Financial Watch | Spring 2019

Financial Watch Spring 2019 David Foumai is a retiree of the Honolulu Police Department and is now a Business Agent at SHOPO. Back when he was a rookie, the starting pay was about half of what a rookie officer makes today. That made saving money, let alone providing safe housing and necessities for his wife and children, extremely difficult. Over the years, David’s pay got better, and he started saving money in a separate retirement account, in addition to his Deferred Compensation. He also worked on maintaining an excellent credit history, which is an essential factor when buying a home. But even with all of his preparations, David still wasn’t sure he’d be able to afford a home in Hawaii. At one point, he even considered moving to Nevada after retirement. However, as a family, they decided against the move since their son recently became an HPD Officer. So, they began their search. Since their son is assigned to the Kapolei Police Station, just as David was, they kept their home search on Oahu’s Westside. As luck would have it, around the time the Foumai’s began searching for their dream home, HLEFCU launched its First Mortgage Loan program. So, David came in to talk to our Mortgage Loan Manager, Rolann and got prequalified for a mortgage loan. David says the application process, while long, couldn’t have been more straightforward. Rolann and his team took the time to explain every step of the process and what to expect next. With a down payment saved up and mortgage prequalification in-hand, the Foumai’s then took the final step and made their offer. Now after decades of renting, the Foumai’s finally had a place to call their own. But not just any home, their dream home, a gorgeous five-bedroom, three-bathroom home in Ewa. It is the perfect house for them, with enough room for all of their children, and grandchildren, a large kitchen, a pool, a large master suite, and a good neighborhood. Asked what words of wisdom he has for others hoping to buy a home, David says “it’s crucial to live within your means and save. It’s hard to do in Hawaii, but it’s important to save for that all-important down payment. Living within your means will also prevent you from incurring too much debt, which will help keep your credit score up.” David also recommends being safe every day in your work and staying healthy. Injuries and poor health add to expenses and family stresses, so remaining injury-free and healthy is essential. One last tip David recommends, “was to purchase enough life insurance to pay off your mortgage should any unforeseen circumstances occur. No one wants to think of the unthinkable, but it is vital that we take care of our family. With proper planning, my wife and I have peace of mind knowing that our legacy will live on.” David and Siamalu Foumai are living the dream, a dream they weren’t sure they could achieve. That dream was one of home ownership. The path to making their dream a reality wasn’t an easy one, but against all the odds, the Foumai’s pulled it off and shared their story with us. Let us help you with your Home Loan too. Call Rolann Regidor at 808.447.2286 David & Siamalu Foumai Member F O C U S