About Closing Costs

Every home sale involves costs. Sellers and buyers almost always split these costs, as specified in the sales contract.

Many of the closing costs associated with buying a home are associated with getting the mortgage. Since Northeast Bancorp of America, Inc. is highly experienced with closings & mortgages, we are closing cost experts.

Loan Estimate (Also known as the LE)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we can't always predict costs to the penny. We explain Loan Estimates with buyers 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'll give you a specific list of closing costs, with amounts, very soon after you have completed your loan 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

Loan-Related Costs
  • Loan Origination Fee
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)

Northeast Bancorp of America, Inc. can answer questions about these closing costs. Call us: (440) 234-9660.

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