"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Buyers & sellers almost always negotiate the payment of these costs.
Many of the closing costs associated with buying a house are associated with getting a loan. At Alerus Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on Alerus Mortgage's experience with mortgage loans, but costs often change by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We handle questions about these costs every day at Alerus Mortgage, so please be sure to ask if we can help answer your questions.
Below you'll find a generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
Escrow Account Various TaxesLoan Origination Fee Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Interest Payment
InsuranceRecording Fees and Transfer Taxes
Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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