What are Closing Costs?

"Closing Costs" are the fees which cover various services involved in the sale of a house. Sellers and buyers negotiate to determine who will pay different portions of these closing costs.

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 are closing cost experts.

The Loan Estimate (LE)

Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we can't always predict your costs to the penny. We handle questions about these costs every day at Northeast Bancorp of America, Inc., so please feel free to contact us if you have questions.

Below you'll find a fairly generic 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
  • Appraisal Costs
  • Pulling Your Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
  • Loan-related costs
  • Points — These are costs you pay up-front to lower your interest rate (optional)
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance if applicable

Northeast Bancorp of America, Inc. can answer questions about these closing costs. Call us: (440) 234-9660.

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