Certain standard costs are related to closing the sale of a house. Sellers and buyers almost always split these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's costs are related to the costs of originating the loan. At Omni Mortgage Corp., we are highly experienced in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can change slightly at closing.
Below is a general list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Credit Report Up-front Interest Payment Escrow Fees TaxesCosts related to "originating" your loan Points — lower your interest rate (optional) Appraisal Fee
Recording Fees and Transfer Taxes Insurance
Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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