Closing Costs

Are you looking for a mortgage loan? We'll be glad to talk about our mortgage offerings! Call us at (612) 386-5901. Want to get started? Apply Online Now.

"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Buyers and sellers negotiate to decide how to split these costs.

Many of the closing costs associated with buying a home are associated with getting the loan. At Alerus Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Very shortly after you apply for a loan, we will provide you with a "Good Faith Estimate" of your costs. The closing cost estimate comes out of the loan officer's past experience. It's important to note that while our GFEs are very accurate, we can't always predict your closing costs to the penny. We review Good Faith Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.

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

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
  • 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 and Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance
Alerus Mortgage can answer questions about these closing costs. Call us: (612) 386-5901.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question