Closing Costs for Residential Real Estate Transactions

All residential real estate transactions involves fixed costs. Buyers and sellers customarily split these costs, as the real estate sales contract specifies.

Many of the costs associated with buying residential real estate are associated with getting a loan. At Omni Mortgage Corp., we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".

Loan Estimates (LEs)

Soon after you submit your application, we will provide you with a "Loan Estimate" of your closing costs. The closing cost estimate is based on our past experience. It's important to note that while our LEs are very accurate, we can't always estimate your closing costs to the penny. We review Loan Estimates with buyers every day, so we are happy to answer the you have about closing costs.

We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Omni Mortgage Corp., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Loan Origination Fee
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Taxes
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Omni Mortgage Corp. can help you understand closing costs. Call us at 718-441-7000.

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