Closing Costs for Residential Real Estate Transactions
Every home sale incurs costs. Sellers and buyers customarily share these closing costs, as the sales contract specifies.
As you'll see below, many of the costs result from getting your mortgage. At Family Mortgage Company of Hawaii, Inc. NMLS #244497, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate comes out of our past experience. Please note that while our LEs are very accurate, we can't always estimate your costs to the penny. We field questions about these costs every day at Family Mortgage Company of Hawaii, Inc. NMLS #244497, so don't hesitate to contact us if you have questions.
Below you'll find a fairly general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Appraisal Fee
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Taxes
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
Property Taxes
- Recording Fees and Transfer Taxes
- Insurance
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
At Family Mortgage Company of Hawaii, Inc. NMLS #244497, we answer questions about closing costs every day. Call us: (808) 935-0678.