Your Closing Costs

There are certain standard costs associated with closing the sale of a home. Sellers and buyers customarily split these costs, as specified in the real estate sales contract.

As you'll see below, many of the closing costs result from getting your loan. Since First Community Bank of Central Al. has extensive experience with mortgages & closings, we can help you understand your closing costs.

Good Faith Estimate (GFE)

Soon after you apply for a loan, we'll give you the "Good Faith Estimate" of your costs. The closing costs enumerated in the Good Faith Estimate are estimated based on First Community Bank of Central Al.'s experience with mortgage loans, but costs often change by small amounts between the GFE and closing. We handle questions about these costs every day at First Community Bank of Central Al., so please feel free to contact us if we can help answer your questions.

Below is a fairly general list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Costs associated with "originating" your loan
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)

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

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