What are Closing Costs?

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".

Loan Estimates (LEs)

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

Loan-Related Costs
  • Various Taxes
  • Loan-related costs
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance if applicable

Omni Mortgage Corp. can answer questions about these closing costs. Give us a call: 7184417000.

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Omni Mortgage Corp.

118-18 101st Avenue
Richmond Hill, NY 11419