Don't Forget Closing Costs

"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".

Good Faith Estimates (GFEs)

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

Loan-Related Costs
  • Escrow Account
  • Various Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At Alerus Mortgage, we answer questions about closing costs every day. Call us at 952 417 8481.

Got a Question?

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.

Your Information
Your Question