Closing Costs for Home Real Estate Transactions

"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Buyers & sellers usually negotiate these costs.

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 mortgages & closings, we often explain the details of closing costs.

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This closing cost estimate comes out of the loan officer's 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 go over Good Faith Estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan 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

Loan-Related Costs
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance

Omni Mortgage Company, Inc. can answer questions about these closing costs. Call us at 603-893-6616.




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