"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".
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.
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