"Closing Costs" are the fees which pay for various services involved in the sale of a home. Buyers and sellers negotiate to decide how to split these costs.
Many of the costs associated with buying a house are associated with getting the mortgage loan. At Omni Mortgage Corp., we have extensive experience in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Very soon after you apply for a loan, we will provide you with the "Loan Estimate" of your closing costs. This cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very accurate, we can't always predict closing costs to the penny. We review LEs with buyers every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your application. At Omni Mortgage Corp., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Costs related to "originating" your loan Points — A fee paid to lower your interest rate (optional) Appraisal Fee Obtaining Your Credit Report Interest Payment Escrow Account Various Taxes
Recording Fees & Transfer Taxes Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance
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