About Closing Costs

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".

The Loan Estimate (Also known as the LE)

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

Loan-Related Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
  • Costs related to "originating" your loan
  • Points — lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)

Omni Mortgage Corp. can answer questions about these closing costs. Call us at 718-441-7000.

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