What are Closing Costs?

All residential real estate transactions involves costs. Sellers and buyers usually share these closing costs, as specified in the real estate sales contract.

Many of the closing costs associated with buying a house are associated with getting the loan. Since Family Mortgage Company of Hawaii, Inc. NMLS #244497 has extensive experience with mortgages and closings, we often explain the details of closing costs.

The Loan Estimate (Also known as the LE)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the LE and closing. We explain Loan Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.

Below is a general list of costs for buying a home. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Loan-related costs
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Family Mortgage Company of Hawaii, Inc. NMLS #244497 can help you understand closing costs. Give us a call: (808) 935-0678.

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