Closing Costs for Residential Real Estate Transactions
There are certain standard costs related to closing the sale of a home. Buyers and sellers usually split these costs, as the sales contract specifies.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. At Family Mortgage Company of Hawaii, Inc. NMLS #244497, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimate (Also known as the LE)
Very shortly after you submit your application, we'll give you a "Loan Estimate" of your costs. The closing cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.
We've provided a general list of these costs below, but we will 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
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
Property Taxes
- Transfer Taxes and Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Earthquake Insurance if applicable
- 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 at (808) 935-0678.