What are Closing Costs?
Certain standard costs are associated with closing the sale of a home. Sellers and buyers usually share these closing costs, as the sales contract specifies.
As indicated below, many of the buyer's costs cover the costs of originating the mortgage loan. Since Family Mortgage Company of Hawaii, Inc. NMLS #244497 is highly experienced with closings and mortgages, we can help you understand your closing costs.
Loan Estimates (LEs)
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on Family Mortgage Company of Hawaii, Inc. NMLS #244497's experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes vary a little bit at the closing table.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your application. At Family Mortgage Company of Hawaii, Inc. NMLS #244497, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
Property Taxes
- Recording Fees and Transfer Taxes
- Insurance
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
Family Mortgage Company of Hawaii, Inc. NMLS #244497 can answer questions about these closing costs. Give us a call: (808) 935-0678.