"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Buyers & sellers usually negotiate the payment of these costs.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage. Since Omni Mortgage Corp. has extensive experience with closings and mortgages, we can help you understand your closing costs.
Very shortly after you apply for a loan, we'll give you the "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on Omni Mortgage Corp.'s experience with mortgage loans, but costs often vary a little bit between delivery of the LE and closing. We review Loan Estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
Below is a fairly generic list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Credit Report Up-front Interest Payment Escrow Account TaxesCosts related to "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs
InsuranceRecording Fees & Transfer Taxes
Title Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI)
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