Is Bank of Hawaii a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Bank of Hawaii to those of other lenders for a comparable set of borrowers. Here is our review of Bank of Hawaii nationally:
|Review Item||Bank of Hawaii|
|Interest Rate||lower than other lenders (-0.16%)|
|Loan Related Closing Costs||higher than other lenders (+$633)|
|National Rate and Closing Cost Star Rating||(4)|
On average, Bank of Hawaii’s interest rates were lower than those of other lenders (-0.16%). On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$633. Overall, combining interest rates and closing costs we estimate that Bank of Hawaii tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Bank of Hawaii, check out its website at: https://www.boh.com.
Bank of Hawaii’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Bank of Hawaii was most active in:
In addition, Bank of Hawaii is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
Bank of Hawaii’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Bank of Hawaii originated Conforming, FHA, Jumbo and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.
|New Purchase Mortgages||Conforming||FHA||Jumbo||VA|
|Interest Rate Difference||-0.22%||-0.12%||-0.06%||-0.02%|
|Loan Related Closing Cost Difference||+$800||+$262||-$217||+$370|
|Cost Adjusted Rate Difference||-0.18%||-0.10%||-0.07%||-0.01%|
|National Star Rating|
|Interest Rate Difference||-0.19%||-0.20%||-0.03%||-0.04%|
|Loan Related Closing Cost Difference||+$1005||-$421||-$284||+$73|
|Cost Adjusted Rate Difference||-0.15%||-0.23%||-0.04%||-0.04%|
|Average Star Rating|
As a summary, Bank of Hawaii is cheap for Conforming, FHA and Jumbo purchase mortgages. It is similar to other lenders for VA purchase mortgages. For refinancing, Bank of Hawaii is cheap for Conforming and FHA mortgage refinance. It is similar to other lenders for Jumbo and VA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Bank of Hawaii:
Registered city and state: HONOLULU, HI, 96813
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: BANK OF HAWAII CORPORATION
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Bank of Hawaii’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.