Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees that cover various services involved in the sale of a home. Buyers & sellers usually negotiate to determine who will pay different portions of these costs.
Many of the closing costs associated with buying a home are associated with getting a mortgage. At Omni Mortgage Company, Inc., we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very shortly after you submit your application, we'll provide you with the "Good Faith Estimate" of your closing costs. The closing cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very accurate, we can't always predict your costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can change slightly at closing.
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 complete 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
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Transfer Taxes and Recording Fees
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Omni Mortgage Company, Inc., we answer questions about closing costs every day. Give us a call: 603-893-6616.