need to find additional financing to pay for school. That’s where private student loans can be an essential resource.

Student on laptop

How to use private loans for college wisely

Private student loans can help you fill the gap and pay for college, but you should be careful before applying for a loan. By doing some research now, you can reduce your college expenses, save money, and make student loan repayment easier later on.

Who is eligible for a private student loan?

To qualify for private loans for college, you need to be 18 or older, and a US citizen or permanent resident. Additionally, you’ll need proof that you’re officially a college student. Most loan providers expect you to show them that you’re enrolled in college so that they’re not handing out money to just anyone.

Follow these five smart borrowing tips:

1. Apply for other forms of financial aid

To minimize how much money, you need to borrow to pay for college, make sure you exhaust other sources of financial aid before turning to private student loans. Complete and submit the Free Application for Federal Student Aid (FAFSA) as soon as possible to ensure you’re considered for grants, scholarships, and federal work-study programs.

If your selected school is one of the 400 institutions that accepts the CSS profile, it’s a good idea to submit that application, too. Completing the CSS profile will help you qualify for state and institutional aid beyond what the federal government offers.

You can also search for private scholarships — offered by companies or non-profit organizations — on FastWeb. You can even combine multiple scholarships to reduce your education costs.

2. Borrow the minimum that you need

If you decide that a private loan for college is right for you, borrow only what you need to pay for school. With private loans, you can usually borrow up to the total cost of attendance. However, borrowing less than the maximum can help you save money over time.

Consider ways to reduce your expenses so you don’t have to take out as many private loans for college, such as:

  • Rent your textbooks: Over the course of four years of college, textbooks cost over $5,000, on average. Rather than paying that much money for new books, reduce your expenses by renting textbooks or buying them used online.
  • Skip the meal plan: If you don’t use the college meal plan and instead do your own grocery shopping and meal preparation, you could save thousands over the length of your college career.
  • Move off-campus or commute: If possible, commute to school or move to an off-campus apartment with a roommate. You could find dramatically cheaper housing that is only a short distance away.

3. Pay attention to lenders’ fees and interest rates

Not all private student loan companies are created equal. Unlike federal loans, which have fixed interest rates for all borrowers, private student loan interest rates vary from lender to lender. And, some may charge application and origination fees.

College Ave offers private loans for college with both fixed and variable interest rates. Fixed rate loans stay the same for the length of your repayment. Variable rate loans tend to have lower interest rates than fixed rate loans at first, but the rate can increase or decrease over time. Plus, College Ave doesn’t charge application or origination fees for its loans.

4. Apply for a loan with a cosigner

Private student loan lenders look at your application to determine your creditworthiness. That means they look at your income and credit history to decide whether or not you have the ability to repay the loan. If approved, your credit history also impacts the interest rate offered to you.

As a college student, you likely don’t have an established credit history or sufficient income. You may not get approved for a private loan for college on your own. Or, if you do, you may only qualify for a loan with a high interest rate.

You can improve your chances of getting approved and securing a lower interest rate by adding a cosigner to your loan application. A cosigner is usually a parent or relative with good credit and regular income who guarantees the loan. If you fall behind on your payments, your cosigner is responsible for making them. Having a cosigner lessens the risk to the lender, helping you get a lower interest rate and save money.

5. Compare lender repayment options

When it comes to private loans for college, make sure you pay attention to the repayment terms. Each lender has their own requirements.

College Ave offers 5, 8, 10, and 15-year repayment terms and allows you to pick a repayment strategy that works for you and your budget:

  • Full principal and interest payment:b> With this approach, you start making full payments on your private loans for college right away. Because you make payments while in school, less interest accrues, helping you save money.
  • Interest-only payment: If you can’t afford to pay the full principal and interest payment, but can budget some money each month for payments, consider making interest-only payments. With this strategy, you pay the interest charges each month while you’re still in school.
  • Flat payment: You can make a flat payment of $25 each month to reduce the total cost of the loan. It’s the lowest in-school payment option that College Ave offers.
  • Deferred payment: If you don’t want to worry about making payments while in school, you can also defer payments until after you graduate. You’ll pay more in interest overall with this approach.

Applying for private student loans

Private loans for college can play an important role in financing your education. By researching your financial aid options, applying for scholarships, and comparing private student loan options, you can minimize your college costs, so you can better manage your finances after you graduate.

Decided that a private student loan is right for you? You can apply for a College Ave private loan for college online in as little as three minutes.

APPLY NOW VIA COLLEGE AVE

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Student Loan Credit Pre-Qualification

ASB November 01, 2022 | 3 MIN read Personal

Resources and content provided by College Ave Student Loans

“Will I be approved? What rates can I expect?” These thoughts have probably run through your mind a few times if you’re thinking about financing your education with a private student loan.

Unfortunately, you often don’t find the answers you’re looking for until after you submit a lender’s application. When researching and comparing student loans, it can be difficult to make the best financial decision without having access to such a critical piece of information.

That’s why we created a simple-to-use credit pre-qualification tool. Now, you can find out if your credit qualifies for a College Ave student loan and what rates to expect before applying for a student loan.

What is Pre-Qualification?

If you’ve never borrowed money from a lender, the idea of pre-qualification may be new to you. Simply put, credit pre-qualification is a way for lenders to assess a borrower’s ability to pay the amount due on time without conducting a full review. Once a lender makes this assessment, they can provide feedback to potential borrowers including whether they are likely to be approved and a range of qualifying interest rates.

While credit pre-qualification is common in other types of lending, such as mortgages, College Ave’s credit pre-qualification tool is unique to the private student loan industry.

It’s important to note that credit pre-qualification is an indicator based on a high-level review and not a guarantee of approval or interest rates. The actual approval decision and interest rates offered could vary during the official application/approval process.

students walking through college campus

Benefits of Pre-Qualification

In general, the student loan process can be unnecessarily complex and confusing, which is why our goal at College Ave has always been to provide a simple and clear student loan experience. Pre-qualification provides transparency in the process, enabling students and families to properly plan their finances.

There are three main benefits of pre-qualification:

1. Credit approval status

Rather than fill out an entire private student loan application (which involves the lender pulling a credit report) to find out if your credit qualifies, you can provide basic information and get an initial assessment in seconds.

Advanced notification of credit approval is also beneficial when you know you’ll need to utilize private student loans to pay for college and you’re looking to figure out your finances but aren’t yet ready to fill out an application.

2. Personalized interest rates

If your credit pre-qualifies, you’ll receive an expected interest rate range. With most lenders, you will not see your exact interest rate ranges until after you apply. By seeing the rates in advance, you can properly assess the total cost of the loan and compare your options to ensure you borrow responsibly.

Find an eligible cosigner

Most private student loans require a cosigner due to the borrower having limited credit history. As a result, finding a qualified friend or family member to cosign the loan is an important step in receiving approval.

Instead of blindly submitting an application with a cosigner, you can share the credit pre-qualification tool with them to see whether their credit qualifies. In addition, you can compare expected interest rates if you have multiple people, such as your parents, willing to cosign.

Will Pre-Qualification Affect My Credit Score?

An important distinction between pre-qualification and other forms of credit inquiries is how it affects your credit score, or, more accurately, how it does NOT affect your credit score. Pre-qualification is an example of a “soft” inquiry, which does not affect your credit score.

In contrast, submitting a loan application results in a “hard” inquiry, which can affect your credit score. Too many “hard” inquiries in a short period could negatively impact your credit score.

Tip: For more information on soft and hard inquiries, see Understanding My Credit Score.

How Can I See if I’m Pre-Qualified?

It’s really simple. In fact, you already know everything you need to use the credit pre-qualification tool. Simply enter your name, street address, date of birth, and zip code, and we’ll do the rest. About 3 seconds after you submit the form, you’ll receive your pre-qualification status and interest rate range.

We’ll also provide a personal pre-qual code that you can input into the College Ave Student Loans calculator to get a better idea of how much your private student loan will cost.

SEE IF I PREQUALIFY

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What is a Private Student Loan Cosigner? And Why Do I Need One?

ASB October 31, 2022 | 2 MIN read Personal

Resources and content provided by College Ave Student Loans

When it comes to the total cost of college, a private student loan can help fill in gaps that other forms of financial aid don’t cover. However, most students enrolling in college have little to no credit history, so they are considered risky loan candidates.

To mitigate this risk, lenders may require students to apply with a cosigner.

What is a private student loan cosigner?

A cosigner is a creditworthy individual who agrees to share repayment responsibility for the student loan alongside the primary borrower. This brings assurance that the loan will get repaid in full and on time, should the student borrower become unable or unwilling to make payments.

Both you and your cosigner bear equal responsibility for your student loan, so a cosigner is not necessarily someone who is meant to pay your loan bills for you. Rather, it is someone to help you secure the opportunity to make good on your own commitment to repay the loan.

mom and daughter on laptop

Why do I need a cosigner for a private student loan, but not a federal student loan?

Federal student loans are provided and funded by the federal government and do not require a cosigner, while private student loans are awarded on the basis of creditworthiness. Creditworthiness helps lenders assess an individual’s ability to pay back a loan based on their demonstrated financial history.

How do I know if I need a cosigner?

Your lender will let you know for sure, but it is likely you will need one. Recent high school graduates rarely have credit histories and incomes that qualify them to secure private student loans on their own.

There is no shame in needing a cosigner, though. In fact, learning about creditworthiness is good practice for building and caring for your own personal credit history, which is vital for securing loans for other investments, like a home or a car.

Who should I ask to be my cosigner?

It is important that your cosigner have a good credit score, a solid debt repayment history, and a steady income. The stronger your guarantor’s creditworthiness, the more they can help you secure a lower interest rate, which will affect the total amount of money you owe on your loan.

Often, it is a parent, guardian, or other family member who will act as your cosigner. If a family member is not available, consider approaching a close family friend or mentor.

What risks are associated with being a cosigner?

Cosigners are equally responsible for the repayment of the loan, so they are risking quite a bit if you default on your payments. So, keep in mind that you are benefiting directly from this individual’s good credit history and their belief in you, and do everything you can to uphold your end of the arrangement.

Your own credit and your relationship to your cosigner will strengthen as a result.

To check if you or your cosigner pre-qualify, use our free credit pre-qualification tool without impacting your credit score.

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ASB Teammates Volunteer Across the State on National Make a Difference Day

ASB October 25, 2022 | 2 MIN read Personal

American Savings Bank (ASB) teammates on four islands came together on Saturday, Oct. 22, which is National Make a Difference Day, to bring real impact to the community by participating in the bank’s annual Statewide Seeds of Service volunteer day.

“Community is at the core of everything we do and we understand that bringing real impact to our community means more than just giving financially,” said Ann Teranishi, president and CEO of American Savings Bank. “I am proud of our 1,100 teammates for their year-round commitment to support causes that are important to us and our community.”

ASB teammates volunteering in Aala Park

ASB teammates on Oahu, Maui, Hawaii Island and Molokai participated in community beatification and clean-up projects at Aala Park, Child & Family Service, Hawaii Food Bank, Hawaii Taro Farm (in partnership with Maui United Way), Kaunakakai School and Waimea Elementary School. Improvement projects included cleaning, painting, trash pick-up, graffiti removal and more. This is the first time, since the beginning of the pandemic, where ASB teammates across the state have been able to safely gather for another massive Aala Park clean-up, which began in 2015.

On Oahu, a sea of green kalo shirts took over Aala Park, College Walk and the surrounding neighborhood – an area that ASB is committed to and invested in restoring. Nearly 200 ASB teammates, friends and family members gathered to give TLC to the surrounding area with painting, raking and trash pick-up.
 

ASB teammates painting a staircase

ASB’s Maui teammates partnered with Maui United Way to assist Hawaii Taro Farm with weeding, mulching, pruning, planting and harvesting of taro, a sustainable food resource for the community. On Molokai, volunteers prepared keiki treat bags for the Truck or Treat BOO Bash Ohana Night. Hawaii Island volunteers beautified the Waimea Elementary School campus portables by painting inspirational quotes on steps and stairwells and worked with Child & Family Service to assemble school supply backpacks for keiki.

ASB teammates have contributed nearly 100,000 hours of volunteer service and ASB has donated millions of dollars to Hawaii’s nonprofits and community organizations.

 

 

Thank you for registering for our exclusive Wealth Management Seminar

We are excited to have you join our presentation on Wednesday, November 9, 2022 from 5:30 p.m. to 7:30 p.m. HST. This engaging and in-person event will be at the American Savings Bank Campus located at 300 N. Beretania Street.

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SAVE THE DATE FOR OUR WEALTH MANAGEMENT SEMINAR

Date

Wednesday, November 9, 2022

Time

  • 5:30 p.m. to 6:00 p.m.
    Pupu & Cocktails (Room Hale Ikena)

  • 6:00 p.m. to 7:00 p.m.
    Presentation (Room Kakou 1 & 2)

  • 7:30 p.m.
    Evening Concludes

Location

American Savings Bank - Campus Location
300 N. Beretania Street, Honolulu, HI 96817

Complimentary valet service will be provided. Please enter through the lobby where you will be met by our greeters and escorted to the 7th floor.

Want to be reminded? Click here to add the Wealth Management Seminar to your device's calendar.

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MEET YOUR PRESENTERS

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Michael B. Kushma
Chief Investment Officer of Global Fixed Income from Morgan Stanley

Michael began his career in the investment industry at Morgan Stanley in 1987. Previously, Michael was a global fixed income strategist for the firm's Fixed Income division. Prior to joining the firm, he was a senior lecturer of economics at Columbia University. Michael received an A.B. in economics from Princeton University, an M.Sc. in economics from the London School of Economics, and an M.Phil. in economics from Columbia University.

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Lynne Kinney
Principal of CKW Financial Group and CIO of CKW Global Balanced Model

Lynne is ranked in the top 5% of Morningstar’s world allocation strategy. Lynne specializes in retirement planning, client strategies, dynamic asset allocation, and investment implementation to provide overtime, risk-adjusted returns that will help clients achieve their goals. With over 25 years in the financial industry, Lynne was a Fidelity featured RIA and nominated as Wealth Management’s Top 25 Women-owned RIAs.

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Carl Choy
Principal of CKW Financial Group

Carl is a co-strategist of the CKW Global Balanced Model with Ms. Kinney. Carl focuses on estate planning, client strategies, dynamic asset allocation, and investment implementation to protect clients’ capital during volatile markets while preparing to capture incremental returns over time. With over 35 years of experience, Carl was featured as Hawaii’s #1 Advisor by Hawaii Business Magazine.

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CALCULATORS TO HELP YOU ACHIEVE YOUR DREAMS

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ASB Donates $129,000 of Unused Hawaiʻi Restaurant Card Business Holiday Card Funds to Three Local Nonprofits

ASB September 22, 2022 | 2 MIN read News Releases

American Savings Bank (ASB) announced it is donating $129,000 in unused funds from the Hawaiʻi Restaurant Card (HRC) Business Holiday Card program. Three nonprofits – Hawaii Chamber of Commerce Foundation, Hawaii Agricultural Foundation and Hawaii Restaurant Association Educational Foundation – will each receive $43,000 as part of ASB’s efforts to help Hawaii’s local restaurant and food supply chain industry, two industries that were greatly affected during the Covid pandemic.

“The Hawaiʻi Restaurant Card Business Holiday Card program gave companies the opportunity to reward their employees and partners with pre-paid holiday gift cards that could be used to support the local restaurant and supply chain industry,” said John Ward, executive vice president, chief marketing and product officer at ASB. “On behalf of American Savings Bank, we want to thank all the businesses, organizations and entities that showed their unwavering support to help rebuild our economy.”

Hawaii Restaurant Card

ASB decided to bring back the HRC Business Holiday Card program in November 2021 as a way to support local eateries that were hit hard during the pandemic. The initial program was first launched in 2020, in collaboration with the State of Hawaii, Department of Business, Economic Development and Tourism, Hawaii Restaurant Association and Chamber of Commerce Hawaii, as part of the state’s Economic Relief Program.

With the help of 203 businesses and organizations in Hawaii that purchased HRC Business Holiday Cards, more than $750,000 was injected into the local restaurant and food supply chain industry.

The cards expired on June 30 and ASB is donating all unused dollars on the cards to the three selected nonprofits.

“This program has brought immense support to the state’s restaurant and food supply chain industries,” said Sheryl Matsuoka, executive director of the Hawaii Restaurant Association. “Thanks to the generosity of our local businesses – and to ASB for once again leading the charge – we were able to help many of our favorite eateries during a time when they needed it most.”

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

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