What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved when you sell or buy a house. Sellers & buyers almost always negotiate to decide how to share these closing costs.
Many of the closing costs associated with buying a home are associated with getting the mortgage. Since Northeast Bancorp of America, Inc. has extensive experience with closings and mortgages, we can help you understand your closing costs.
The Loan Estimate (Also known as the LE)
Very shortly after you apply for a loan, we will give you a "Loan Estimate" of your costs. The closing costs spelled out in the Loan Estimate are estimated based on Northeast Bancorp of America, Inc.'s experience with mortgage loans, but costs usually change a little bit between delivery of the Loan Estimate (LE) and closing. We answer questions about these costs every day at Northeast Bancorp of America, Inc., so don't hesitate to contact us if we can help answer your questions.
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 complete 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
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
Northeast Bancorp of America, Inc. can answer questions about these closing costs. Call us at (440) 234-9660.