How do Closing Costs Work?

There are certain standard costs associated with closing the sale of a house. Buyers and sellers usually share these costs, as the real estate sales contract specifies.

As you'll see below, many of the closing costs result from getting your mortgage loan. At Omni Mortgage Corp., we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".

The Loan Estimate (Also known as the LE)

Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We handle buyers' questions about closing costs every day at Omni Mortgage Corp., so please be sure to ask if you have questions.

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed 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
  • Loan-related costs
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Omni Mortgage Corp. can answer questions about these closing costs. Call us at 7184417000.

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Omni Mortgage Corp.

118-18 101st Avenue
Richmond Hill, NY 11419