"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Sellers and buyers almost always negotiate to decide how to split 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 often explain the details of closing costs.
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we can't always predict your closing costs to the penny. We answer buyers' questions about closing costs every day at Omni Mortgage Corp., so please be sure to contact us if we can help answer your questions.
Below is a 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 Loan Estimate.
Standard Closing Costs Loan-Related Costs Loan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Account Various Taxes Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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