Every home sale involves certain fixed costs. Sellers and buyers almost always share these costs, as specified in the sales contract.
As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. Since First Community Bank of Central Al. has extensive experience with closings and mortgages, we can help you understand your closing costs.
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can vary a little bit at closing.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At First Community Bank of Central Al., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Escrow Fees TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment
Insurance Transfer Taxes & Recording Fees
Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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