Your Closing Costs
All residential real estate transactions incurs certain costs. Buyers and sellers usually split these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At Northeast Bancorp of America, Inc., we are highly experienced in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you submit your application, we'll provide you with a "Loan Estimate" of your closing costs. The cost estimate comes out of our past experience. Please note that while our LEs are very precise, we cannot always estimate your closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can change slightly at closing.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very 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'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 Costs
- Credit Report
- Transfer Taxes and Recording Fees
- Flood or 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.