About Closing Costs

Every home sale incurs certain fixed costs. Sellers and buyers almost always share these closing costs, as the sales contract specifies.

As indicated below, many of the costs result from getting your mortgage. Since Northeast Bancorp of America, Inc. has extensive experience with closings and mortgages, we can help you understand your closing costs.

Good Faith Estimates (GFEs)

Soon after you submit your application, we'll give you a "Good Faith Estimate" of your costs. The closing cost estimate is based on the loan officer's past experience. Please note that while our GFEs are very accurate, we cannot always predict closing costs to the penny. We handle buyers' questions about closing costs every day at Northeast Bancorp of America, Inc., so please feel free to ask if we can help answer your questions.

Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Various Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance if applicable

Northeast Bancorp of America, Inc. can answer questions about these closing costs. Give us a call at (440) 234-9660.

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