"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Buyers & sellers negotiate to determine who will pay different portions of these closing costs.
Many of the costs associated with buying residential real estate are associated with getting the mortgage loan. Since Alerus Mortgage is highly experienced with mortgages and closings, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on Alerus Mortgage's experience with mortgage loans, but costs often vary by small amounts between the LE and closing. We review Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Pulling YourCredit Report Up-front Interest Payment Escrow Account Various TaxesLoan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Costs
Transfer Taxes & Recording Fees Insurance
Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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