What are Closing Costs?
There are certain standard costs associated with closing the sale of a house. Sellers and buyers almost always share these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. At Omni Mortgage Corp., we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very soon after you submit your application, we will provide you with the "Good Faith Estimate" of your closing costs. We base this cost estimate on our many years of past experience. It's important to note that while our GFEs are very precise, we cannot always estimate your closing costs to the penny. We go over GFEs with buyers every day, so we are happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Omni Mortgage Corp., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
Omni Mortgage Corp. can answer questions about these closing costs. Give us a call at 718-441-7000.