"Closing Costs" are the fees that pay for various services involved when you sell or buy residential real estate. Buyers and sellers almost always negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's closing costs cover the costs of originating the loan. Since Omni Mortgage Corp. has extensive experience with closings & mortgages, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on Omni Mortgage Corp.'s experience with mortgage loans, but costs often change by small amounts between the LE and closing. We go over Loan Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
Below you'll find a generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Getting Your Credit Report Up-front Interest Payment Escrow Fees Various Taxes
Recording Fees & Transfer Taxes Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance
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