A Bank of Hawaii Fixed Rate Mortgage (FRM) is a fixed rate loan with level principal and interest payments over the life of the loan. There is no prepayment penalty and the FRM is available for Owner-occuped, second home, and investment purchases.
Annual Interest Rate
A pre-qualification is a basic review of your finances to determine if you would qualify for a mortgage. In general, a pre-qualification is based on unverified information you provide and does not include a credit check or any documentation, and is therefore not a firm guarantee of a loan.
Unlike a pre-qualification, a pre-approval is pretty much the same thing as applying for a mortgage, just without a specific home attached to it. As part of a pre-approval, a lender will check your credit, verify your income and employment, and commit to lending a certain amount of money. A pre-approval can show sellers that you're serious about buying a home, and that you're likely to be able to follow through on a bid, and close on their property.
The term "closing costs" refer to all of the charges you'll need to pay before your loan is completed. This can include origination fees, title insurance, prepaid escrows, and more. These costs vary, but generally, expect to pay around 2% to 3% of the home's price in closing costs.