"Closing Costs" are the fees that pay for various services involved in the sale of a house. Sellers and buyers negotiate to determine who will pay different portions of these closing costs.
Many of the costs associated with buying a house are associated with getting a mortgage. Since Alerus Mortgage is highly experienced with mortgages and closings, we can help you understand your closing costs.
Soon after you apply for a loan, we'll give you the "Good Faith Estimate" of your costs. We base this closing cost estimate on our extensive past experience. Please note that while our GFEs are very precise, we cannot always predict closing costs to the penny. We handle buyers' questions about closing costs every day at Alerus Mortgage, so please feel free to ask if you have questions.
Below you'll find a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
Credit Report Up-front Interest Payment Escrow Fees TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs
InsuranceRecording Fees & Transfer Taxes
Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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.