Certain standard costs are related to closing the sale of a home. Buyers and sellers customarily share these costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying a house are associated with getting a loan. At Alerus Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very accurate, 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 contact us if we can help answer your questions.
Below is a fairly general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
Escrow Fees Various TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment
InsuranceRecording Fees & Transfer Taxes
Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance
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