Is Bank of Hawaii An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Bank of Hawaii with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.13%)
Loan Related Closing Costs: higher than average (+$2022)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Bank of Hawaii originated 3156 mortgages, a national market share of 0.1%. It was primarily active in HI, with a 13.4% market share.

On average, Bank of Hawaii’s interest rates were lower than those of comparable mortgages at other lenders (-0.13%).1The comparable mortgages control 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 county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $10656, which was higher than those of comparable mortgages at $8633, with a difference of +$2022. Overall, we estimate that Bank of Hawaii tends to be an cheap lender, with a cost-adjusted-rate difference of -0.06% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Bank of Hawaii.

Bank of Hawaii originated Conforming and Jumbo mortgages for new home purchases. It also originated Conforming and Jumbo mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Bank of Hawaii compared to other lenders

Conforming Jumbo
Interest Rate Difference -0.12% -0.08%
Loan related Closing Cost Difference +$2289 +$2749
Cost Adjusted Rate Difference -0.02% -0.03%

Based on the table above, Bank of Hawaii is similar to other lenders for Conforming and Jumbo purchase mortgages.

Mortgage Refinancing from Bank of Hawaii compared to other lenders

Conforming Jumbo
Interest Rate Difference -0.17% -0.18%
Loan Related Closing Cost Difference +$1266 +$1898
Cost Adjusted Rate Difference -0.12% -0.15%

Based on the table above, Bank of Hawaii is cheap for Conforming and Jumbo mortgage refinance.

Other information about Bank of Hawaii:

Regulator: Consumer Financial Protection Bureau (CFPB) 
Top holder: BANK OF HAWAII CORPORATION
Registered city and state: Honolulu, HI, 96813
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Footnotes   [ + ]

1. The comparable mortgages control 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 county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.