Don't Forget Closing Costs

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.

The Good Faith Estimate (GFE)

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

Loan-Related Costs
  • Escrow Fees
  • Taxes
  • Loan 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
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

First Community Bank of Central Al. can answer questions about these closing costs. Call us at (334) 285-8850.

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