All residential real estate transactions incurs certain fixed costs. Sellers and buyers customarily share these costs, as the real estate sales contract specifies.
Many of the costs associated with buying a home are associated with getting the mortgage loan. Since Omni Mortgage Corp. is highly experienced with closings & mortgages, we often explain the details of closing costs.
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. It's important to note that while our LEs are very precise, we can't always predict closing costs to the penny. We handle questions about closing costs every day at Omni Mortgage Corp., so please feel free to contact us if you have questions.
Below is a generic list of closing costs. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Escrow Account Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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