Closing Costs for Residential Real Estate Transactions

"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.

The Loan Estimate (Also known as the LE)

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

Loan-Related Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Costs related to "originating" your loan
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance
  • Private Mortgage Insurance (PMI)

At Omni Mortgage Corp., we answer questions about closing costs every day. Give us a call: 718-441-7000.

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