Closing Costs

"Closing Costs" are the fees that pay for various services involved in the sale of a house. Sellers and buyers negotiate to determine who will pay different portions of these closing costs.

Many of the costs associated with buying a house are associated with getting a mortgage. Since Alerus Mortgage is highly experienced with mortgages and closings, we can help you understand your closing costs.

Good Faith Estimates (GFEs)

Soon after you apply for a loan, we'll give you the "Good Faith Estimate" of your costs. We base this closing cost estimate on our extensive past experience. Please note that while our GFEs are very precise, 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 ask if you have questions.

Below you'll find a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
  • Loan Origination Fee
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance if applicable

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

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