What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved in the sale of a house. Buyers & sellers usually negotiate the payment of these closing costs.
Many of the costs associated with buying a house are associated with getting the loan. At Omni Mortgage Company, Inc., we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Very shortly after you apply for a loan, we will provide you with a "Good Faith Estimate" of your costs. We base this cost estimate on our extensive past experience. Please note that while our GFEs are very precise, we cannot always estimate costs to the penny. We go over Good Faith Estimates 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'll provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Omni Mortgage Company, Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Credit Report
- Interest Payment
- Escrow Account
- Costs related to "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Transfer Taxes & Recording Fees
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Omni Mortgage Company, Inc. can answer questions about these closing costs. Give us a call: 603-893-6616.