Your Closing Costs
"Closing Costs" are the fees that cover various services involved in the sale of a home. Sellers & buyers almost always negotiate these costs.
As the list below indicates, many of the closing costs result from getting your loan. At Northeast Bancorp of America, Inc., we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you apply for a loan, we'll give you the "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs usually change by small amounts 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 closing.
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 will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Northeast Bancorp of America, Inc. can answer questions about these closing costs. Give us a call: (440) 234-9660.