Every home sale incurs fixed costs. Sellers and buyers almost always share these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. Since Northeast Bancorp of America, Inc. is highly experienced with mortgages and closings, we are closing cost experts.
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can vary a little bit at the closing table.
Below you'll find a fairly generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Loan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Fee Pulling Your Credit Report Interest Payment Escrow Fees Taxes Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance
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