What are Closing Costs?

"Closing Costs" are the fees which cover various services involved in the sale of residential real estate. Buyers and sellers often negotiate to determine who will pay different portions of these costs.

As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. Since Omni Mortgage Company, Inc. is highly experienced with closings & mortgages, we can help you understand your closing costs.

Loan Estimates (LEs)

After you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs within 3 business days. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.

We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your application. At Omni Mortgage Company, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

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)

At Omni Mortgage Company, Inc., we answer questions about closing costs every day. Give us a call at 603-893-6616.