About Closing Costs

"Closing Costs" are the fees that pay for the various services involved when you sell or buy a house. Buyers & sellers usually negotiate the payment of these costs.

As indicated below, many of the costs result from getting your mortgage loan. Since Northeast Bancorp of America, Inc. is highly experienced with mortgages & closings, we are closing cost experts.

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we cannot always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at closing.

Below you'll find a general list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)

At Northeast Bancorp of America, Inc., we answer questions about closing costs every day. Give us a call at (440) 234-9660.

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