What are Closing Costs?

"Closing Costs" are the fees that cover the various services involved when you sell or buy a house. Sellers & buyers negotiate these closing costs.

As you'll see below, many of the closing costs result from getting your mortgage. Since Omni Mortgage Corp. has extensive experience with mortgages and closings, we can help you understand your closing costs.

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the LE and closing. We go over LEs with buyers every day, so we are happy to answer your questions about closing costs.

Below is a fairly 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
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Costs associated with "originating" your loan
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Pulling YourCredit Report
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance

At Omni Mortgage Corp., we answer questions about closing costs every day. Call us: 7184417000.

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Omni Mortgage Corp.

118-18 101st Avenue
Richmond Hill, NY 11419