"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Sellers and buyers negotiate to decide how to share these closing costs.
Many of the costs associated with buying a house are associated with getting a mortgage loan. At Omni Mortgage Corp., we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
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 LE are estimated based on Omni Mortgage Corp.'s experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes change slightly at closing.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your application. At Omni Mortgage Corp., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Credit Report Interest Payment Escrow Account Various TaxesLoan Origination Fee Points — lower your mortgage interest rate (optional) Appraisal Costs Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance
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