Closing Costs for Residential Real Estate Transactions

Certain standard costs are associated with closing the sale of a home. Buyers and sellers usually share these closing costs, as the sales contract specifies.

As the list below indicates, many of the closing costs result from getting your loan. Since First Community Bank of Central Al. is highly experienced with closings & mortgages, we are closing cost experts.

Good Faith Estimates (GFEs)

Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our GFEs are very precise, we can't always estimate your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your application. At First Community Bank of Central Al., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance

At First Community Bank of Central Al., we answer questions about closing costs every day. Call us at (334) 285-8850.

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