Closing Costs for Residential Real Estate Transactions
Every home sale involves certain fixed costs. Sellers and buyers almost always split these costs, as the sales contract specifies.
As the list below indicates, many of the closing costs result from getting your mortgage. At Northeast Bancorp of America, Inc., we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".
The Good Faith Estimate (GFE)
Very soon after you apply for a loan, we will provide you with the "Good Faith Estimate" of your costs. The closing costs enumerated in the GFE are estimated based on Northeast Bancorp of America, Inc.'s experience with mortgage loans, but costs often vary by small amounts between delivery of the GFE and closing. We field buyers' questions about closing costs every day at Northeast Bancorp of America, Inc., so please be sure to contact us if you have questions.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your loan 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
- Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling YourCredit Report
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
Northeast Bancorp of America, Inc. can help you understand closing costs. Call us at (440) 234-9660.