"Closing Costs" are the fees that pay for various services involved when you sell or buy residential real estate. Buyers & sellers often negotiate these closing costs.
Many of the costs associated with buying a house are associated with getting a mortgage. At Alerus Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Buyers will get 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 vary by small amounts between the GFE and closing. We handle questions about these costs every day at Alerus Mortgage, so please feel free to ask if we can help answer your questions.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Alerus Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Obtaining Your Credit Report Interest Payment Escrow Fees TaxesCosts related to "originating" your loan
InsuranceRecording Fees and Transfer Taxes
Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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