What are Closing Costs?

"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Sellers and buyers often negotiate these costs.

As the list below indicates, many of the closing costs result from getting your mortgage loan. Since Family Mortgage Company of Hawaii, Inc. NMLS #244497 is highly experienced with closings and mortgages, we often explain the details of closing costs.

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between the LE and closing. We go over LEs with buyers every day, so we'd be glad to answer the you have about closing costs.

Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Costs associated with "originating" your loan
• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Fee
• Credit Report
• Up-front Interest Payment
• Escrow Fees
• Various Taxes

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

• Flood / Quake Insurance if applicable
• Private Mortgage Insurance (PMI)
• Title Insurance

Family Mortgage Company of Hawaii, Inc. NMLS #244497 can answer questions about these closing costs. Call us: (808) 935-0678.