HONOLULU (KHON2) -- If you’re looking to become a homeowner one day, Central Pacific Bank has some expert advice for you.
CPB is educating Hawaii residents dreaming of homeownership and offering assistance on how to navigate today’s complicated housing market.
KHON2 spoke with CPB’s Executive Vice President of Real Estate, asking what young people can do now to help them later in the housing market.
I think the biggest thing that we all need to do is make a plan. Sit down, talk with your keiki, your kupuna, and come up with a plan of how can I save, how can I get ready to buy my first home. CPB has a home affordability calculator on their website. It can really help you understand how much you can afford based on your income. Based on your debt. It doesn’t happen by luck, you need to make a plan.
Cathy Camp, CPB Executive Vice President of Real Estate
According to Camp, the housing ladder shows how people move from level to level in housing.
"So, where you start on the ladder, the first step might be just buying your starter home. So, the housing ladder really is that, thinking of it graphically, of being able to move from one level to the next. And hopefully you can build wealth through gaining equity in the home. But you have to start somewhere, because otherwise you won’t get to the top," Camp added.
KHON2 also asked Camp about the plans CPB has in place to further support and improve home affordability in a home.
"Addressing the home affordability issue requires a lot of thought and a comprehensive approach. It’s not going to be solved by one person, one entity, one agency. It really takes a collaborative team approach. Programs like the downpayment assistance program that the government offers are really a good start in helping us get there. CPB is in this with its community members. We have branches all over the state, and we really value our customers as well as the community that we work with. We have loan programs geared to first time homebuyers, we have programs geared to those who are needing affordability assistance. At Central Pacific Bank, we really want to make a difference in people’s lives beyond banking," Camp added.