How do Closing Costs Work?
All residential real estate sales incurs certain costs. Buyers and sellers customarily split these costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At Omni Mortgage Corp., we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage 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 costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the LE and closing. We field questions about these costs every day at Omni Mortgage Corp., so please be sure to contact us if we can help answer your questions.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Omni Mortgage Corp., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Getting YourCredit Report
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
At Omni Mortgage Corp., we answer questions about closing costs every day. Call us: 7184417000.