Closing Costs

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"Closing Costs" are the fees that pay for various services involved in the sale of residential real estate. Buyers and sellers usually negotiate these closing costs.

As indicated below, many of the buyer's costs cover the costs of getting the loan. Since Omni Mortgage Corp. has extensive experience with closings and mortgages, we are closing cost experts.

Good Faith Estimate (Also know as the GFE)

Soon after you submit your application, we'll give you 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 cannot always estimate your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes vary a little bit at closing.

Below is a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs

• Escrow Account
• Various Taxes
• Loan Origination Fee
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
• Appraisal Costs
• Credit Report
• Interest Payment

Property Taxes

• Transfer Taxes & Recording Fees
• Insurance

Homeowners Insurance

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

Omni Mortgage Corp. can help you understand closing costs. Give us a call at 718-441-7000.