How do Closing Costs Work?
Every home sale incurs certain costs. Sellers and buyers usually share these closing costs, as specified in the sales contract.
As indicated below, many of the buyer's costs cover the costs of getting the loan. Since Family Mortgage Company of Hawaii, Inc. NMLS #244497 is highly experienced with mortgages & closings, we are closing cost experts.
Loan Estimate (Also known as the LE)
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate is based on our past experience. Please note that while our LEs are very precise, we cannot always predict your closing costs to the penny. We go over Loan Estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At Family Mortgage Company of Hawaii, Inc. NMLS #244497, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your interest rate (optional)
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Family Mortgage Company of Hawaii, Inc. NMLS #244497 can answer questions about these closing costs. Give us a call: (808) 935-0678.