Closing Costs for Residential Real Estate Transactions
There are certain standard costs related to closing the sale of a house. Sellers and buyers customarily split these closing costs, as the sales contract specifies.
As you'll see below, many of the costs result from getting your mortgage. At Family Mortgage Company of Hawaii, Inc. NMLS #244497, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
The Loan Estimate (LE)
Very shortly after you submit your application, we'll provide you with a "Loan Estimate" of your costs. The closing costs specified in the LE are estimated based on Family Mortgage Company of Hawaii, Inc. NMLS #244497's experience with mortgage loans, but costs usually vary by small amounts between the Loan Estimate (LE) and closing. We go over LEs with buyers almost every day, so we'd be glad to answer the you have about closing costs.
Below is a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Fees
- Recording Fees and Transfer Taxes
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Family Mortgage Company of Hawaii, Inc. NMLS #244497 can help you understand closing costs. Give us a call at (808) 935-0678.
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