Closing Costs

"Closing Costs" are the fees which cover the various services involved in the sale of a house. Buyers and sellers almost always negotiate to decide how to split these costs.

As you'll see below, many of the buyer's costs are related to the costs of originating the loan. At First Community Bank of Central Al., we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".

The Loan Estimate (Also known as the LE)

Very soon after you apply for a loan, we'll provide you with the "Loan Estimate" of your closing costs. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very precise, we cannot always predict costs to the penny. We review Loan Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.

Below you'll find a generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Obtaining YourCredit Report
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Costs related to "originating" your loan
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title 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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