Don't Forget Closing Costs
There are certain standard costs related to closing the sale of a home. Sellers and buyers customarily share these closing costs, as the sales contract specifies.
Many of the costs associated with buying a home are associated with getting a mortgage loan. Since Family Mortgage Company of Hawaii, Inc. NMLS #244497 has extensive experience with closings & mortgages, we often explain the details of closing costs.
Loan Estimates (LEs)
Soon after you apply for a loan, we will provide you with a "Loan Estimate" of your costs. The cost estimate is based on our past experience. Please note that while our LEs are very precise, we cannot always estimate your costs to the penny. We go over Loan Estimates with buyers every day, so we are happy to answer any questions you have about closing costs.
Below is a general list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Transfer Taxes and Recording Fees
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Family Mortgage Company of Hawaii, Inc. NMLS #244497, we answer questions about closing costs every day. Call us: (808) 935-0678.
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