About Closing Costs
There are certain standard costs related to closing the sale of a house. Sellers and buyers usually share these costs, as the real estate sales contract specifies.
Many of the costs associated with buying residential real estate are associated with getting a mortgage loan. At Northeast Bancorp of America, Inc., we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Very shortly after you apply for a loan, we will provide you with the "Good Faith Estimate" of your costs. We base this closing cost estimate on our extensive past experience. Please note that while our GFEs are very accurate, we can't always predict costs to the penny. We explain Good Faith Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Northeast Bancorp of America, Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
Northeast Bancorp of America, Inc. can help you understand closing costs. Call us at (440) 234-9660.