"Closing Costs" are the fees which cover the various services involved in the sale of a home. Buyers & sellers often negotiate to decide how to split these closing costs.
As indicated below, many of the buyer's costs cover the costs of getting the loan. At First Community Bank of Central Al., we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Good Faith Estimate".
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the GFE are estimated based on First Community Bank of Central Al.'s experience with mortgage loans, but costs often change a little bit between delivery of the GFE and closing. We handle questions about closing costs every day at First Community Bank of Central Al., so please be sure to ask if we can help answer your questions.
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
Escrow Fees Various TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Pulling Your Credit Report Interest Payment
InsuranceRecording Fees and Transfer Taxes
Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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