Closing Costs

What Are Closing Costs?


Closing costs refer to the costs associated with various services involved in the purchase or refinance of residential real estate. There are often negotiations between buyers and sellers regarding who will contribute to these costs.

Several of the buyer's closing costs are related to the costs associated with originating the loan, as you will see below. Considering that Omni Mortgage Company, Inc. has a great deal of experience with closings and mortgages, we are able to assist you in understanding your closing costs.

Loan Estimates (LEs)

As soon as you have applied for a loan, we will provide you with a "Loan Estimate" of your closing costs. In the LE, we have provided an estimate of closing costs based on our experience with mortgage loans. However, the cost of closing may vary from the time of LE delivery to closing. If you would like a review of the "Loan Estimate," we will be glad to answer your questions and point out costs that sometimes change slightly at closing.

A general list of these costs is provided below, but after your application has been submitted we will provide you with a specific list of closing costs. The Omni Mortgage Company, Inc. does not believe in surprises, so if your costs change, we will notify you as soon as possible.

Standard Closing Costs

Loan-Related Costs

  • Credit Report
  • Interest Payment
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs

Property Taxes

  • Insurance
  • Recording Fees & Transfer Taxes

Homeowners Insurance

  • Title Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)

Questions about closing costs? Contact Omni today at (603) 893-6616!

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