All residential real estate sales involves costs. Sellers and buyers customarily split these closing costs, as specified in the real estate sales contract.
As indicated below, many of the buyer's costs cover the costs of originating the loan. At Omni Mortgage Corp., we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Very soon after you submit your application, we will provide you with the "Good Faith Estimate" of your closing costs. The closing costs spelled out in the GFE are estimated based on Omni Mortgage Corp.'s experience with mortgage loans, but costs often vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We review GFEs with buyers every day, so we will be happy to answer any questions you have about closing costs.
Below you'll find a fairly generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Escrow Account Various TaxesLoan Origination Fee
Insurance Transfer Taxes and Recording Fees
Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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