How do Closing Costs Work?
All residential real estate sales involves certain fixed costs. Sellers and buyers almost always share these closing 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 Company, Inc. is highly experienced with closings & mortgages, we are closing cost experts.
The Good Faith Estimate (GFE)
Soon after you submit your application, we'll give you the "Good Faith Estimate" of your costs. The cost estimate comes out of our past experience. It's important to note that while our GFEs are very accurate, we can't always predict your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes vary a little bit at the closing table.
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 Good Faith Estimate.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Transfer Taxes and Recording Fees
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Omni Mortgage Company, Inc. can answer questions about these closing costs. Give us a call at 603-893-6616.