How do Closing Costs Work?

"Closing Costs" are the fees which pay for various services involved in the sale of a house. Sellers & buyers usually negotiate to determine who will pay different portions of these closing costs.

As indicated below, many of the costs result from getting your loan. At Omni Mortgage Corp., we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Very soon after you apply for a loan, we will provide you with the "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. We field buyers' questions about closing costs every day at Omni Mortgage Corp., so please feel free to ask if we can help answer your questions.

Below you'll find a fairly generic list of costs for buying a home. 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
  • Loan-related costs
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance
  • Private Mortgage Insurance (PMI)

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

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Omni Mortgage Corp.

118-18 101st Avenue
Richmond Hill, NY 11419