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.
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
Escrow Fees Various TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Costs Credit Report Interest Payment
InsuranceRecording Fees & Transfer Taxes
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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