Your Closing Costs

"Closing Costs" are the fees which cover the various services involved in the sale of a home. Sellers and buyers often negotiate the payment of these costs.

As indicated below, many of the closing costs result from getting your mortgage. At First Community Bank of Central Al., we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very accurate, we cannot always predict your costs to the penny. We handle buyers' questions about closing costs every day at First Community Bank of Central Al., so please feel free to ask if we can help answer your questions.

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

Standard Closing Costs

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

First Community Bank of Central Al. can help you understand closing costs. Call us at (334) 285-8850.

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