Closing Costs

All residential real estate sales involves fixed costs. Sellers and buyers usually share these costs, as the sales contract specifies.

As indicated below, many of the buyer's closing costs are related to the costs of getting the loan. Since Alerus Mortgage is highly experienced with closings and mortgages, we often explain the details of closing costs.

Good Faith Estimate (GFE)

Very soon after you submit your application, we will provide you with the "Good Faith Estimate" of your closing costs. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very precise, we cannot always estimate your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes vary a little bit at closing.

Below you'll find a general list of costs for buying residential real estate. 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
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan Origination Fee
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Pulling YourCredit Report
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Alerus Mortgage can help you understand closing costs. Give us a call: 952 417 8481.

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