Your Closing Costs
Every home sale involves certain costs. Sellers and buyers usually split these closing costs, as specified in the sales contract.
Many of the costs associated with buying a home are associated with getting a mortgage 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 mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you apply for a loan, we will give you a "Loan Estimate" of your costs. This cost estimate comes out of our past experience. It's important to note that while our LEs are very precise, we cannot always predict closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, 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 will be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
- Escrow Fees
- Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
At Northeast Bancorp of America, Inc, we answer questions about closing costs every day. Give us a call: 4402349660.