Closing Costs for Residential Real Estate Transactions
Certain standard costs are associated with closing the sale of a house. Buyers and sellers usually split these costs, as the sales contract specifies.
Many of the costs associated with buying a home are associated with getting a loan. At Northeast Bancorp of America, Inc., we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
The Good Faith Estimate (GFE)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the GFE are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We handle questions about these 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 closing costs below, but we will give you a specific list of closing costs, with amounts, 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 will be sure to let you know immediately.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Transfer Taxes & Recording Fees
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Northeast Bancorp of America, Inc. can help you understand closing costs. Call us at (440) 234-9660.