"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Buyers & sellers often negotiate the payment of these closing costs.
As the list below indicates, many of the closing costs result from getting your mortgage loan. At Alerus Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Very soon after you submit your application, we'll provide you with the "Good Faith Estimate" of your closing costs. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the Good Faith Estimate (GFE) and closing. We handle questions about closing costs every day at Alerus Mortgage, so please feel free to ask if you have questions.
Below is a fairly general list of closing costs. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
Points — lower your interest rate (optional) Appraisal Fee Pulling Your Credit Report Up-front Interest Payment Escrow Fees TaxesLoan-related costs
Insurance Transfer Taxes & Recording Fees
Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.