How do Closing Costs Work?
"Closing Costs" are the fees that pay for various services involved in the sale of a house. Buyers & sellers almost always negotiate to decide how to share these costs.
As you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At Family Mortgage Company of Hawaii, Inc. NMLS #244497, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you apply for a loan, we will provide you with the "Loan Estimate" of your closing costs. The closing costs spelled out in the Loan Estimate are estimated based on Family Mortgage Company of Hawaii, Inc. NMLS #244497's experience with mortgage loans, but costs often change by small amounts between the LE and closing. We handle questions about these costs every day at Family Mortgage Company of Hawaii, Inc. NMLS #244497, so please be sure to ask if we can help answer your questions.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan 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
- Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling YourCredit Report
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
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. Give us a call at (808) 935-0678.