What are Closing Costs?

Certain standard costs are related to closing the sale of a home. Buyers and sellers customarily split these costs, as specified in the real estate sales contract.

Many of the closing costs associated with buying a home are associated with getting a mortgage. Since Northeast Bancorp of America, Inc. is highly experienced with mortgages & closings, we can help you understand your closing costs.

Good Faith Estimate (GFE)

Soon after you submit your application, we will provide you with a "Good Faith Estimate" of your costs. We base this 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 will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that can change slightly at the closing table.

Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

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

At Northeast Bancorp of America, Inc., we answer questions about closing costs every day. Call us at (440) 234-9660.

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