Don't Forget Closing Costs
"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Buyers and sellers usually negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the buyer's costs are related to the costs of originating the loan. Since Family Mortgage Company of Hawaii, Inc. NMLS #244497 has extensive experience with closings & mortgages, we can help you understand your closing costs.
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between the Loan Estimate (LE) and closing. We handle buyers' questions about closing costs every day at Family Mortgage Company of Hawaii, Inc. NMLS #244497, so don't hesitate to ask if we can help answer your questions.
Below is a generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
Property Taxes
- Transfer Taxes and Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Family Mortgage Company of Hawaii, Inc. NMLS #244497 can help you understand closing costs. Call us: (808) 935-0678.