About Closing Costs
"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Sellers & buyers almost always negotiate these closing costs.
Many of the closing costs associated with buying a house are associated with getting the mortgage. At Northeast Bancorp of America, Inc., we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
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 estimate your closing costs to the penny. We answer questions about closing costs every day at Northeast Bancorp of America, Inc., so please be sure to ask if you have questions.
We've provided a general list of these costs below, but we'll provide 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'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Northeast Bancorp of America, Inc. can help you understand closing costs. Call us at (440) 234-9660.