"Closing Costs" are the fees which pay for the various services involved when you sell or buy a home. Buyers & sellers often negotiate the payment of these costs.
Many of the closing costs associated with buying a home are associated with getting the mortgage. At Alerus Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very accurate, we cannot always estimate your closing costs to the penny. We handle buyers' questions about these costs every day at Alerus Mortgage, so don't hesitate to contact us if you have questions.
Below is a generic list of costs for buying a home. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
Loan Origination Fee Points — lower your interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Fees Various Taxes
InsuranceRecording Fees & Transfer Taxes
Flood / Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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