How do Closing Costs Work?
"Closing Costs" are the fees that cover various services involved in the sale of a home. Sellers and buyers usually negotiate these costs.
As indicated below, many of the buyer's closing costs cover the costs of originating the mortgage loan. Since Family Mortgage Company of Hawaii, Inc. NMLS #244497 has extensive experience with closings & mortgages, we are closing cost experts.
The Loan Estimate (LE)
Soon after you apply for a loan, we will give you a "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs often vary a little bit between the Loan Estimate (LE) and closing. We answer buyers' questions about these costs every day at Family Mortgage Company of Hawaii, Inc. NMLS #244497, so don't hesitate to ask if you have questions.
Below you'll find a generic list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Taxes
Property Taxes
- Transfer Taxes and Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
At Family Mortgage Company of Hawaii, Inc. NMLS #244497, we answer questions about closing costs every day. Give us a call: (808) 935-0678.