About Closing Costs

"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Buyers & sellers often negotiate the payment of these closing costs.

As the list below indicates, many of the closing costs result from getting your mortgage loan. At Alerus Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimate (GFE)

Very soon after you submit your application, we'll provide you with the "Good Faith Estimate" of your closing costs. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the Good Faith Estimate (GFE) and closing. We handle questions about closing costs every day at Alerus Mortgage, so please feel free to ask if you have questions.

Below is a fairly general list of closing costs. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Pulling Your Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
  • Loan-related costs
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Alerus Mortgage can help you understand closing costs. Call us at 952 417 8481.

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