"Closing Costs" are the fees that cover the various services involved when you sell or buy a house. Buyers & sellers usually negotiate the payment of these costs.
As indicated below, many of the buyer's costs cover the costs of getting the mortgage loan. At Omni Mortgage Corp., we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Soon after you submit your application, we'll give you a "Good Faith Estimate" of your closing costs. The closing costs spelled out in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually vary a little bit between the GFE and closing. We answer questions about these costs every day at Omni Mortgage Corp., so please be sure to ask if we can help answer your questions.
Below is a generic list of closing costs. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
Interest Payment Escrow Account TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Pulling YourCredit Report
Recording Fees & Transfer Taxes Insurance
Title Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI)
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