All residential real estate transactions involves certain costs. Sellers and buyers customarily split these costs, as the sales contract specifies.
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 compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Soon after you apply for a loan, we'll provide you with the "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on Omni Mortgage Corp.'s experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We field questions about these costs every day at Omni Mortgage Corp., so please be sure to ask if you have questions.
Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Various TaxesLoan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Account
Transfer Taxes & Recording Fees Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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