"Closing Costs" are the fees which pay for various services involved in the sale of a house. Buyers and sellers negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. Since Omni Mortgage Corp. is highly experienced with closings and mortgages, we often explain the details of closing costs.
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we can't always estimate your costs to the penny. We go over LEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of these costs below, but we will give 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'll be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Escrow Fees Various TaxesLoan Origination Fee Points — lower your mortgage interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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