Maui is a bit different market from other areas. We have buyers coming from all over the world. Well priced properties tend to have multiple offers on them. Prior to even looking at properties, you should get pre-approved. The reason for this is that when you go looking at properties, you may find the one that you want on the first trip. However, it may take a day to get pre-approved. In that time frame the property could go under contract with another buyer. It is not uncommon for the well-priced properties to have 5+ offers. Don't lose out on a property because of not having a pre-approval. The Pre-Approval ensures that you are looking in the right price range so that you don't waste time looking at properties that are either too high or too low in price for your qualifications and what you are comfortable spending.
Conventional (Fannie and Freddie)
Begin to gather the documents you'll need during the mortgage loan process. This may take a little while, so it's best to start early.
Pay Stubs. Current pay stubs for the most recent 30-day period.
W-2 Forms. IRS W-2 forms for the most recent 2 years.
Tax Returns. Personal tax returns for the two most recent years.
P&L Statement and Balance Sheet. If you are self-employed and own more than 25% of your business, business tax returns for the most current two years, a year-to-date profit and loss statement and balance sheet.
Bank Statements. Current bank statements for the most recent two-month period or quarter.
Landlord Information. If you are currently renting a home, please provide the name, address and telephone number for your landlord(s) for last 12 months.
Rental Agreements. If you own rental properties, provide current rental agreements on all rental properties and expense related information.
Closing Statement. If you have sold a home within the last 6 months, please provide your closing statement for the property sold.